Starting in January, Coloradans suffering from diabetes will pay no more than $100 per month for insulin to regulate blood sugar levels, following a new law approved by Governor Jared Polis on Wednesday, The Denver Post reports.
“Today, we will declare that the days of insulin price gouging are over in Colorado,” he declared as he signed the bill.
Insulin, which has existed for nearly 100 years, has seen its prices double over the past seven years, according to the Healthcare Cost Institute. For some, insulin can cost up to $1,000 per month, even with health care coverage.
“The sudden spike in insulin prices lead to congressional inquiries and public outrage, but Colorado is the first state to implement a cap on what its residents can be charged for the medication,” the Post reports. “The law doesn’t limit what insulin manufacturers can charge insurance companies, and it’s expected those insurers will pay the difference.”
State Representative Dylan Roberts (D-Avon) said earlier this year that the cost of health care plans is increasing by “a couple of cents, per person, per month.”
The bill signed into law on Wednesday also requires the Attorney General, Phil Weiser, to probe into why drug companies have been increasing the price of insulin over the past few years.