‘It’s being charged at outrageous rates’: Attorney General discusses efforts to lower prescription drug costs, including insulin

WILMINGTON, N.C. (WECT) - If you’ve been to a pharmacy recently to get some potentially lifesaving medication, like insulin for Type 1 diabetics, you know it can cost hundreds, sometimes thousands, of dollars.

“I think the President’s commitment to all of the American people, especially our seniors, is that big pharma should not be winning at the hands of working people and people trying to, you know, access affordable quality health care. And insulin is one of the most important things that we have taken action on as an administration through the Inflation Reduction Act,” Kevin Munoz, Assistant White House Press Secretary, said.

President Biden is working to lower the price of prescription drugs for Medicare patients through the Inflation Reduction Act, which caps insulin price at $35 per month.

As of Thursday, all three major insulin manufacturers, Eli Lilly, Novo Nordisk, and Sanofi, have reduced their costs for patients.

Now, North Carolina Attorney General Josh Stein says he is encouraging state lawmakers to make a change for everyone.

“It’s being charged at outrageous rates. Congress took an important step last year to set a cap for Medicare, but private insurance that manufacturers can still charge whatever rate they can negotiate. So we need to get insulin prices under control. There’s actually legislation in North Carolina at the General Assembly to set a cap on insulin and that’s something that I hope that the legislature takes action on and we’re encouraging them to do so,” Stein said.

Nearly 57,000 Medicare patients in North Carolina that are prescribed insulin saved about $450 per year, since the Inflation Reduction Act went into effect in 2020.

“Lowering cost is a huge piece of that. We’ve been a really challenging moment for the past couple of years as a country. And we know Americans need help,” Munoz added.

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