Bill Capping New Mexico Insulin Prices Approved By New Mexico Legislature
Commentary: A bill capping what New Mexicans with diabetes spend on life-saving insulin received final legislative approval with a 40-1 vote in the Senate. Gov. Michelle Lujan Grisham issued the following statement:
“We are going to do everything we possibly can to reduce health care costs and improve access to high-quality care for New Mexicans. House Bill 292 is an incredibly positive development for New Mexicans with diabetes. Cost should not be a factor when the medicine New Mexicans need is literally life-or-death. It’s as simple as that. The overwhelming bipartisan support this bill received in both chambers is a resounding testament to New Mexico’s commitment to reducing health care costs.
“And insulin is just the start. This measure also asks the Office of the Superintendent of Insurance to study the affordability of copays for other commonly prescribed drugs. We’re going to keep moving forward and keep improving health care access and affordability for New Mexicans.”
In the last decade, the list prices of common types of insulin have roughly tripled. Today, a quarter of American adults with diabetes say the price has impacted their insulin use, leading to skipped doses and unfilled prescriptions according to the American Diabetes Association.
House Bill 292, sponsored by Sen. Daniel Ivey-Soto and Rep. Micaela Cadena, caps co-pays and out-of-pocket expenses for insulin at $25 per prescription for a 30-day supply. The governor asked for the measure in her State of the State address at the outset of the legislative session as another way to decrease health care costs.
Colorado and Illinois have enacted insulin price caps at $100 per month; several other states are evaluating similar measures.