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

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

The Inflation Reduction Act capped monthly insulin costs at that price for seniors in January, but left out everyone who wasn’t on Medicare. Biden called on Congress in his State of the Union speech to finish the job and cap insulin at $35 a month for everybody.

Drugmaker Eli Lilly got ahead of a potential federal mandate, announcing earlier this month that it would cap insulin at $35 per month for people with private insurance at certain retail pharmacies. But CEO David Ricks, in a statement, said seven out of 10 Americans do not use Lilly’s insulin. He called on federal policymakers and employers to help make the costs of the injections more affordable.

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

About 40% of people with diabetes have private insurance while 5% are not insured, according to the American Diabetes Association.

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