Insulin Prices Have Skyrocketed. Here’s How California Aims to Change That. | WSJ
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- เผยแพร่เมื่อ 1 มิ.ย. 2024
- American diabetes patients pay roughly eight times as much for insulin as the rest of the developed world. This has led to California Gov. Gavin Newsom announcing the state will begin making its own insulin to help lower the cost of the diabetes medication. The insulin market is controlled by three main companies: Eli Lilly, Novo Nordisk and Sanofi. Why?
WSJ explains how insulin got so expensive in the U.S. and explores whether a policy initiative like California's could succeed in driving down costs.
0:00 Why California wants to create its own insulin
1:07 The insulin market
4:00 Lower-cost alternatives
6:33 California’s plan
#Diabetes #Healthcare #WSJ
“Lilly is deeply committed to insulin affordability”, my brother in Christ you CONTROL the price, you can lower it
😭 Ikr
Not to be a shill, but they're not the problem. The problem is the insurance company and PBMs, who somehow earn more money from insulin than the actual manufacturer. Those companies earn money without providing any value, and have larger market caps than most big pharma companies despite being pointless.
Capitalism does not work in the healthcare industry.
@@Fishmans no bro, they are the problem and so is the law. As a for-profit company they are legally required to maximise profits and if that means jacking up prices, that's what they'll do
@@Clove_Parma Everyone is at fault, but some companies have more of a fault than others. If Eli earns $60 and the PBM earns $340 from the insulin shot, and Eli does all the manufacturing and research, while the PBM does nothing valuable - then who do you think should be targeted first?
It's clearly the PBM, but people don't know enough about them so they always just criticise the manufacturer instead.
it's not expensive to make. just look at the prices in other countries. price gouging life saving drugs is unethical and downright evil.
It's one dollar. And it patent was released in such a way to ensure it wasn't complex or lied about. But they did.
The unethical folks are the other countries that aren't paying their share of drug development costs. The US pays 60-70% of total *world* drug development costs. Other countries wait for the US to start paying for a new drug, and then tell the manufacturers what they will pay. As long as that amount is greater than the marginal cost of making more drug, the other countries get supplied.
The ironic part of this is that the US is doing this to itself. It could allow drugs to be imported from other countries, but it refuses.
@@tzuedespeaks9092 No, as I stated above, the "insulin" on the market today is not the old insulin. Today's "insulin" is a pro-drug, which slowly turns into real insulin over the course of a day. There is only one insulin variant that can do this properly, Lantus. Two companies make it.
@@christianlibertarian5488 old vs new. EITHER one is lifesaving. If you can't afford or get the Lantus. You mean to tell me you wouldn't take the old? That's like saying you prefer only the new antibiotic vs the old.
(Don't get started on talking about "risks" bottom line is people NEED lifesaving, and not some cursed unproven experimental garbage that forces people to become "subscribers" much like Bill Gates wanted to do with that damned coof..)
@@christianlibertarian5488 not how it works. The first pill always costs millions. Everything after is cost recoup. Remember what happened to the EpiPen?
Insurance companies are the problem. The drug prices are set for trillion dollar corporations to afford them, not people.
NO! Insurance companies try to get the lowest price for drugs that they can. After all, they are the ones who pay. They are, in fact, the only entity in the health care system trying to lower prices.
The insurance companies interests aren't the problem, their existence is. They aren't necessary, and in practice, they ARE able to afford the drugs being very expensive, so that inevitably increases the costs.
Anyway, easiest solution is that the government simply regulate costs at the very least.
@@christianlibertarian5488 the fact is that there are just too many hands in the cookie jar and too many regulations. Americans have also been sold the lie that our healthcare system is based on free market practices and any alternative would be socialist and scary
@@mattkennedy6115 Absolutely. Way too many hands.
And they get the difference in price reimbursed from the government. Your $12 Medicare scrip that costs $50 gives the insurance co $38 of taxpayer money, so it benefits them to have high drug prices. $38 for doing nothing but pass along a cost and fill in paperwork...
