Is your Humulin now costing as much as your mortgage payment?
If not, consider yourself among the lucky ones. Recent price hikes are causing many diabetics to hand over as much as 7.8% more for their prescription.
Because of this increase, many diabetics are now having to choose between paying for medication or keeping a roof over their heads.
For many, a dose of Humulin is part of their daily norm. It’s a must-have medication to stave off complications from Type I and Type II diabetes.
Skipping doses or forgoing the medication all together will only worsen diabetes symptoms.
Yet over the past decade, some prices of insulin have risen as much as 290%.
Which begs the question: why does the cost of this life-saving medication continue to skyrocket?
Digger Deeper Into the Price Increase
Insulin makers Eli Lilly and Novo Nordisk have both mentioned their recent insulin price hikes remained in the single digits. In fact, Novo Nordisk went on record to promise all future drug price hikes would never enter into double digit percentages.
But that doesn’t take away from the fact that even a minimal price increase can prove financially upsetting.
Part of the catalyst comes from an increasing pressure on drug companies to create attractive rebate offers for pharmacies. Rebate values help ensure a drug remains on the list of approved drugs for specific treatments, like diabetes.
In addition, there’s also been an increase in high deductible health plans. These plans don’t offset the cost of pharmaceuticals as much as PPO plans, giving patients a more realistic idea of what health care actually costs.
In fact, the number of individuals with high deductible health plans has surpassed the 50% mark for the first time in history.
However, it’s important to note that the single-digit percentage increase is historically lower than price hikes of recent years.
Between 2007 and 2013 alone, the price for Humulin jumped a staggering 354%. In 2015, the price hike was a resounding 17.5%.
The recent 7.8% increase almost pales in comparison.
How to Combat the Rising Cost of Humulin
If you’re facing the fight against rising drug costs, you’ll be glad to know you’ve got a few options.
This wave of insulin price increases has led to the development of programs like Reduced Rx. These programs are offered by pharmacies to help lower out-of-pocket costs to Humulin users.
In addition, you should know that not all pharmacies charge the same prices for the same medications.
You can (and should) price shop pharmacies just as you shop around for the best price on cars, televisions, or groceries. You can use our search comparison tool to check the prices of several online suppliers.
You may have never given a second thought to the price of medications, but this idealism is changing for many people. As the health insurance landscape continues to shift, it will become increasingly important to compare drug prices and pharmacies, including those in the digital space.
For more insight on finding the best prices on medications, visit our blog.