A bipartisan group of U.S. senators has reportedly reached a breakthrough deal to cap insulin prices at $35, aiming to ease the financial burden for millions living with diabetes.
The proposal, led by Jeanne Shaheen and Susan Collins, now needs the backing of Senate Majority Leader John Thune and the approval of President Donald Trump, according to a Semafor report on Wednesday.
The plan initially focused on insured patients, while senators John Kennedy and Raphael Warnock pushed to include uninsured individuals. As a compromise, the bill proposes a pilot program in 10 states allowing uninsured patients to access insulin at a capped price.
“I would really like to be able to leave the Senate thinking that we had helped to address insulin costs for a lot of Americans. This is the most expensive chronic disease,” Shaheen told Semafor.
According to a report by the Centers for Disease Control and Prevention in January, nearly 30 million Americans have been diagnosed with diabetes.
The legislation also aims to cut costs by reforming pharmacy benefit manager rebate systems, though funding details are still being finalized.
Meanwhile, shares of top insulin producers gained in pre-market trading. Sanofi (SNY) stock was up 2%, while shares of Eli Lilly (LLY) and Novo Nordisk (NVO) gained around 0.5% each.
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