"On January 23rd, 1923 Banting, Best, and Collip were awarded the American patents for insulin. They sold the patent to the University of Toronto for $1 each. Banting notably said: “Insulin does not belong to me, it belongs to the world.” His desire was for everyone who needed access to it to have it."
Another only US problem. In germany the price is even lower at 10 euro for 6 pens
That is not the price. That is the price a consumer pays. The German government picks up the rest. They should just give it away, the cost of transaction is higher than the payment.
It still cost 10 euro. That is about more than what American pay
The US medical market is sick. In most industrial countries medication expenditures is capped at $300-$500 a year for all and any prescription medication. The same goes for cost of care/ hospital.
The land of the free has it's cost and the belief that you're the greatest country in the world hinders your will to develop.
Still the greatest country 🇺🇸 however this belief has nothing to do with the cost of insulin just your own disdain towards it.
@@seanthe100 eh, this country is broken and prioritizes profits over people, deal with it. Fred got it right. Also, ratioed.
I never understood why the FDA doesn’t allow more companies to produce insulin either. 3 companies producing all the insulin shouldn’t happen
It doesn't seem to be a problem in the rest of the world where governments negotiate the insulin prices directly with the manufacturers.
Who runs the FDA?
@@jackkennard4539 crooks
There are different kinds of insulin, short acting and long acting. Each of those three companies only makes one type. Those types were under patent until a short time ago. But any new entrant into the market still has to clear the FDA. And that takes a billion dollars. Literally. So nobody is going to do it.
All these companies make both kinds and sometimes more.
The hallmark of a developed country is accessible healthcare. It’s shocking that America doesn’t think it’s time to make medicine more affordable
Too many uneducated people here manipulated by rich crooks.
Well we did have an executive order that lowered the cost of insulin until someone came in and froze it.
Ultimately the government is to blame. They are the ones that granted the patents for the pharmaceutical companies even though they never even developed insulin. They are also the ones who wrote laws preventing Americans ordering their medications from other countries at a tiny fraction of the price. After ACA, medical costs have tripled. Not to mention if you overuse MediCal in California, you are subject to MediCal estate recovery. Insurance did not make the problem go away, it made it worse.
@Nemusis 999 How do you know she's not American?
Just import it from India 🇮🇳 ohh wait u can’t cause big pharmaceutical companies won’t let it happen
plenty of Americans do! unfortunately, many of them vote Republican and then blame Democrats.
We need to pass a law that our medication prices can't exceed 10% higher than the average prices pharmaceuticals sell to the G7 countries.
The Big Pharma owns the law.
sorry, the GOP thrives on poverty and lack of opportunities. so that's why all 50 of them in the senate hate this. they are literally the American Taliban
Then they will cut back on R&D. Is that acceptable to you? It is acceptable to me.
@@John_Smith_86 R&D cost has to be supported by most countries. Why put this solely on Americans which pay higher prices than rich Europeans, Japanese?
@@khale7180Companies already get tax deductions for R&D. Furthermore, over 50% of R&D gets directly funded by the government. Compound with this charities, non-profits and universities who also contribute to R&D. These pharmaceutical companies are using price gouging not to fund research, but to pay dividends and stock buy backsl
As much as I am against government control of the market, drug prices are crazy high and need to be fixed
Same!
I don’t think anyone want government control of the market. But don’t pretend we don’t all benefits from them. From farmer subsidies to now drug prices. Lowering drug prices is one I can get behind.
It's well-established that markets don't work for medical care.
@@shunnybunny I think free market is not always work, ,a mix economy is the best, some service/ product is too essential to leave it to private industry. The university develop and sell insulin pattern to US pharma with the hope they can provide insulin with low price because of the economy of scale, but sadly they are wrong. A lot of US product have cutting edge technology with high quality thank to free market, but it is meaningless if people needed it cant afford to buy it...
