Business Insider has done a truly great job at covering health cost issues lately. They have published many articles on insulin, several of which have carried a historical record of insulin prices. The curve is truly shocking, pin particular when you consider that these drugs are many years old, with R&D costs paid off many times over.
Here is the latest article and record:
courtesy Business Insider
Corporate greed is real…It’s why the rich get richer and the poor get poorer… It’s not just a quip.
Prices are raised…but we are still buying. That is simply how a market economy works. All about supply and demand, so if you really want cheaper insulin–then there needs to be more competition (supply).
@Bradford That is only part of the problem. There is no free market in healthcare or pharm, so free market principles don’t apply.
The major part of the problem is how the government props up pharma, allowing them to raise prices without anybody really seeing. We still go to the pharmacy, pay our copay (which if larger than last time is only fractionally larger). The system is set up to be quite opaque.
That’s amazing.
If a nonprofit funded development of an insulin analog, every supplier would would have to line up their price. Then it does not matter if there is collusion: When insulin makers change prices together, is that collusion?