New Colorado law caps diabetes insulin at $100 per month

New Colorado law caps diabetes insulin at $100 per month

A new law passed in Colorado hopes to help stem costs of insulin for people in the state.

DENVER — A new law has been passed in Colorado that supporters hope will help stem costs for people in the state with diabetes.

KUSA reported that Colorado Gov. Jared Polis signed a bill into law Wednesday that caps insulin at $100 per month.

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According to the Colorado General Assembly websiteHB19-1216 "requires the department of law to investigate the pricing of prescription insulin drugs and submit a report of its findings to the governor, the commissioner of insurance, and the judiciary committees of the senate and house of representatives."

The passage of the law makes Colorado the first state in the country to put a cap on insulin prices, according to The Denver Post. The medicine can typically range from $600 to $900 per month, KCNC reported.  According to a January report from the Health Care Cost Institute, a nonpartisan research organization, the price of insulin nearly doubled from 2012 to 2016.

"Today, we will finally declare that the days of insulin price gouging are over in Colorado," Polis said as he signed the bill in his Denver office.

The price cap is for those with private insurance. The law goes into effect in 2020.