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Discussion: Insulin Prices Skyrocketing in the U.S.
Insulin is an essential drug for Type 1 diabetics. The demand for insulin to treat Type 1 diabetes is usually viewed as highly inelastic. However, the insulin price has increased so dramatically over the last decade. A recent study by the Health Care Cost Institution (HCCI) shows insulin costs per patient with Type 1 diabetes have almost doubled from 2012 to 2016.
Why does insulin cost so much to patients in the USA? Why is insulin, a widely sold drug, so incredibly expensive? Does understanding the relationship between the price elasticity of demand for insulin and its total expenditure help you understand what’s behind the rising price of insulin and how diabetics struggle to afford life-saving medicine?
Share your thoughts.
