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U.S. Senator introduces bill to cut insulin prices

  • U.S. Senator Jeanne Shaheen (D-NH) has introduced a bipartisan bill, the Insulin Price Reduction Act, that she says will rein in skyrocketing costs of insulin while holding pharmacy benefit managers to account for their role in surging prices, adding that the cost of the most popular insulin should drop by more than 75% (based on estimated 2020 prices).
  • The legislation would create a new pricing model that would restrict the use of rebates for any insulin product that the manufacturer reduces the price to a level no higher than that in 2006. The rebate restrictions would apply in Medicare Part D and private insurance. For all products that meet the list price reduction criteria, private insurance plans would also be required to waive the deductible. Future price increases would be limited to the amount of medical inflation.
  • She introduced the bill with Senators Susan Collins (R-ME), Tom Carper (D-DE) and Kevin Cramer (R-ND).
  • ETFs: BIB, GRX, THW, BME, BIS, IXJ, ARKG, CHNA, IDNA, XLV
  • Selected tickers: Eli Lilly (LLY +0.4%), Novo Nordisk (NVO +1%), Sanofi (SNY +0.7%)

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