Limit The Runaway Costs For Life-Supporting Medicines By Large Pharmaceutical Companies
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I have Type 1 Diabetes, which is an autoimmune disorder. This means my body no longer supplies insulin. I have to monitor my blood glucose level closely and administer insulin every day. Some would think that insulin is a cure, however, it is not. It's my life support until a cure is found. I am always at risk for seizures, comas, or death.
Diabetes currently ranks as the seventh leading cause of death in the United States. With over 29 million people diagnosed. Many including myself with this disease, rely on life-supporting medication known as Insulin to sustain life.
According to the CDC in 2012 is estimated at a staggering $245 billion in costs. Diabetes costs continuing to rise each year. With $1 in $5 health care dollars being spent caring for someone with diabetes. Diabetes is a national epidemic. It’s expected that 1 in 3 Americans will have diabetes by 2050.
Diabetes is one of the top most profitable diseases with a $35 billion market. With the elevated sales, it’s expected to reach $58 billion in 20 years. Pharmaceutical companies such as Sanofi and Novo Nordisk have continued to raise prices each year for life-sustaining insulin for those battling Diabetes.
A drug that is in very high demand and the supply is almost endless. In 2013 here is a statement from Novo’s Chief Operating Officer Kaare Schultz: “Products that are of high value and that are protected in one way or another, they have the opportunity to take price increases without sort of messing up the whole system"(Bloomberg).
There also has recently been a huge concern over the pay increases of CEO’s following price rises. Recently there has been an increase in Mylan Pharmaceutical Epipens used for emergency allergic reactions. Going from $56.64 to an astonishing $317.82. The company’s stock price also tripled. The CEO Heather Bresch received a 671% pay raise.
What I would like to do is make a change. With Having Type 1 Diabetes for well over a decade, I have experienced managing this disease with and without insurance, and with periods of financial instability. I currently still have thousands of dollars in medical debt due to this. Insulin is a necessity to my life, for I will not survive without it. Diabetes management is poorly decreased when having to sacrifice your own health over other basic needs. Which also runs a higher risk of complications such as heart disease, kidney failure, blindness, and many others.
I speak for all diseases and conditions dependent on life-supporting medicine. Those that are struggling in this economy as is. People all alike, trying to survive, raise a family, have lives, futures, and opportunities in this world. But the rise in prices on our life-sustaining medicine is only holding us back. We no longer wish to be trapped in the system.
This price gouging must end! There should be new regulations in place. More specifically there should be price caps on these medications. Even though it's believed doing so will limit the amount of new drugs, it's also irrelevant to the fact most insurances tell patients what they can use regardless. Doing this will not only help millions in the short term but it will help millions of others towards a better future. To eliminate the ability to continuously raise prices on the sick gives more incentive for a cure.
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