How likely is this to survive legal challenge?
Illinois governor signs law capping insulin costs at $100 per month
11–20 of 422 posts
Re: Illinois governor signs law capping insulin costs at $100 per month
#12Has there ever been a price control experiment that hasn't resulted in even worse problems?
Litterraly France.
Re: Illinois governor signs law capping insulin costs at $100 per month
#13Best line in the very short article “Health care is a right for all, not a privilege and that is why I am so proud that we created an insulin price cap that successfully puts patients above profit,” according to Gov. JB Pritzker.
So the next step is to nationalize the facility that manufactures it, the testing of it, the distribution of it. All taxpayers will pay for it. And the ubiquitous govt will have to compensate the drug companies for the taking of their intellectual property. Welcome to Venezuela.
Re: Illinois governor signs law capping insulin costs at $100 per month
#14Earlier quoted context omitted.
I am really anxious for the people that will lose their insulin because of this...
How will people lose their insulin over this?
If you can only charge $100, but it costs $110, what happens isn't that it gets sold at $100 anyhow. What happens is that it doesn't get sold.
Nobody has an obligation to manufacture insulin.
I'm not saying the costs are $110. I don't know. I'm just explaining why this can result in lost insulin.
Re: Illinois governor signs law capping insulin costs at $100 per month
#15Has there ever been a price control experiment that hasn't resulted in even worse problems?
Litterraly France.
This is how you get a Napoleon
Re: Illinois governor signs law capping insulin costs at $100 per month
#16Has there ever been a price control experiment that hasn't resulted in even worse problems?
Other developed countries have price controls (more specifically, government negotiated prices) and it seems to be working well for them.
Re: Illinois governor signs law capping insulin costs at $100 per month
#17Ultimately non profits or the government should produce insulin and other medicines to sell at cost. This sort of law will hopefully be a step in that direction.
Re: Illinois governor signs law capping insulin costs at $100 per month
#18Earlier quoted context omitted.
How will people lose their insulin over this?
If you can only charge $100, but it costs $110, what happens isn't that it gets sold at $100 anyhow. What happens is that it doesn't get sold. Nobody has an obligation to manufacture insulin. I'm not saying the costs are $110. I don't know. I'm just explaining why this can result in lost insulin.
It doesn't cost anywhere near $100 to produce a month's supply.
https://www.vox.com/2019/4/3/18293950/why-is-insulin-so-expe...
> The US is a global outlier on money spent on the drug, representing only 15 percent of the global insulin market and generating almost half of the pharmaceutical industry’s insulin revenue. According to a recent study in JAMA Internal Medicine, in the 1990s Medicaid paid between $2.36 and $4.43 per unit of insulin; by 2014, those prices more than tripled, depending on the formulation.
Re: Illinois governor signs law capping insulin costs at $100 per month
#19Earlier quoted context omitted.
I am really anxious for the people that will lose their insulin because of this...
How will people lose their insulin over this?
If the law simply prevents prices higher than $100 in Illinois then manufacturers and distributors might stop selling in the state or only take orders from the state if they have surplus. Either of which might hit availability in the state, especially if the industry tries to make an example out of this.
I guess it also depends on the profit margin at that price and how it compares with the "market price".
Edit: Care to explain the downvotes? I'm just putting forward what could happen in the real word, not voicing my opinion of what is right.
Re: Illinois governor signs law capping insulin costs at $100 per month
#20Best line in the very short article “Health care is a right for all, not a privilege and that is why I am so proud that we created an insulin price cap that successfully puts patients above profit,” according to Gov. JB Pritzker.
So the next step is to nationalize the facility that manufactures it, the testing of it, the distribution of it. All taxpayers will pay for it. And the ubiquitous govt will have to compensate the drug companies for the taking of their intellectual property. Welcome to Venezuela.
Seriously what a ridiculous slippery slope argument, have you never been to another near identical democracy with a higher HDI than the USA?
People don’t pay for insulin in any of them and yet, society functions just fine.