People who rely on vital doses on insulin each day will benefit from new legislation that caps increases in costs, according to State Sen. John Curran (R-Downers Grove), a co-sponsor of the bill.
“Insulin is literally a life or death necessity for millions of people regardless of its price,” said Curran. “This legislation ensures that it will remain affordable, so no one will have to choose between paying for their insulin or being able to buy groceries.”
Senate Bill 667 caps the amount that insulin prices can rise each year at the level of inflation, stopping price spikes that could otherwise make the important medication unaffordable. The bill specifically ties the price increase to the medical care component of the Consumer Price Index, which is determined by the US Department of Labor.
In addition, the legislation requires the Illinois Departments of Insurance, Human Services, and Health and Family Services to investigate pricing practices for insulin. The goal of the investigations will be to determine what causes price spikes, and to protect patients from sudden increases. The agencies will also be required to compile and publish a report on their findings.
“Rising prescription prices have continued to create a major burden for families and individuals that rely on them every day,” said Senator Curran. “1.3 million people rely on insulin in Illinois, and we have to protect their ability to access these lifesaving medications.”