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Global Disparities in Insulin Pricing: Impact on Healthcare Worldwide

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A vial of insulin, which costs an estimated $2 to $4 to produce, reveals stark disparities in insulin pricing across the globe. In the United States, the absence of stringent government regulations has allowed pharmaceutical companies to impose exorbitant prices.

Notoriously high drug prices in the U.S. extend to critical medications such as insulin. When assessing insulin costs on a global scale, the discrepancies are staggering.

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The following chart presents a comparative view of insulin expenses across OECD countries, based on a 2021 report from the RAND Corporation:

RankCountryAverage Insulin Price
1USA$99
2Chile$21
3Mexico$16
4Japan$14
5Switzerland$12
6Canada$12
7Germany$11
8Korea$10
9Luxemburg$10
10Italy$10
11Netherlands$10
12Ireland$10
13Estonia$10
14France$9
15Spain$9
16Finland$9
17New Zealand$9
18Latvia$8
19Belgium$8
20Czechia$8
21Portugal$8
22Austria$8
23Lithuania$8
24Norway$8
25Sweden$8
26UK$8
27Slovenia$7
28Australia$7
29Slovakia$7
30Hungary$6
31Poland$5
32Turkiye$3
Charted: The Average Cost of Insulin By Country, Visual Capitalist, 2023

 

A Cross-Country Examination of Insulin Costs

The study delved into the average price per vial of various insulin types in 2018, encompassing multiple nations.

The United States topped the charts with insulin vials priced at $99 each. Chile and Mexico followed closely as the second and third-highest insulin price nations within the OECD, with vials priced at $21 and $16 respectively.

Most countries observed insulin costs ranging from $8 to $10 per vial, a mere fraction of the life-saving medication’s price in the United States. At the bottom of the list, Turkey offered insulin vials at just $3 each, making them 33 times more affordable.

Insulin Pricing

The Human Cost of Diabetes on Insulin Pricing

According to a 2020 report by the World Health Organization, diabetes ranks among the top 10 causes of death worldwide. Furthermore, diabetes-related fatalities have surged by 70% since 2000.

Early in 2023, major pharmaceutical companies announced plans to enforce price caps on insulin medications in the United States. However, the extent to which these cost reductions will benefit consumers remains uncertain, given the intricate landscape of the American health insurance market.

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Resource: Visual Capitalist, November 14, 2023


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