House Passes Bill to Cap Insulin Prices, Which is Sure to Help Big Pharma with Higher Premiums

Rebecca Downs / Townhall Tipsheet

 

On Thursday, the U.S. House of Representatives voted 232-193 to pass H.R. 6833 – Affordable Insulin Now Act, which would cap the price of insulin at $35. While the bill passed with bipartisan support and may seem like a compassionate idea, in reality, it's a favor to Big Pharma, as it will lead to higher premiums, when Americans are already suffering due to record-high inflation. 

As Adriel Bettelheim pointed out for Axios on Thursday, ahead of the vote, it "wouldn't address the core problem of rising prices for insulin. It would instead shift more of the cost onto health insurers and employers and result in higher premiums, according to experts."

Then there's the cost. Bettleheim also wrote that "it could wind up costing the government billions in lost revenue and swelling the deficit." The Congressional Budget Office (CBO) had only just released its score on Wednesday night, estimating that the bill would increase costs by about $11 billion. Read more, see tweets, and video here.