Reed introduces bill to pierce soaring insulin prices
Southern Tier Rep. Tom Reed has introduced bipartisan legislation that would cut the skyrocketing price of insulin products by 75%.
The Corning Republican said the bill would provide the makers of insulin an incentive to reduce prices.
In return for cutting the price for a vial of insulin, he said the bill would protect drug manufacturers from having to offer any additional rebates to insurance companies.
"If they were to reduce their price back to the 2006 level, which is approximately $68 a vial, from today's typical price of $300 a vial for insulin, we would end the rebate negotiations," Reed said.
Reed said he has heard too many stories of diabetes patients who are either rationing or even going without insulin becuase of its high cost.
"We want to take immediate action for those patients who are telling us that insulin, in particular, is soaring so high that the ability to pay for insulin means going without insulin, God forbid, which diabetics can't do," he said.