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Insulin prices receiving a $30 cap in Maryland in 2023

On The Money Insulin
Posted at 5:41 PM, Dec 30, 2022
and last updated 2022-12-30 17:41:57-05

BALTIMORE — The cost of a lifesaving drug is dropping drastically in Maryland. Insulin prices are receiving a cap in 2023.

More than 12 percent of people in Maryland have diabetes.

And according to a 2020 Kaiser Family report, insulin can cost people between 300 and 1,000 dollars a month.

In 2023, Marylanders won’t have to worry about those insanely high prices.

“Hundreds of thousands of Marylanders will now be able to more easily afford their insulin, diabetes is a horrible problem. We want to make sure if you have that problem you can deal with it with a drug that works," said Vincent Demarco.

Governor Larry Hogan signed the bill in March of last year.

It caps insulin costs for people on state regulated insurance plans at $30 for a 30-day supply.

People on Medicare will have their copay capped at $35 a month.

“Many people have been paying much more and we’ve heard from people about how dangerous that is, how harmful it is on their lives," said Demarco.

With insulin costs as high as they are, some people choose to skip injections.

According to the American Diabetes Association, this leads to uncontrolled glucose levels and damage to the eyes, kidneys or heart.

“Drugs don’t work if people can’t afford them, so between the inflation reduction act and the prescription drug affordability board, we are going to make great progress in Maryland and across the country," said Demarco.

The ADA also says medical expenses for diabetics in Maryland are more than two times as much for the average person.

Senator Chris Van Hollen said in a statement “while the biggest drug companies rake in record profits as they hike prescription drug prices, Americans are forced to stretch their pocketbooks thin and make tough choices about what essentials they can afford, but starting in the New Year, tens of thousands of Marylanders on Medicare will finally get relief from rising insulin costs."

Van Hollen added that he will continue to work to lower drug costs in Maryland.