041923KP1831.JPGSPRINGFIELD – The price of insulin will be capped at $35 for a 30-day supply thanks to State Senator Laura Murphy.

“When Fredrick Banting discovered insulin in 1923, he refused to put his name on the patent: he believed it was unethical for a doctor to profit from a discovery that would save lives,” said Murphy (D-Des Plaines). “He and his co-inventors sold the insulin patent for $1: they wanted everyone who needed their medication to be able to afford it. We need to lead by the example of Mr. Banting’s selflessness, and honor the legacy of selflessness on the 100 year anniversary of its discovery.”

Under the law the price of a 30-day supply of insulin will be capped at $35 for all private individual and group insurance policies. In addition, an insulin discount program will be established by the Department of Central Management Services. The program will begin July 1, 2025.

More than 10% of the U.S. population has diabetes according to the Diabetes Research Institute. One in 12 Illinoisans have insulin-dependent diabetes, approximately 1.3 million people. According to the Juvenile Diabetes Research Foundation, the cost of insulin has risen 600% in the last 20 years. Americans pay 10 times than that of citizens of 32 other nations – $98.70 on average compared to $8.81.

“Medication like insulin must be affordable for every individual who needs it,” Murphy said. “I am proud that Illinois has taken this important step, which will ensure that no one will need to ration or put off purchasing insulin when they need it.”

House Bill 2189 was signed into law by the governor on Friday.