Colorado has become the first state in the U.S. to put a price cap on insulin, as Colorado Governor Jared Polis signed a bill on May 22 that declares “the days of insulin price gouging are over in Colorado.”
This bill caps co-payments on insulin at $100 for individuals who have private insurance. This will save those in need of insulin hundreds of dollars each month in Colorado, as many people were paying in the $600 to $900 range for their insulin medication every month.
In addition to the price cap, the law requires Colorado’s attorney general to investigate pricing practices used in the past and the rapid increase of insulin prices. This investigation could aid other states in the U.S. pushing for a cap on co-pays for insulin.
Approximately 9.3% of the adult population in Colorado has diabetes, according to the American Diabetes Association. People with diabetes have medical expenses approximately 2.3 times higher than those who do not have diabetes, costing billions each year in Colorado.
This law comes on the heels of of recent hearings on Capitol Hill looking into the pricing practices for insulin. Last week, Kentucky Attorney General Andy Beshear sued the three major insulin manufacturers in the United States.
Insulin prices have more than tripled in the last ten years. According to Science Daily, more money is now spent on insulin than on all other diabetes drugs combined.
Insulin prices are up for a number of reasons, including that newer, more expensive insulins have replaced older, lower-priced ones.
