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From CBS News
The cost of insulin for Type 1 diabetics has almost doubled over a five-year period, highlighting the financial strain that many diabetics face when paying for treatment.
Type 1 diabetics spent about $5,700 a year on the life-saving drug in 2016, up from about $2,900 in 2012, according to a new analysis from the nonprofit Health Care Cost Institute (HCCI). The figures represent gross spending, and don't account for the impact of rebates or coupons, which can lower costs for some diabetics. By comparison, the cost of living rose about 6.5 percent during that same time period.
The surge in insulin prices has sparked outrage but also caused some diabetics to cut back on insulin usage, a practice that doctors warn against. More than one-quarter of people with diabetes who participated in a study last year said they had skimped on the drug because of its rising cost.
"There has been a flurry of news reports sharing stories of individuals with diabetes rationing their insulin because they cannot afford higher and higher prices," HCCI wrote in the report. "These anecdotes are consistent with findings of researchers documenting price increases on diabetic therapies, specifically insulin, over the last several years."
COMMENT:-
The amount of R&D money spent, in the past five years, by the three companies which control 99% of the insulin production in the United States of America is only slightly less than the amount of money that I sent to the "Elect Karl Marx President in 2016" campaign.
Obviously they had to raise their prices slightly in order to recoup that massive expenditure.
Right?
Price of insulin more than doubled over five years
The cost of insulin for Type 1 diabetics has almost doubled over a five-year period, highlighting the financial strain that many diabetics face when paying for treatment.
Type 1 diabetics spent about $5,700 a year on the life-saving drug in 2016, up from about $2,900 in 2012, according to a new analysis from the nonprofit Health Care Cost Institute (HCCI). The figures represent gross spending, and don't account for the impact of rebates or coupons, which can lower costs for some diabetics. By comparison, the cost of living rose about 6.5 percent during that same time period.
The surge in insulin prices has sparked outrage but also caused some diabetics to cut back on insulin usage, a practice that doctors warn against. More than one-quarter of people with diabetes who participated in a study last year said they had skimped on the drug because of its rising cost.
"There has been a flurry of news reports sharing stories of individuals with diabetes rationing their insulin because they cannot afford higher and higher prices," HCCI wrote in the report. "These anecdotes are consistent with findings of researchers documenting price increases on diabetic therapies, specifically insulin, over the last several years."
COMMENT:-
The amount of R&D money spent, in the past five years, by the three companies which control 99% of the insulin production in the United States of America is only slightly less than the amount of money that I sent to the "Elect Karl Marx President in 2016" campaign.
Obviously they had to raise their prices slightly in order to recoup that massive expenditure.
Right?