That really depends on the type of "government" that's controlling the market. Trump's executive order on reducing the cost of insulin or Biden's temporary freeze on that executive order the moment he came in office.
Your pick.
The US health system is ridiculous for its high prices
You know what insulin costs in Japan? Around 14 bucks, and you can even apply for a cost reduction or even an exemption depending on your financial circumstances!
Look, the American health system is okay but its prices tho -- that's such a scam esp to poor people
We're waking up to it. Don't worry, it'll get fixed. the internet is bringing all these issues to light.
In the UK insulin is free if you're a diabetic.
Beacuse our healthcare system is there to help people, not profit from their illness.
@@Cris_the_coder nah.....i dont think so...the whole idea that the price allready off the roof means nuthing can be done. the lawmakers all get a a cut from pharmaceutical company. in japan 14 dollar and USA 361? people would have shouted at 30 dollars a pop.
@@meffendy27 I choose to believe we're hitting in the right direction if we weren't and we were doomed as you say, California wouldn't be taking charge
@@meffendy27 Most Americans have insurance and pay almost nothing for it. For those that don't have insurance, there are often other discount and rebate programs. Of course in California, anyone on MediCal/Medicare probably gets it for free because the state pays for it. This is exactly why Gavin Newsome wants the state to make it on their own. This whole story isn't about what consumers pay, it's ultimately what insurers and people without insurance pay.
My mom tried to stretch her insulin shots, largely because of cost. I believe this contributed to her having a 20 year shorter lifespan than her mother did. This is pretty important.
As a T1 Diabetic we call it short- shoting.
I'm so sorry to hear that. Hopefully that will be a thing of the past very soon
Yes, my husband is type 1 since the age of twenty. He's on two types of insulin and don't forget about the equipment needed to test a lot during the day. The prices are crazy even with insurance. You can't stock pile this stuff because of the expiration dates and the need for refrigeration 😞😒. We and others are at the mercy of their prices and with the cost of everything going up diabetics will be forced to make hard choices, very sad 😢.
It was made to sale for only ONE DOLLAR. Why aren't you more angry?
Yeah nothing new its been like this since forever , Ive been a diabetic type 1 since I was 13 , 23 now and have been taking around atleast 4 to 6 shots a day to live . Its tough but I dont see a cure or anything revolutionary coming out anytime soon sadly. Someone has said it right that as long as they can make money off of the treatment why make a cure.
@@tzuedespeaks9092 That is for animal derived insulin. That is not even allowed on the market today. The insulin used today is not even actual insulin; it can best be described as an insulin precursor. It is this new insulin that costs the big bucks, not human insulin.
@@tzuedespeaks9092 Including foreign flation today it was sold for about $18
Price gouging of pharmaceutical drugs already makes no sense to me; if you as a company charge medications so much that many potential customers can't afford them, then how are you going to make money off those medications in the long-term with only the wealthy top percentage of the population being able to afford them? Personally, I feel the federal government needs to have some form of price control to ensure that we don't pay an absurd amount for prescriptions compared to other developed countries. If a bottle of pills in say Germany costs $6.00, that same bottle of pills shouldn't cost more then 50% extra here in the U.S., which would be $9.00 in this case. I'm not saying pharmaceutical companies don't deserve to make profit for their research and development, but they shouldn't be able to charge insane prices for their life saving products that most uninsured Americans can't afford.
Your tax dollars pay for the "short fall" in profits via Medicare which rebates the price difference to suppliers along the chain. An aspirin in the hospital, billed as an "analgesic for pain" will net the hospital $90 for a med available over the counter for $10 for a bottle of 40 tabs. Medicare doesn't do cost evaluation, they look at:"codes" on the paperwork, if it matches and filled in correctly, hospital gets a check. Overpricing and gouging of a dumb system is costing taxpayers billions and making a lot of people in the pharma and medical supply business very rich.
