A Minnesota lawmaker has sent letters to the top three insulin manufacturers asking for information about pricing and profit.
U.S. Senator Tina Smith said, “It is high time that we take steps to reign in the rising cost of prescription drugs.”
Specifically, the Senator is asking for information on their pricing decisions and how they use their revenue because, “We need to hold big drug companies accountable and we need to get a better idea of why prices are going up, and then we need to focus on solutions that are going to bring prices down.”
Insulin prices have nearly tripled since 2002 but Smith said the drug has remained mostly unchanged in the past 100 years.
Smith spoke with one young Minnesota woman who was diagnosed with diabetes shortly before her wedding and learned that, “It costs her $1,700 every 15 days to get the insulin that literally keeps her alive.
She’s also supporting two bills to target drug manufacturers who increase their prices beyond specific thresholds.
According to the Minnesota Department of Health, about 330,000 Minnesotans have diabetes.