Biden’s budget would cap monthly insulin prices at $35 for people with private insurance

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A woman who had type 1 diabetes since she was a teenager shows her insulin for injection on March 2, 2023 in New York.

Spencer Platt | Getty Images

President Joe Biden The federal budget proposal would cap insulin prices at $35 a month for people with private insurance plans.

The Inflation Reduction Act capped the monthly cost of insulin at that price for seniors in January, but left out anyone not on Medicare. In his State of the Union address, Biden urged Congress to get the job done and cap insulin at $35 a month for everyone.

Drug manufacturer Eli Lilly preempted a potential federal mandate and announced earlier this month that he would insulin cap at $35 per month for people with private insurance at certain retail pharmacies. But CEO David Ricks said in a statement that seven out of 10 Americans do not use Lilly insulin. He urged federal policymakers and employers to help make the cost of injections more affordable.

Read more about Biden’s fiscal year 2024 budget plan:

Biden praised Lilly’s decision and urged other manufacturers to follow suit. He also reiterated his call for Congress to lower insulin prices for everyone else.

According to the American Diabetes Association, about 40% of people with diabetes have private insurance, while 5% are uninsured.

Some Republicans in Congress oppose capping insulin prices. Representative Cathy Rodgers, who chairs the House Energy and Commerce Committee, called the Biden administration’s efforts to lower insulin prices “socialist” and a “federal mandate” that is bad for market competition.

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