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American Insulin Prices Are Off The Charts
This article is published in collaboration with Statista
by Niall McCarthy
Insulin prices have risen dramatically in the United States over the course of the past decade and the RAND Corporation has released a new report comparing the situation with other countries. Using a price index analysis, the research found that U.S. insulin prices were always higher than other countries in 2018 and often five to ten times higher.
As this infographic shows, the price per standard unit across all insulins in the U.S. was $98.70 compared to just $12.00 across the border in Canada and less than $10 in France, the United Kingdom, Australia and Turkey. An estimated 7 million people in the U.S. use insulin but the soaring prices are putting the life-saving drug out of reach of countless Americans who depend on it.
There are two primary reasons for the high price. The first one is that pharmaceutical manufacturers have the power to set their own prices and raise them without any limits while the second one is that there is a lack of competition in the U.S. insulin market.
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