Press Releases

LOWELL, MA – Today, Congresswoman Lori Trahan (MA-03), a member of the Regional Leadership Council, marked the one year anniversary of the Inflation Reduction Act by highlighting the legislation’s effectiveness in lowering insulin prices for Third District families. Congresswoman Trahan published a report from the Regional Leadership Council that details the insulin cost savings families in the Third District are experiencing because of the Investing in America agenda.

“As a member of the Regional Leadership Council, I’ve been working hand in glove with my colleagues and President Biden to make sure the impacts of the historic legislation we passed last Congress are felt here in the Third District. One of the most significant wins we’ve secured for the Third District is capping the cost of insulin at just $35 per month for Medicare beneficiaries. For too long, Big Pharma corporations have hiked the price of this lifesaving medication to pad their profits. But the Inflation Reduction Act is putting affordable prescription drug costs – and the peace of mind they provide – within reach of millions of families,” said Congresswoman Trahan.  “Here in the Third District, the 2,400 Medicare beneficiaries who use insulin are saving an average of $480 annually compared to 2020. And as manufacturers’ price reductions take effect, the thousands of individuals on employer health insurance who rely on insulin will also save hundreds of dollars as a result of the Inflation Reduction Act.”

As part of the Investing in America Agenda, Congress passed drug pricing reforms that have significantly lowered the cost of insulin. As a result of the Inflation Reduction Act (IRA), Medicare beneficiaries’ out-of-pocket insulin costs are now capped at $35 a month, and the American Rescue Plan (ARP) strengthened Medicaid’s ability to limit drug price increases starting in 2024. As a result of these laws, the three largest manufacturers of insulin, who supply nearly all the insulin in the United States, announced that they would slash the cost of their insulin products by up to 75%.

These reforms are significantly reducing insulin costs for the approximately 68,000 individuals with diabetes living in Massachusetts’s Third District, including 21,000 who require daily shots of insulin. Due to Medicare’s cap on insulin costs, 2,400 Medicare beneficiaries who rely on insulin to manage their diabetes living in the district are saving on average $480 annually compared to 2020 prices.

There are 6,200 district residents with employer health insurance coverage and 270 who are uninsured that rely on insulin. Many of these individuals will also experience significant savings when the manufacturers’ price reductions take effect.

The full report is available HERE.

###