US: Colorado becomes first state to put cap on insulin prices

Colorado has capped the price of co-pays for insulin, making it the first state to enact a law that combats the soaring costs for the medication that have doubled in the last seven years.

Democratic Gov. Jared Polis signed the bill into law earlier this week, restricting the price for insured patients to co-pays of US$100 a month, according to the Denver Post. The law goes into effect in January.

The skyrocketing cost of insulin has prompted lawmakers, including Congress, to call for price caps and pharmaceutical companies to find ways to drop the cost for patients.

Between 2012 and 2016, prices for insulin nearly doubled, according to a March report from the US House of Representatives. Insulin can cost between US$600 and US$1,000 a month on average.

Full Content: CBS News

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