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Socialist Price Controls for Insulin & the Dangers of What Comes Next


03.31.22

Today, House Democrats are pushing H.R. 6833, their attempt to revive socialist drug pricing in the tax and spending spree that will lead to fewer cures. They say it will lower the cost of insulin but this is the truth—it does nothing to address the real reasons insulin prices are going up. 

The facts about H.R. 6833: 

  •  It’s the largest expansion of the federal government’s role in private health insurance design since Obamacare. 
  • According to CBO, it will cost more than $11 billion over the next 10 years through higher subsidies for higher premiums. 
  • It allows for middlemen, like Pharmacy Benefit Managers (PBMs), to keep hiding real out-of-pocket savings from patients. 
  • It “wouldn’t address the core problem of rising prices for insulin. It would instead shift more of the cost onto health insurers and employers and result in higher premiums, according to experts.” (Axios)

As Energy and Commerce Republican Leader Cathy McMorris Rodgers said on the House floor today, price fixing “means people, who already can’t afford day-to-day life because of Biden inflation and spending, will face higher costs somewhere else. Today, it’s the government fixing the price for insulin. What’s next? Gas? Food?” 

She added, “History tells us price fixing doesn’t work. It shifts the problem somewhere else so the powerful has the excuse for more subsidies, more spending, and more control.” 

Everyone shares the goal of lowering the cost of insulin. There is a better bipartisan solution to lower the costs for all patients, including those with diabetes. It’s H.R. 19, the Lower Costs, More Cures Act. 

  • The Lower Costs, More Cures Act will lower health care costs and ensure America leads in health care innovation for more cures and treatments. 
  • It gives patients more drug price transparency and ensures public disclosure of drug costs and discounts.  
  • It increases low-cost options by bringing more generic and biosimilar competition to the marketplace fast. 
  • It caps seniors’ out-of-pocket costs for insulin at $50 per month. 
  • It allows high deductible health insurance plans to cover insulin before the deductible kicks in. 

CLICK HERE to learn more about the Lower Costs, More Cures Act. 

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