President Joe Biden visited Green River College in Washington on Friday to discuss lowering costs for American families, particularly for necessary medications and treatments. 

What You Need To Know

  • President Joe Biden visited Green River College in Washington on Friday to discuss lowering costs for American families, particularly for prescription drugs

  • Biden has long been advocating to put a $35 monthly cap on the price of insulin, and included the provision in his original Build Back Better bill, which is all but dead in the Senate

  • Insulin typically costs ten times more in the United States than in any other developed country, according to the Mayo Clinic, even though the formulas for the drug haven't changed in decades

  • The U.S. House of Representatives did pass a bill capping the monthly cost of insulin at $35 for insured patients at the beginning of April, but it is unclear if the bill will pass the Senate

The president was introduced by Elisa Graceffo and her daughter, Juliana Graceffo, a senior at Eastlake High School who was diagnosed with Type 1 diabetes at just four years old. 

“When I was four, type one diabetes treatment consisted of 10 or more fingerpost blood tests a day and 10 to 15 insulin injections a day with regular syringes,” the younger Graceffo said. “Today, I wear a continuous glucose monitor on my skin which tests my blood sugar level every five minutes, and this data is wirelessly transferred to my insulin pump."

While Graceffo said she was grateful for the medical advancements and the advocacy of individuals like President Joe Biden and Washington Sens. Maria Cantwell and Patty Murray, she stressed the need to lower the cost of insulin. 

“We have better ways to dose and deliver the required insulin, but we still need the insulin itself,” she said. “And here during my 14 years and counting as a diabetic, we have seen nothing but increase after increase in the cost of insulin.” 

It was a message Biden later expounded upon in his own address, saying it is “unconscionable” that medications cost more in the United States than in other developed nations. 

“Let's do something that will bring down prices, lower the cost of prescription drugs,” Biden said, later adding: “Imagine what it's like if you don't have insurance, you don't have the cash. Look at your child knowing what they need and knowing there’s not a damn thing you can do about it. Not only is your child put in jeopardy, you're deprived of your dignity.” 

Insulin typically costs ten times more in the United States than in any other developed country, according to the Mayo Clinic. With over 37 million Americans living with diabetes, it is now considered the most expensive chronic health condition in the United States. 

The price of analog insulin — used to help the body convert glucose into energy — has skyrocketed “inexplicably” over the past two decades, the clinic says, shooting up from an average price of $21 in 1999 to $332 in 2019. 

The formula of the most commonly used versions of the drug have not been changed in over 20 years. 

“We're not asking drug companies to do anything that they can't afford,” the president said Friday. “Do you think it doesn't affect you? It does. Everyone has less money in their pockets today because of the high cost of health care.”

According to a 2019 Kaiser Family Foundation study, 24% of adults and 23% of seniors said it was “difficult” for them to afford their prescription medication. The same poll found that 79% of Americans say the cost of drugs is “unreasonable” in the United States. 

Biden has long been advocating to put a $35 monthly cap on the price of insulin, and included the provision in his original Build Back Better bill, which is all but dead in the Senate. 

While there have been little to no talks of reviving the massive social spending and climate plan as it was first put forward, the U.S. House of Representatives did pass a bill capping the monthly cost of insulin at $35 for insured patients at the beginning of April. It is unclear if the Senate has enough Republican support to pass the measure, and several senators are working on a different version of the proposal. 

The president also wants companies that increase prescription drug prices faster than the pace of inflation to face a steep excise tax, saying Friday: “Let's end the days when companies could increase prices with no oversight and no accountability.”

Biden would also allow Medicare to negotiate the price of prescription drugs directly with pharmaceutical companies with the hope of reducing costs for millions of Americans. Currently, Medicare can negotiate lower prices on nearly every medical item except for prescription drugs. 

Another change to the Medicare system would impact seniors by capping the amount they have to pay on prescription drugs at $2,000 per year.

The Associated Press contributed to this report.