In the year 1923, when insulin was discovered by inventor Frederick Banting, it was refused by him to put his name on the patent. For a doctor, it was unethical to profit from a discovery that might save lives of human beings, he felt. The patent was sold by co-inventors of Banting, Charles Best and James Collip to the university of Toronto for a mere $1. They wanted it to be affordable for everyone who needed their medication. Today, Frederick Banting and his colleagues would be sinning in their graves. Their drug, upon which many of the thirty million people of America having diabetes depend on, has develop the poster child for pharmaceutical price extorting.
Over the past few decades, the cost of the 4 most popular types of insulin has tripled and this prescription which is out-of-pocket costs patients have doubled now. The average price of insulin by the year 2016 was increased to $450 a month and costs continue to increase, so that as many as ¼ people having diabetes are now skipping or skimping on lifesaving doses. Pharmacies and drug companies were pressurized by members of congress to bring costs of insulin under control. And recently, it was showed by one of the health care company that, it is trying to answer to the problem.
A new program was announced by the insurance behemoth Cigna, and Express Scripts, its pharmacy benefit arm, which will cap the thirty-day cost of insulin at $25. That’s possibly a 40% decrease from $41.50 every month fee people with Express Scripts benefits used to pay in the year 2018. For insurance pans that work with Express Scripts Benefits, the program is expected to launch this year. According to the post of Washington, all diabetes patients on Cigna strategies will be able to join, by next year. As many as 700,000 patients might be affected who depend on Express Scripts or Cigna for insulin coverage.