Price gouging is profitable since many people who need the meds to live are forced to scrape everything they have together to afford the meds to simply live, making the meds one of their highest priority purchases, the tldr is people will pay bc they need it
The demand for these type of medications like insulin is inelastic, meaning the comsumer will pay any price for it. That's how drug companies get away with price gouging.
i think they are by passing many method of loop holes and the actually company doesnt get as high of a price but using multiple loophole or shell company to jack the price up legally.
It's an inelastic demand so they can charge pretty much whatever they want cause you need the meds to survive. Will definitely need the government to step in to make sure it's affordable.
Insulin in India costs $10 on average in 2022. This is insane price increase for a developed country.
For what kind of insulin?
@@tuts351 Humulin is not used any more. It is too short acting. Lantus is not human insulin. It is a compound that metabolizes into insulin, at a controlled rate.
only expansive in USA! In India medicine is practically free!!!
I still 100% rather live here than India.
yes and no, free is not good but so expensive either , someone need to foot the bill to guarantee good service product (probably you already pay through tax i think). But the US pharma is just out right exploit.
@Nemusis 999 pretty bold of you to assume he came here. Besides, Indians come here and end up making six figures because culturally they’re skilled and valuable workers. Don’t be a dumb hill billy
I believe that the big three insulin suppliers have kept Afrezza inhaled insulin from being covered by insurance companies. Afrezza is manufactured by a small company called Mannkind.
Shkreli wasn't an outlier in pharma's approach to pricing . At eight times compared to other developed countries , pharma is left with only one explanation for the price of insulin , they're a greedy bunch of SOB's , that factor of eight being so great as to exclude all other explanations .
That they can operate in this manner is a governance issue , so government has to step in to end predatory pricing , it can hardly be left up to free market conscience..
You have too many stupid people in the US who are brainwashed into thinking government shouldn't intervene in business... Who don't realize it was businessmen who put that into their head.
The republicans would call that socialism
@@ohhesabaaadman52 yeah , but Republicans use the word socialism like kids use the word smelly .
I feel sorry for all of those with diabetes in the U.S. They're being forced to pay these high prices because they have no choice but to pay to live.
Yes, my husband is type 1 since the age of twenty. He's on two types of insulin and don't forget about the equipment needed to test a lot during the day. The prices are crazy even with insurance. You can't stock pile this stuff because of the expiration dates and the need for refrigeration 😞😒. We and others are at the mercy of their prices and with the cost of everything going up diabetics will be forced to make hard choices, very sad 😢.
And the greedy companies sell junk diabetics causing foods to the citizens and the insulin companies extort money for life saving medicines.
Hopefully the gov helps better in future.
Not so. Insurance companies pay for most of this. Those who are not insured get Medicaid.
@@christianlibertarian5488 insurance companies are just lazy middlemen who are terrible at negotiating drug prices because they can just transfer all of the costs through higher insurance costs
They have the option of moving to Mexico
With the way things are moving, I think I need to see a video on "How to survive amidst the present recession". I mean, everything is in shambles. Surprisingly I heard people still make over 100K within a few months, and I'd like to know How and if it is still possible in these times or if I am being lazy.
Have this at the back of your mind. There are good days, and there are bad days. It is a zero-sum game, However, always follow these tips: Save and Invest wisely and make sure to diversify your investments so when another is down, the other will be up. You can do so by getting an experienced specialist whose platform has diverse investment choices to choose from. By doing this, you give little room for regrets and perhaps gain more.
@frederick higson Funny enough, I can honestly relate. I don't know if I am permitted to drop this here, do run a check on "Sandra Yvonne Webster". Was in the news alot in 2020.
@@kathleenstoner.n7499 The world itself is a zero-sum game.
