Insulin prices have been rising annually in the U.S. for years, with the country maintaining the highest average price for insulin around the world by a staggering margin. The Affordable Insulin Now Act, which will go into effect in late 2022, will offer reprieve for many Americans by capping copays. Yet, unfortunately the legislation does not lower the actual price of insulin, leaving behind the many American diabetics who do not have health insurance.
To explore this further, CharityRx commissioned a survey of 2,000 U.S. adults aged 18 and over who have diabetes and/or provide care to someone with diabetes, including 1,000 insured and 1,000 uninsured adults. The analysis is accompanied by third-party data sourced from the CDC’s United States Diabetes Surveillance System and the National Diabetes Statistics Report.
Diabetes affects 1 in 10 Americans, taking a serious toll on both quality of life and personal finances for many. According to the CDC, people with diagnosed diabetes have more than twice the average medical costs than those without diabetes.
The following charts show the prevalence of diabetes across the country
The United States far surpasses the global community when it comes to average prices for insulin, and sadly, pricing has only risen year over year. The high cost of this vital, life-saving medication has led far too many American diabetics to struggle financially. When comparing the U.S. to countries around the world, the cost of insulin in the U.S. is 8 times higher than the combined average of other high-income nations.
According to the survey:
The exorbitant pricing of insulin in the U.S. has forced many diabetics and their caregivers to make difficult decisions and compromises that put their health and/or livelihood at risk. Of the 4 in 5 who’ve struggled financially due to insulin pricing:
The latest legislation in the Affordable Insulin Now Act will substantially reduce the costs of insulin for Americans who have access to health insurance, capping copays to just $35, offering a significant financial reprieve that leaves many insured diabetics feeling relieved and hopeful for the future.
The following charts show how much the average diabetic will save monthly with a $35 cap on insulin pricing, including a breakdown of the monthly savings by pharmacy.
Unfortunately, while the Affordable Insulin Act will significantly benefit insured diabetics across the country, the financial burden of insulin costs on uninsured Americans remains a concern, leaving many without hope for a solution to their financial struggles.
Across the U.S., this map shows both the percentage of people who have diabetes and the percentage of people without health insurance, by county.
While the Affordable Insulin Now Act is a strong first step in reducing the price of insulin for a large population of Americans, there is still a clear need for a solution for those without access to health insurance.
In addition to changes to insulin copays and potential future legislation that could cut down the cost of insulin for uninsured Americans, there are also opportunities for diabetics to save by shopping around at various pharmacies, which often vary significantly when it comes to their pricing for insulin, as well as through the use of discount prescription services, such as CharityRx, which can offer substantial savings on life-saving drugs such as insulin.
CharityRx, a leader in making medicine affordable and accessible for millions of Americans, understands the need to make prescription costs inexpensive and has been active in offsetting these increases caused by inflation. Its free discount card helps insured and uninsured individuals save up to 80% on prescriptions and keeps discounts consistent via its network of over 75,000 pharmacies.
CharityRx commissioned this survey in collaboration with market research provider, Pollfish, including 2,000 U.S. adults aged 18 and over who have diabetes and/or provide care to someone with diabetes. The survey included quotas for 1,000 insured and 1,000 uninsured adults who are either personally afflicted with diabetes or provide care for someone with diabetes.