U.S. Senator Baldwin Backs Bipartisan Bill to Reduce Insulin Costs for Millions of Americans

By Better Today On Nov 16, 2023

TL/DR –

U.S. Senator Tammy Baldwin is supporting bipartisan legislation known as the INSULIN Act of 2023 to address the high costs of insulin and improve affordability for Americans. The act aims to limit out-of-pocket costs for patients, ensure discounts from manufacturers are passed on to plan sponsors, and promote generic and biosimilar competition to lower costs. The legislation also allows for an expedited FDA approval pathway for biologic drugs lacking biosimilar competition, overseeing the FDA’s citizen petition process, and requiring a report to Congress on market dynamics restricting insulin competition.

US Senators Support Legislation to Lower Insulin Costs

Senator Tammy Baldwin (D-WI) has joined a bipartisan group in backing the INSULIN Act of 2023, aiming to address the rising costs of insulin and make it more affordable for Americans, including over 400,000 Wisconsinites living with diabetes.

The senator expressed that Americans should not have to choose between basic necessities and life-saving medicines. The bill proposes to lower the out-of-pocket costs for all patients with diabetes, building on previous efforts to cap insulin costs for seniors.

A recent report by the American Diabetes Association highlights the escalating cost of diabetes, including insulin. With over 37 million Americans living with diabetes and the disease costing the nation $412.9 billion annually, the rising insulin price is a significant concern. The report reveals that one in four individuals reduce their insulin usage due to high costs.

Key Provisions of the INSULIN Act of 2023

The INSULIN Act promises to directly address the root problems causing high insulin prices, extend patient protections, enhance competition, and expand access to insulin products. The act plans to limit out-of-pocket costs, mandate Pharmacy benefit managers (PBMs) pass through 100% of insulin rebates, and encourage generic and biosimilar competition to lower costs for patients. It also aims to expedite FDA approval for biologic drugs lacking competition and ease the approval of generic drugs while ensuring adequate oversight of the FDA’s process.

Senators Jeanne Shaheen (D-NH) and Susan Collins (R-ME) led the legislation, with support from several other senators. Senator Baldwin’s previous work includes supporting the Inflation Reduction Act and bipartisan legislation requiring clear drug pricing for customers. Both were significant steps towards making healthcare more affordable for Americans.