1203
submitted 1 year ago by MicroWave@lemmy.world to c/news@lemmy.world

“This was an unexpected victory in a long fight against an illegal cartel of three corporations who have raised their insulin prices in lockstep.”

The Biden Administration pleasantly stunned health care reform advocates Tuesday by including short-acting insulin in its list of 10 drugs for which Medicare will negotiate lower prices, power vested in the White House by the Inflation Reduction Act.

The IRA was passed in the face of one of the heftiest barrages of lobbying in congressional history, with the pharmaceutical industry spending more than $700 million over 2021 and 2022 — several times more than the second- and third-ranking industries — much of it aimed at stopping the legislation, watering it down, or undermining its implementation.

you are viewing a single comment's thread
view the rest of the comments
[-] Gazumi@lemmy.world 50 points 1 year ago

Meanwhile, those same companies sell for a fraction of the price all around the world.

[-] MicroWave@lemmy.world 67 points 1 year ago

You’re not kidding. Somebody did a survey in 2018 of insulin prices around the world, and here are the top ten most expensive:

  • United States — $98.70
  • Chile — $21.48
  • Mexico — $16.48
  • Japan — $14.40
  • Switzerland — $12.46
  • Canada — $12.00
  • Germany — $11.00
  • Korea — $10.30
  • Luxembourg — $10.15
  • Italy — $10.03

The study revealed that the manufacturer price for any given type of insulin averaged five to ten times higher in the U.S. ($98.70 USD) than in all other OECD countries ($8.81 on average).

Source: https://worldpopulationreview.com/country-rankings/cost-of-insulin-by-country

[-] Laticauda@lemmy.ca 16 points 1 year ago

Holy shit, the drop from the US to Chile is insane.

[-] eporetsky@lemmy.world 3 points 1 year ago

Where's the antitrust suit when you need it, and how long before the the three mentioned companies start merging?

[-] Anonymousllama@lemmy.world 2 points 1 year ago

In before the "quality product" argument gets brought up, like the US is the gold standard in medicine and no other country can produce it at an equivalent level. Every other country can produce it but it's 5-10x the price in the US, it's straight greed

this post was submitted on 30 Aug 2023
1203 points (99.5% liked)

News

23627 readers
3645 users here now

Welcome to the News community!

Rules:

1. Be civil


Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban. Do not respond to rule-breaking content; report it and move on.


2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.


Obvious right or left wing sources will be removed at the mods discretion. We have an actively updated blocklist, which you can see here: https://lemmy.world/post/2246130 if you feel like any website is missing, contact the mods. Supporting links can be added in comments or posted seperately but not to the post body.


3. No bots, spam or self-promotion.


Only approved bots, which follow the guidelines for bots set by the instance, are allowed.


4. Post titles should be the same as the article used as source.


Posts which titles don’t match the source won’t be removed, but the autoMod will notify you, and if your title misrepresents the original article, the post will be deleted. If the site changed their headline, the bot might still contact you, just ignore it, we won’t delete your post.


5. Only recent news is allowed.


Posts must be news from the most recent 30 days.


6. All posts must be news articles.


No opinion pieces, Listicles, editorials or celebrity gossip is allowed. All posts will be judged on a case-by-case basis.


7. No duplicate posts.


If a source you used was already posted by someone else, the autoMod will leave a message. Please remove your post if the autoMod is correct. If the post that matches your post is very old, we refer you to rule 5.


8. Misinformation is prohibited.


Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.


9. No link shorteners.


The auto mod will contact you if a link shortener is detected, please delete your post if they are right.


10. Don't copy entire article in your post body


For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.

founded 2 years ago
MODERATORS