Governor, legislators introduce legislation to cap insulin costs
SANTA FE – Gov. Michelle Lujan Grisham, Rep. Micaela Cadena and Sen. Daniel Ivey-Soto announced on Wednesday the introduction of House Bill 292, a proposal that will cap insulin costs.
As referenced in the governor’s State of the State address at the outset of this year’s legislative session, the legislation, co-sponsored by Cadena and Ivey-Soto, will cap co-pays and other out-of-pocket costs for New Mexicans with diabetes, part of the governor’s push to decrease health care costs.
According to the Centers for Disease Control and Prevention, one in seven adults with diabetes does not take medication as prescribed due to cost.
House Bill 292 will cap out-of-pocket costs at $50 per month for patients to fulfill all insulin medicines needed to treat diabetes.
Colorado and Illinois have enacted insulin price caps; several other states are evaluating similar measures.
“Under this legislation, New Mexicans with diabetes will no longer have to choose between medication and other necessities,” Gov. Lujan Grisham said. “That is an unconscionable choice; no one should ever have to make it. I am eager to work with lawmakers to ensure New Mexico joins the other U.S. states making this humane adjustment to our health care system. With the support of the Legislature, I will never stop fighting to ensure health care is as affordable, high-quality and accessible as it can possibly be.”
House Bill 292 also tasks the Office of the Superintendent of Insurance to study the affordability of other drugs, such as asthma medications and antidepressants.
“Nearly 60 percent of American adults have had to go without life-saving medications because they can’t afford them, including many living with diabetes,” said Rep. Cadena. “We know our health care system is broken when the cost of basic medications like insulin have almost doubled in four years. I’m proud to stand with our governor in capping insulin co-pays at $50 every 30 days – offering relief to New Mexicans struggling to pay for medicine they and their loves ones desperately need.”
“The rising costs of medication is an unfair obstacle for too many people,” said Sen. Daniel Ivey-Soto. “This measure ensures that people who require insulin will not be in a position to have to choose between paying their rent or purchasing badly needed medicine. I’m proud to be co-sponsoring this bill with Rep. Cadena and help support Governor Lujan Grisham’s effort to decrease the cost of health care in New Mexico.”