JDRF Statement: Biden Administration Executive Order on Promoting Competition in the American Economy and Lower Drug Prices
On July 9, President Biden signed an Executive Order that seeks to promote greater competition to lower drug prices. No one should suffer or die because they cannot afford insulin – that is unacceptable. JDRF has long advocated for affordable insulin, urging manufacturers, health plans, employers, and policymakers to take action to ensure that people with T1D can obtain the lifesaving medication they need at a low and predictable out-of-pocket cost.
We are particularly encouraged by the Executive Order’s focus on promoting more low-cost biosimilars as well as increased price transparency for consumers.
In order to solve the problem of high insulin cost, we need long-term solutions that make this lifesaving drug affordable to all, including ending the rebate system, which accounts for 70% of the insulin list price. Further, we must ensure that insulin is affordable whether someone has Medicare, Medicaid, employer-based insurance, or no insurance at all.
JDRF looks forward to our continued work with the Biden Administration and Congress to promote comprehensive, long-term solutions that ensure everyone can access insulin at a low and predictable cost.