Fight For Affordable Insulin Will Continue, NJ Lawmakers Say (VIDEO)

NEWARK, NJ — A $35 per month price cap on insulin rolled out as part of the Inflation Reduction Act is already paying off for seniors on Medicare in New Jersey, according to U.S. Sen. Bob Menendez and U.S. Rep. Donald Payne Jr.

But that doesn’t mean the fight for affordable insulin is over, they say.

Earlier this week, Menendez and Payne joined medical professionals, advocates and seniors at a news conference at University Hospital in Newark to spotlight the new regulations, which took effect on Jan. 1.

Read a statement about the effects of the Inflation Reduction Act from the American Diabetes Association here.

In addition to capping the price of insulin to $35 per month for seniors on Medicare, the federal law also capped Medicare beneficiaries’ out-of-pocket costs at $2,000 a year, with the ability to spread the cost over monthly payments.

According to a statement from Menendez’s office, the bill will require Part D plans to offer improved financial protections that would phase in starting in 2024, with the $2,000 out-of-pocket cap taking effect in 2025. Each year, that will benefit about 46,000 New Jersey Medicare beneficiaries who would otherwise have out-of-pocket costs above the cap, according to estimates from the Kaiser Family Foundation (KFF). And, for the first time, all 1.2 million New Jerseyans with Medicare Part D will have the “peace of mind” of knowing their pharmacy costs are capped.

Roughly 77,000 New Jersey Medicare beneficiaries used insulin in 2020, the senator said.

Earlier this month, Eli Lilly – one of the largest insulin manufacturers – announced that they would be lowering the cost for two of their insulin products to $35 per month, showing that the steps taken by Congress are having a cascading effect on the private market, Menendez said.

• See Related: Eli Lilly Will Slash Insulin Costs, Cap Out-Of-Pocket Expenses

“Last year, as part of the historic Inflation Reduction Act, I was proud to support a cap on the cost of insulin for seniors on Medicare at just $35 a month,” Menendez said. “In fact, we had a measure in place to cap the cost of insulin for all patients—for every American regardless of their insurance—only to have it struck down at the last minute.”

“Despite this setback, we are continuing to fight,” the senator added. “We’re continuing to advocate for every patient, for every beneficiary, so that no American is ever gouged by the price of insulin again.”

• See Related: $35 Cap On Insulin? Only 1 NJ House Member Votes Against Bill

Payne – who represents New Jersey’s 10th Congressional district in the House – agreed with Menendez.

“I’m proud that the Inflation Reduction Act is reducing the price of insulin for millions of Medicare beneficiaries,” said Payne, who has diabetes himself. “But we must do everything we can to allow all American diabetics to benefit from the law’s $35 cap on insulin payments.”

“As a diabetic and insulin user, this is medication we need to stay alive,” the congressman continued. “American companies have been overcharging for insulin and profiting off the backs of diabetics for years. It forces too many of them to choose between food or medicine. No American should have to make that choice.”

• See Related: NJ Congressman Has Personal Link To Drug Costs Bill – Diabetes

According to Ed Jimenez, president and CEO of University Hospital, diabetes is a leading cause of death for residents in the nearby community, affecting 16 percent of Newark residents.

“Our community members should never have to choose between getting insulin and putting food on their family’s table,” Jimenez said.

“We have all heard stories about senior citizens who cannot afford their prescriptions and struggle balancing the costs of medicine, food, and housing,” said Cathy Rowe, executive director of NJ Advocates for Aging Well.

“This should not be the case for seniors in the United States, especially not when the doctor who discovered insulin 100 years ago made it clear that he wanted this life-saving treatment to be available and affordable to everyone who needed it,” Rowe added.

• See Related: NJ Families Bash 'Unethical' Insulin Prices, Plead For $35 Cap

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