Decision Maker Response
Jason Hodges’s response
Dec 17, 2019 — TennCare spent a total of $140,870,968 in pharmacy reimbursement of insulin products last year. That is just a fraction of what Tennesseans have spent on insulin total. The list price of common types of insulin has almost tripled over the last decade. Yet, that is not the case worldwide. While the US only uses about 15% of the world’s insulin, it pays pharmaceutical companies over half their profit margin on insulin.
This is why I am sponsoring a bill limiting the amount a pharmaceutical company can charge for insulin to $100 in Tennessee. It is time that they stop price gauging our citizens. Several other states have attempted to address this issue as well. Colorado being the most successful, capped insurance from charging customers over $100. While this is a great plan for Colorado, the number of uninsured and underinsured in Tennessee would prevent this solution from being as successful here. This is why my bill will attempt to go directly after the companies that are inflating prices on this life saving drug in the first place.