Insulin prices can vary dramatically from manufacturer to manufacturer and supplier to supplier. There can be a perception that insulin prices have increased in recent years, but pharmaceutical companies maintain that insulin prices have remained steady. To increase the effectiveness of insulin prices sometimes have to increase because the cost of insulin prices for research have also increased.
Insulin Prices - Manufacture
Why are insulin prices varied? Most insulin prices are a result of changes in how insulin is manufactured. Because every time a new way of producing insulin is discovered a new patent is issued. This increases insulin prices. Insulin prices are also a result of a breakthrough in pharmaceutical companies discovering that it can be made biologically instead of chemically.
Insulin Prices - Advances
Insulin prices are tied to the methods used in producing insulin, as well as advances due to research. Insulin prices usually rise when a new advance has been made. The most recent advance to affect insulin prices is the result of insulin becoming analog. It is called this because it is analogous to human insulin. Of course, each time there is am improvement there is an increase in insulin prices.
Insulin Prices - Generic
Insulin prices can also be affected by generic versions of the hormone. When a patent expires, a generic version can be produced. Insulin prices should be cheaper for the generic version, but unfortunately since there are no generic versions of insulin prices cannot decrease. Once it’s proven that generic versions are as good as the name brands, insulin prices should decrease.
Insulin Prices - Suppliers
Because of the many suppliers of insulin prices can vary. Consumers have many choices on how they want to pay insulin prices, so suppliers should modify their insulin prices to meet the needs of the consumer. Pharmacies also control insulin prices. However, because of patents on insulin prices can be higher than one would think. To compare insulin prices consumers can shop around the different suppliers.
Insulin Prices - Summary
Insulin prices can vary from manufacturer to pharmacy to supplier. Because of the way it’s made, insulin prices can change from year to year. Every time a new patent is made, insulin prices are affected. There are currently no generic versions of insulin, so insulin prices have not decreased. Once the FDA approves a generic version of insulin prices should reflect this. There are many factors considered when determining insulin prices.