Oh but didn’t you hear, that the current administration says everything is fine everything is great and there is no recession
@@kathleenstoner.n7499 This is the second time I am coming across the name Sandra Yvonne Webster last Tuesday, I saw a telecast on the economic bubble there were testimonials from her clientele on how they earn daily through her strategies. The testimonies were so impressive and sounded too good to be true. Though I made some research and found out she's one of the oldest by ranking, I am still skeptical. Do you work with her? Thanks.
I have Addison's disease (no functioning adrenal glands), a condition that affects 1 in 100 thousand Americans. Like type 1 diabetics, I have to medicate daily with injections (cortisone instead of insulin) in order to function and stay alive. My medication is so expensive, even with a supplemented Medicare plan, I'm in the "donut hole" after only four months and not only does the cost of my cortisone increase but so does that of my other needed meds. Needless to say, living on social security, medication takes a large chunk out of my monthly "income". In the UK, medication that is "necessary to support life" is FREE to the patient, that includes Insulin and Solu-Cortef ... There are some bad things about the UK's NHS, that isn't one of them, the American for profit, price gouging market price driven system is quite frankly disgusting and heinous, using people's dependence on medications as leverage to overprice products purely on demand and availability while the people can do nothing about it and suffer the consequences. Hats off to Gov Newson...
look up Sernova, maybe they can help with their new technology!
@@robert4167 Thanks Robert, but unfortunately, no help there. I've had both adrenal glands removed, that's why I need the cortisone to replace the natural cortisol the adrenal's produced. Life without cortisol is very inconvenient to say the least....
Even if you do use MediCAL, there is something called Medical Estate Recovery in California. Your estate will be seized if you used far too much medical services past a certain age.
hydrocortisone is a cheap generic - the real free market price is what you would pay for it in India or china. It costs about USD $0.40 for 10 x 10mg tablets.
@@BoggWeasel How crummy. How well does taking it work, as it’s a cyclical hormone on circadian rhythm?
insulin is not expensive, everywhere it cost basically nothing, just not in the US. in murica u gotta afford to stay alive xD
That price is shocking. Insulin only costs approx $13 from where I am.
Insurance is the reason healthcare is so expensive
Student loans are the reason why college is so expensive
The $35 a month insulin cap only applies to Medicare patients, all other patients will keep getting big bills because the GOP stripped the provision from the climate bill, now aka the Inflation Reduction Act.
NOT the GOP they do not run the place anymore look who is in the majority and blame them
Curious- are you a bot?
@@swbrl2843 What, me or the one spamming "DRETIKO!!!" in everyone's comments?
$572 a year is nothing!!
I wish I was on Medicare!!
My friend pays $10 a year for his insulin... guess that's one perk of living in a first world country.
"Lilly is deeply to committed to keeping profits climbing... um, i mean affordability"
30 USD per vial in the low cost US version in Europe 5 - 10 USD so yea still as we can see very cheap
Very well done informative video
It costs the NHS a couple of pound in the UK
PBM as an engrained feature makes me laugh. If your politicians are serious about this, just outlaw them and the market supply chain will re adjust itself. Believe me, they won't die. Your politicians are just not serious about it.
None of those companies is committed to patient care, only profit and greed.
What is the difference in generic and name brand medication? At the end of the day isn't it just the chemical structure that matters?
Ya rebates, discounts, coupons. Why not reduce the price and kill the need for coupons and rebates
So proud of my Governor. 👏
Yeh, another political entity stuffed with patronage jobs that will be doomed to fail.
@@BillyLapTop Yep, just like Social Security and Medicare.
Lol. CA is like a 3rd world which it shouldn't be since it's the richest state.
@@AngelicoCiudad LOL, if California is ¨3rd world¨ then many of the red states are 5th world or 6th world (e.g. Mississippi, Louisiana, Arkansas....).
@@madhavyu
Ironically those red states has better conditions then CA. Red state (like Louisiana, Mississippi, Oklahoma, etc...) are like a 2nd world country while CA remains like a 3rd world with its massive instabilities, trashed, and have the most violent cities then any other states (San Bernardino, Stockton, Oakland, Fresno, bakersfield, Compton, etc).
