Categorized | Colorado News, National News, News

American Medical Association Urges Federal Trade Commission to Monitor Insulin Prices

Insulin was first discovered nearly 100 years ago, and as newer forms of the drug have been introduced, the price has climbed.

Three companies — Eli Lilly, Sanofi and Novo Nordisk — control 99 percent of the world’s insulin, and advocates have been asking them to explain their pricing. According to the American Diabetes Association, the average price of insulin nearly tripled between 2002 and 2013.

In a letter to FTC Chairman Joseph Simons, the AMA  wrote, “While a variety of complicated factors contribute to increases in insulin prices, we remain concerned that anticompetitive behavior by manufacturers and pharmaceutical benefit managers (PBMs) could be one of them.”

AMA went on to say physicians are concerned that the rapid rise in the price of insulin for the 7 million patients requiring it is unrelated to the actual costs of research, development, commercialization, or production.

Source: The Hill

 

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