Today’s Solutions: March 03, 2024

Despite promises by pharmaceutical companies to limit insulin price hikes, the life-saving drug remains out of reach for many patients with diabetes.

As part of World Diabetes Day, the U.N. World Health Organization on Thursday announced a new initiative to sponsor the production of insulin under a process known as prequalification. The new initiative involves getting pharmaceutical companies to produce generic versions of an existing drug and then testing it for quality and safety. Once the generic version passes the safety tests, it is introduced into the global marketplace at a cheaper rate, driving down the price of the drug.

Despite being discovered in the 1920s and costing as little as $4 per vial to produce, insulin now has an average list price of $300 per vial, endangering the lives of numerous patients who are struggling to afford their life-saving medication. Under WHO’s new commitment, overly expensive insulin could be a thing of the past in less than two years, potentially changing the lives of millions of diabetics around the globe.

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