Massachusetts nonprofit aims to make insulin more affordable for diabetes patients
A nonprofit in Cambridge, Massachusetts is aiming to make insulin more accessible for diabetes patients in the United States by selling vials of the drug at a fraction of the cost.
According to WBZ-TV's partners at the Boston Business Journal, the nonprofit Project Insulin will begin developing a generic insulin. It will be sold to patients for $20 to $30 a vial. Many patents on the drug have expired, meaning anyone can make it.
Project Insulin is now trying to raise $1 million to get its own insulin production in gear.
"We'll sell it directly to patients at cost," said Eric Moyal, Project Insulin's executive director. "There's no pressure from shareholders to make any money, so our focus is actually our stakeholders, so the community members."
According to Project Insulin, about 8 million patients in the United States rely on insulin and about one in five patients are forced to ration their insulin due to the high cost. While Medicare and some states and manufacturers capped monthly costs, not every patient in the country qualifies.
"We believe that healthcare is a human right and high insulin prices are an unnecessary and restrictive burden on patients," said Project Insulin in a statement on their website. "Insulin should not be available only to those who are financially secure or insured." Without insurance, the list price for a vial of insulin is about $300.
Project Insulin said it hopes to be selling its insulin in five to eight years.