The exorbitant cost of life-saving medications has long been a flashpoint for those advocating for Medicare for All. Whether a person gets a full life or succumbs to conditions they cannot help developing should not depend on how much money someone has, they argue.
One common condition that gets brought up in these discussions is Type 2 Diabetes. This increasingly widespread health condition requires certain medications that can run into the thousands in a hurry.
Why is the cost of diabetes so high in this country, despite its commonality? Here’s what you need to know.
Manufacturers Make the Drug and Set the Price
One of the main reasons why the cost of diabetes is so high is that only three manufacturers exist in the US to produce insulin. These three manufacturers control all elements of the supply chain and get to set their own prices, unabated by government interference, because…
The FDA Holds No Power Over Market Price
While the Food and Drug Administration can declare drugs safe or unsafe for the market, they have no control over the cost of diabetes medication. This fact only compounds costs when you consider…
Insurance Companies Decide Which Drugs to Cover
Many diabetics are at the mercy of their insurance companies when it comes to what kind of treatments they can access. Insurers are quite picky as to what insulins, blood sugar medications, and devices they will cover. Even if you research what the cost is for various diabetes drugs online, insurance won’t help you absorb those costs.
Playing the Blame Game
Despite the prevalence and costs of diabetes, another thing that slows the possibility of life-saving legislation is the blame game. Since Type 2 Diabetes comes on in adulthood, many people still subscribe to the false notion that it’s strictly due to someone’s dietary and lifestyle choices. Since people assume those with diabetes only have themselves to blame for their condition, they’re unwilling to fight to reduce the cost of diabetes.
The Cost of Diabetes Per Year
So, how much does the annual cost of diabetes run? While much of this depends on how much your insurance will cover, the average costs, even with insurance, can run as high as sixteen thousand dollars or more per year. If you don’t have the benefit of a good insurance company or any insurance at all, those costs can increase almost five or tenfold.
These costs include not only insulin but blood glucose meters, glucose tablets, doctor visits, trips to the hospital, and medication for comorbid conditions.
Reviewing the Facts
The cost of diabetes grows higher with each passing year. So long as manufacturers and insurers maintain complete control over the price and coverage of these life-saving drugs, this feedback loop of price inflation will continue. However, even with this in mind, men with diabetes don’t lack hope or options.
If you want to see how you can manage your diabetes or prevent its onset, check out our blog each day for important men’s health tips and tricks.
