Generic medication producer with no profit motives By producing its own insulin, Civica Rx is aiming to drastically lower the cost of a commonly used drug that has seen its price rise over the past several years.’
Hospitals and foundations in 2018 formed Civica Rx in order to produce and sell insulin for no more than $30 for each vial or $55 per package of five pen cartridges.
After a 140,000-square-foot production factory in Petersburg, Va., under construction, the company says its insulin will be ready for purchase as early as 2024.
Dan Liljenquist, board chair of Civica and the originator of its non-profit concept remarked that “it is tragic that millions of people are limiting their treatment and putting their lives at danger because they can no longer afford insulin.” A new market reality, free of rationing of life-saving diabetic treatments, is what we aim to achieve through mission-driven collaborations.
According to the US Centers for Disease Control and Prevention, more than 37 million Americans have diabetes, resulting in annual medical expenditures and missed income of $327 billion.
The Centers for Disease Control and Prevention (CDC) estimates that the medical expenses of those with diabetes are twice as high as those of those who do not need insulin.
Despite the fact that insulin was developed by Canadian scientist Frederick Banting just over a century ago, its price has continued to rise.
Between 2014 and 2019, insulin users saw the average retail price of the medicine rise by 54 percent, but the epidemic saw a 5 percent decline in the cost of the drug.
There has been a long-running debate about the rising cost of insulin, which advocates, members of Congress, and people with diabetes have all decried for years because they believe it disproportionately affects those who are uninsured or underinsured.
Two-thirds of persons with diabetes or hypertension who take insulin miss or postpone taking their medicine owing to financial worries, according to CDC research from 2020.
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Insulin production costs $10 a vial, but drug firms can charge up to 30 times that, President Joe Biden noted in his State of the Union speech earlier this week.
You have no clue how you’ll pay for the insulin you’ll need for your child who has diabetes, he added. “Let’s set the price of insulin to $35 a month to make it affordable for everyone.”
Insulin will be accessible in vials and prefilled pens, according to Civic, which plans to make three different types.
More than 8 million Americans need insulin to survive, yet many can’t afford to take the quantity they require because of the historically high and prohibitive cost of insulin,” said Marin VanTrieste, president and CEO of Civica Rx.
In order to truly address the insulin pricing and access difficulties that many Americans confront, we need a process that goes from manufacturing to setting a transparent price that ultimately decreases the cost of insulin for patients with diabetes,” he says.
We will let patients know where they may get Civica’s low-cost insulin in that spirit,” VanTrieste stated.