@6:12 when they say the low cost alternative is $30 vails and $55 pen cartridges... you can buy $25 vials of N/R/and 70/30 and $42 cartridges at Walmart right now. I support more competition and lower drugs costs, but it seems like there's more to the story of high drugs prices than is addressed in this newspiece.
N, R and 70/30 are all ancient tech as far as insulin goes. They can give type 2 diabetics decent control, but being type 1 and trying to control it with those insulins is difficult and dangerous. Grandfather was type 1 (as am I) and he passed from complications at 55. He had lost 3 kidneys, half of both of his feet, and looked like an 80 year old man when he passed. If he had access to modern insulin he'd still be alive
@@zakm0n What are the "three generic insulins" referred to in the news piece if not N, R, and 70/30 ? The newer ones seem to be under patent?
@@Shullf2011 well, there are generics of modern fast acting and basal insulins, but they're currently manufactured and sold by the same company that makes the name brands. They're only 25-50% off retail though.
SERNOVA is a canadian company, that have a therapy that makes insulin redundant. look it up! they target the root of the illness, not just the symptoms. Spread the word and go against the monopolies.
They are still experimental. Hopefully it will work, but still years away.
When will Alabama do that?
How about healing people from type 2 diabetes? or even better preventing it? not promoting junk food, animal saturated fat, high fructose corn syrup etc which all cause insulin resistance and type 2 d oh it would be bad for share holders, WSJ is not interested in discussing that. Making money with insulin at the expense of those who need it for survival. The American Dream !
To complex for american politicians and public. Look at European food regulations, Amerian public will never agree to that level of government involvement.
@@rayhans7887 you are right it's much easier to make $$$ with junk food and factory animal farming and let the consumer pick up the bill for health care and environmental costs. Europe is protecting the consumer from crazy US practices like feeding animals hormones and antibiotics unfortunately it's not far behind big farming and big Mac have it's say here too . US is able to export their shirt around the world sadly.
@@rayhans7887 Government subsidies that cause farmers to produce excess corn and excess milk. The farmers then dump it on the public by getting companies to pump high fructose corn syrup into everything possible, and find ever-increasing ways to add cheese to things (cheese stuffed pizza crust, cheese pizza) This IS government involvement. It’s hidden in lobbyists and marketing agencies. Using our tax money to ruin our health.
Why does it cost 8X as much in the US? Greed.
That chart at 0:35 is so troubling
WHy don't you say anything about the FDA and how they prohibit importing insulin from Non US Companies? that would create immediate competition and lower market prices
Medicine in the US is the least free market and that's why it's the most corrupt and the most expensive.
The American medical industry is out of control
Walmart has OTC insulin, no prescription needed, for $25 per bottle.
Why doesn't US imports insulin from other countries?
So instead of stopping people from becoming diabetic they're more interested in making money off them getting more sick
You can’t stop somebody from becoming a type 1 diabetic.
Novo Nordisk makes plenty of money in Europe . The problem is entirely with the Wild West pharmaceutical market in the US. In the U.K. once you are diagnosed with diabetes you NEVER pay for ANY medication ever again.
allow foreign companies to sell insulin in usa. import from canada , mexico europe etc . tell fda if the stuff is approved in the other country it automatically must be approved for usa.
Insulin costs virtually nothing to make…. all of the cost is virtually ‘manufactured’ for the purpose of creating high profits for all the players in the supply chain… except the endpoint consumer who absorbs all the cost. This is a classic example of tragedy for the commons perverse outcome.
As a Canadian, $55 per set of prefilled pens would be a godsend. My mother currently pays $140.
Instead of fixing the supply chains and reducing prices that way; laws and refunds and caps are implemented which is unnecessary steps, processes and costs. Never agreed with rebates or refunds - I pay for something in which you give some money back later? Makes no sense and is added cost.
canadian here, insulin isn't actually expensive
Interesting
What do PBMs do? Wasn't the Affordable Care Act supposed to create a centralized PBM and take that space? (And if so I understand why there was so much pushback against the ACA: so much money to lose).
