Congress on increasing drug prices

Local News

People who suffer from diabetes will soon have access to a generic version of insulin… 

The announcement from a pharmaceutical company – Eli Lilly – comes just days after lawmakers in Washington grilled drug company executives about prescription drug prices.

Our Washington correspondent Alexandra Limon spoke to key lawmakers who say the move isn’t nearly enough.

Pharmaceutical giant Eli Lilly announced it will release a generic version of insulin – which will cost about half as much as the brand name Humalog.

But Oregon senator Ron Wyden is not impressed. Any price reduction is helpful, but we have seen a lot of public relations acrobatics from these big drug companies.

And the sentiment is bipartisan.

Senator Kennedy says, “I’m not sure it will be enough, but I do appreciate it.”

Senator Durbin says, “When you bring the cost of insulin in the united states for the same product that you’re selling in Canada, to the same level, then I’ll send you some flowers.”

Insulin prices are under investigation because the price went from $20 a vile in 1996 to $275 a vile today.

Senator Wyden says, “The prices have gone up 13 times in not very long, and the drug is not 13 times more effective.”

Despite the cheaper insulin being released – lawmakers continue to investigate the hike in prices. Senator Wyden has proposed three different bills aimed at lowering prescription costs. 

In a recent hearing about prescription drug prices, pharmaceutical executives defended pricing…

Merk’s mission is to save and improve lives by bringing forward breakthrough medicines and vaccines.

Proposed laws to regulate drug prices are gaining support in Congress.
 

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