Insulin in U.S. Costs Up to 10 Times More Than in Other Wealthy Countries

[Mr. Wizard]

Maia Anderson
October 6, 2020

Insulin prices in the U.S. were up to 10 times higher in 2018 than other countries in an intergovernmental group created to stimulate economic progress globally, according to a report cited by STAT.
In 2018, the average price per standard unit of insulin in the U.S. was $98.70 for all types of insulin, compared to $6.94 in Australia; $12 in Canada; $7.52 in the U.K.; and $8.81 in all the other wealthy countries combined, according to the report from Rand Corp., an American nonprofit global policy think tank. The analysis was conducted on behalf of HHS.


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[Islander]

I don't understand why I keep seeing these statistics, when insulin can be bought anywhere in the US for $30-$35. I made a point of verifying this with a commercial pharmacy (Walgreen's, Rite Aid) as well as with the pharmacist at our local Walmart. So what are people missing here?

[Mr. Wizard]

I think the discrepancy is caused by whether one uses the "list" price of insulin vs. the "net" price. Most studies, like the one above, compare the U.S. "list" prices of insulin to the list prices in other wealthy countries. In actuality, many companies and pharmacies, like the ones you mentioned, offer discounts via incentives from insurances and/or pharma companies. So, almost everyone ends up paying the discounted or "net" price. Since "net" prices vary from pharmacy to pharmacy, state to state, country to country, most studies comparing insulin costs are forced to rely on "list" prices due to the huge variations in "net" prices.