Social and Behavioral Sciences Commons^™

Investigating The Change In The Out-Of-Pocket Cost Of Insulin Over Time, Jared Long

Mahurin Honors College Capstone Experience/Thesis Projects

Insulin is often cited as a classic near perfectly inelastic good; for those living with Type-1 diabetes, antihyperglycemic medicines are the only thing standing between them and possible death, and they must be willing to pay for the medication regardless of the price. When researchers at the University of Toronto released the patent for insulin in 1922, they asked for only $1 so that the medication would be available to as many people as possible; however, as insulin analogs and new biosimilar substitutes have been invented, the price of medications has increased substantially. While the rising cost of insulin has …