Biden grumbles over high cost of insulin for people without Medicare
On Thursday, President Biden got angry at the price of drugs like insulin that prevents some parents from providing for their children.
While visiting Steamfitters Union Hall in Springfield, Va., on Thursday, Biden spoke about the quality of the economy, “no kidding,” and his administration’s accomplishments in his first two years in office.
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(Screenshot/Twitter)
One of those accomplishments the president talked about was capping the amount of money seniors will pay for prescription drugs at $2,000 a year.
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He said that even if a senior’s medication costs $12,000 a year, like some cancer drugs, they won’t pay more than $2,000 a year.
Biden also said his administration was placing a cap of $35 per month on insulin for seniors on Medicare, instead of $400 per month. But that’s for older people on Medicare, but for a mother with two daughters with type 2 diabetes, the cost is still $400 per prescription, per month, the president explained.
President Biden commemorated the 57th anniversary of signing Medicare on Saturday.
(AP Photo/Evan Vucci)
Even though the consumer pays $400 a month for the drug, Biden explained, it costs the drugmaker $12 to manufacture and package the insulin.
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“The guy who invented it didn’t even patent it because he wanted it to be available to everyone,” he explained. “But now look at what they charge, and they make billions of dollars doing it.”
Insulin was never invented because it is a hormone produced in the body.
As for the mother of two girls with diabetes, she pays $800 a month for insulin, and with no insurance, the president asked how anyone could do that.
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“Talk about being robbed of your pride,” Biden said. “Look at your child. Your child, you know, needs it. And you can’t afford it.
“It’s wrong. It’s wrong. So we have to do it for everyone this year. For everyone,” he added.
The cap on insulin was part of the Inflation Reduction Act, which impacts Social Security and Medicare.
Broader inflation has eased somewhat in recent months, but remains much higher than under Biden’s predecessor.
TOU
The topic of drug costs was a key talking point as Biden made the rounds during election season, and at one point he claimed to have met the man who invented insulin. It was discovered by a man named Frederick Banting, who died aged 49 on February 21, 1941. Biden was born on November 20, 1942.