I'm a diabetic from Ireland and I don't understand why American diabetics aren't burning the place to the ground, frankly...
You need a centralised drug buying agency to purchase drugs with the power to get the best prices for patients
The entire world would suffer. No more drugs would be developed.
@@christianlibertarian5488 nah
@@hj2711 Ok, so drive all of the profit out of selling drugs. It takes a billion dollars to bring a new drug to market. Where are these new drugs coming from?
@@christianlibertarian5488 thats not true. The prices are high cause due to lot of inefficiency and decade old regulations. Central agency can give long term contracts to pharma which would lower the cost and also give long term profit to pharma.
@@hj2711 You seem to be advocating corruption. A central agency that does the bidding of the supplier. This is how we got $600 hammers from the Pentagon.
Could California also stop growing almonds, pretty please?
Maybe the government should make it affordable for Americans to get medication, without it costing a vast sum of money. I mean it has worked for many developed western countries
You mean by the governement negotiating on the price with the manufacturers? Drug companies pay Republicans a lot of money to prevent that.
That's why health care shouldn't be Capitolazed
@@madhavyu I mean that the government pays a sum of money so that the costumers only pay a reasonable price. That’s why insulin here in Denmark and Europe is affordable
@@philipmoeller6067 I am a retired American doctor that lives in Europe so I do have some insight into this. The main reason drug prices are much lower is that governments negotiates with the manufacturers. In turn, most EU countries have national health care systems so they cover most/all drug costs for their citizens. I think this is a better policy than subsiding inflated drug costs in the US:
You need to nationalize the whole prescription industry and move all medical research into universities and make it all public.
Soon enough You would have thousands of "researchers" doing almost nothing.
medicare and medicaid should be able to negotiate bulk discounts for ALL drugs that they pay for.
“California trying to make insulin cheaper”
Maybe if you actually had free healthcare people could actually afford it.
So if insulin is so much cheaper in other countries than the US, why don't we just import it from other countries?
The politicians receive money from the pharmaceutical industry to maintain the profits high.
It's not uncommon in for American to come to Canada to buy insulin. Heck thir a tour where you can see the museum for this discovery of insulin, see a Canadian doctor and go to shoppers and pick it up. It's the price not the cost that different.
is that price comparison at the begging including what they pay through their taxes, because if so deer god that is ridiculous
United States - $98.70
Chile - $21.48
Mexico - $16.48
Japan - $14.40
Switzerland - $12.46
Canada - $12.00
Germany - $11.00
Korea - $10.30
Luxembourg - $10.15
Italy - $10.03
Top ten most expensive for insulin 😭😂😭
What’s going on in the USA……..rhetorical question we all know.
Pharma companies price gouging and lobbying to prevent laws from stopping them
Homebrew insulin is the answer
This video is about corporate America and how it works. 🤣😂
If US got rid of lobbying, insurance companies and set term limits, things could even out.
Mr. Mark Cuban, thank you
homelessness and unemployment in CA -- both are serious issues vs insulin.
Why Insulin is so expensive IN AMERICA only
With what water source? We lived in the heat belt, CA and other 6 states is sucking up lake Mead and the Colorado river dry. Water is Life but yet they are doing all these other shenanigans but not hurry up and come up with a solution without water nobody can do jack.
Expensive??? In the rest of the world it's like 20 cents.
it's 25$ a bottle at Walmart. R lasts me 3 months N about 5 weeks. it's not that bad.
what's most F'd up is that the patent on Insulin was given away at no cost originally - I don't remember exactly how the drug companies ended up with it but they did NOT follow the original idea of inexpensive insulin for anyone that requires it. $300 - 500 dollars per month is criminal. They slightly alter the chemical make up of the drug just before the patent expires so that they can extend the patent and no companies can make a generic version. I am interested in seeing how California gets around the patent fight.
Insulin is not a drug. It is a chemical produced naturally by the body. There should NOT be a patent on it - just criminal.
It should not be first before health nutrition!
The free market only works when there are no distortions from parasitic leeches. eg. There is nothing wrong with private health insurance - but it should be like car insurance - hospitals cannot just bill whatever they want to the insurance companies - the consumer goes to a hospital, that advertises a fixed price for a service (eg hip replacement), and claims from the PHI company. It must always be limited....the same way car insurance is limited. So a person on a 100k limit can claim a hip replacement for (a well advertised, published) nett fee of say $50k.
The problem is that the US wants several mutually antagonistic things simultaneously. It wants low cost meds. But it wants constantly new and evolving meds. It wants a free market system. But it wants everybody to have the same level of care. And it only wants the best possible care. And it wants it as convenient as Walmart.
@@christianlibertarian5488 No point in a country with the pedigree of the USA not providing for its people. We certainly have the wealth. Shame on big pharma abuses.
@@Peter-bx7ip This is not big pharma abuses. This is the pharmacy industry responding to the system set up by the US government. The FDA has created the system that costs $1billion to bring a new drug to market. Very few drugs actually turn out to be useful. That means that the few useful drugs have to turn such a high profit so as to pay the $1B for all of the failed drugs, plus turn an overall profit for the company.
This should go as well as CALIFORNIAS high speed rail!:)
Knowing how efficiently California handled other problems before it will likely end up costing more
In sweden The insulin for kids up till 18 yers old is free. All medicin in sweden is free up till 18 years old. The it pay 240 dollar a year for all citicens in sweden. Why it cost so must for medicin in USA
The lengths we go to in the US to avoid single payer healthcare blows my mind sometimes
God forbid they would have to accept lower profit MARGIN not enough to make a profit, but a growing profit year over year.
Canada gave the word insulin. Now if the USA only adopted its medical system too a lot of people would be better off.
Its morally bankrupt that people can use healthcare as a for profit system.
its free in Brazil since ever.
Oligopoly and corporate greed
California is always ahead!
Yet, people complain about its tax & regulations. All there for reasons!
Why is it free in Ireland & most of the European Union?
Go look!
Medicine should be FREEEE
I get insulin for my cat. For 5 pens that are good for 28 days each it is almost $400.
if i can sell mine i will be a billionaire in a heart beat
How come it's so cheap in Mexico?
Making money is an action, keeping money is behavior. Growing money is knowledge.
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Gov't is going to do it better. Lol.
If government interfere then American people start to scream EviL soCiaLism 😂😂😂
I am a staunch capitalist. However, I do support government intervention when capitalism breaks down, which happens when a handful of companies get a monopoly over something.
a handful of companies tend to control most of the major industries
Mate, don't take it the wrong way..... Insulin made from the process- was first done on a $1 patent by UofT professors who did it so it couldn't be used unscrupulously by vulture capitalists to profit from it. Capitalism broke down when the very companies who were licensed to produce it using the patent got the laws changed, or to put it betterly- companies intervened into public policy to the point that they could make extremely negligible changes to the process/drug claim it as new and keep the oligopoly on. When this report showed developed countries' costs- I wanted to just point out the absurd fact that by market sizing even India's insulin is freaking cheap even without insurances or any medical plans
Big corporations cannot practically exist without big gov subsidizing them.
Not to mention if you are rich enough, you essentially make the laws in America.
Every heard of lobbying?
People who hate big corporations do not comprehend that.
Welcome to socialism, my friend!
"I am a staunch capitalist...[but] support government intervention when capitalism breaks down."
Then, you're not a capitalist.
Buy in bulk in Europe the country buys for certain medicinrs centraly
What about taking junk food?
If Gavin Newsom is in the middle of something I am against it.