Stocks slipped on Friday to end a brutal 2022 with a whimper, as Wall Street wrapped up its worst year since 2008 on a sour note.
The Dow Jones Industrial Average slid 73.55 points, or 0.22%, to close at 33,147.25. The S&P 500 shed 0.25% to end at 3,839.50. The Nasdaq Composite ticked down 0.11% to 10,466.88.
Friday marked the final day of trading in what has been a painful year for stocks. All three of the major averages suffered their worst year since 2008 and snapped a three-year win streak. The Dow fared the best of the indexes in 2022, down about 8.8%. The S&P 500 sank 19.4%, and is more than 20% below its record high, while the tech-heavy Nasdaq tumbled 33.1%.
Sticky inflation and aggressive rate hikes from the Federal Reserve battered growth and technology stocks and weighed on investor sentiment throughout the year. Geopolitical concerns and volatile economic data also kept markets on edge.
“We’ve had everything from Covid problems in China to the invasion of Ukraine. They’ve all been very serious. But for investors, it is what the Fed is doing,” said Art Cashin, director of floor operations for UBS, on CNBC’s “The Exchange.”
As the calendar turns to a new year, some investors think the pain is far from over. They expect the bear market to persist until a recession hits or the Fed pivots. Some also project stocks will hit new lows before rebounding in the second half of 2023.
“I would love to tell you that it is going to be like the ‘Wizard of Oz’ and everything is going to be in glorious color in a moment or two. I think we may have a bumpy first quarter, and depending on the Fed it may last a little longer than that,” Cashin said.
Despite the yearly losses, the Dow and S&P 500 did break three-quarter losing streaks. The tech-heavy Nasdaq, however, muddled through its fourth consecutive negative quarter for the first time since 2001. All three averages are negative for December, however.
Communication services was the worst performing sector in the S&P 500 this year, falling more than 40%, followed by consumer discretionary. Energy was the only sector to rise, climbing nearly 60%.
— Gabriel Cortes contributed reporting
Samantha Subin, CNBC
Samantha Subin is a digital news associate with CNBC.
Cayman Islands, Dec. 30, 2022 (GLOBE NEWSWIRE) — AlphaTime Acquisition Corp (the “Company”) today announced the pricing of its initial public offering of 6,000,000 units at a price of $10.00 per unit. The units will be listed on the Nasdaq Stock Market LLC (“Nasdaq”) and trade under the ticker symbol “ATMCU” beginning on December 30, 2022. Each unit consists of one ordinary share, one redeemable warrant and one right, with each right entitling the holder thereof to receive one-tenth of one ordinary share upon consummation of an initial business combination. After the securities comprising the units begin separate trading, the ordinary shares, warrants and rights are expected to be listed on Nasdaq under the symbols “ATMC,” “ATMCW” and “ATMCR,” respectively. The offering is expected to close on January 4, 2023, subject to customary closing conditions.
AlphaTime Acquisition Corp is a blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While we will not be limited to a particular industry or geographic region in our identification and acquisition of a target company, we intend to focus our search on businesses in Asia.
Chardan Capital Markets, LLC (“Chardan”) is acting as sole bookrunning manager of the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 900,000 units at the initial public offering price to cover over-allotments, if any.
A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on December 30, 2022. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
The offering is being made only by means of a prospectus. When available, copies of the prospectus relating to the offering may be obtained by contacting Chardan, 17 State Street, 21st Floor New York, NY 10004. Copies of the registration statement can be accessed through the SEC’s website at www.sec.gov.
Forward Looking Statements
This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering and search for an initial business combination. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement for the initial public offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
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Parsippany, New Jersey, USA, Dec. 30, 2022 (GLOBE NEWSWIRE) — Wireless Telecom Group, Inc. (NYSE American: WTT) (the “Company”) today announced the completion of its previously announced sale of CommAgility Ltd., to global space company, E-Space, in a transaction valued at $14.5 million, inclusive of $13.75 million in cash consideration and a $750,000 note payable, subject to agreed-upon reductions.
The transaction was the result of the Company’s previously disclosed process for evaluating strategic alternatives. As a result of this transaction, Wireless Telecom Group is now comprised solely of its Test & Measurement brands including Boonton, Holzworth and Noisecom.
Tim Whelan, Wireless Telecom Group, Inc. Chief Executive Officer stated, “This is an exciting milestone for the Company. With the close of this transaction, we have successfully executed on the sale of two of our three segments during 2022, pursuing our goal of unlocking and maximizing shareholder value. We remain focused on our strategic alternative initiatives around the remaining Test & Measurement business. As our process advances to more complete stages, we expect to continue evaluating the opportunity for any tax efficient return of capital to our shareholders.”
Tim Burke, E-Space vice president who will lead the CommAgility sales organization added, “We look forward to advancing our integration of CommAgility into Team E-Space as well as building upon the capabilities they built-to-date, which will support both the current dynamic customer base and our future opportunities.”
Wireless Telecom Group continues to explore strategic alternatives for the Company to enhance value for stockholders. Wireless Telecom Group does not expect to comment further or update the market with any additional information on the process unless and until its Board of Directors has approved a specific transaction or otherwise deems disclosure appropriate or necessary. There can be no assurance that the evaluation of strategic alternatives will result in any strategic alternative, or any assurance as to its outcome or timing.
CDX Advisors is serving as exclusive financial advisor and Bryan Cave Leighton Paisner is serving as legal counsel to Wireless Telecom Group.
About Wireless Telecom Group, Inc.
Wireless Telecom Group, Inc., comprised of Boonton, Holzworth, and Noisecom, is a global designer and manufacturer of advanced RF and microwave components, modules, systems, and instruments. Serving the wireless, telecommunication, satellite, military, aerospace, and semiconductor industries, Wireless Telecom Group products enable innovation across a wide range of traditional and emerging wireless technologies. With a unique set of high-performance products including peak power meters, signal generators, phase noise analyzers, signal processing modules, noise sources, and programmable noise generators, Wireless Telecom Group enables the development, testing, and deployment of wireless technologies around the globe. Wireless Telecom Group is headquartered in Parsippany, New Jersey, in the New York City metropolitan area, and maintains a global network of Sales and Service offices for excellent product service and support. Wireless Telecom Group’s website address is http://www.wirelesstelecomgroup.com.
About E-Space
E-Space is a global space company focused on bridging Earth and space with the world’s most sustainable low Earth orbit (LEO) network that is expected to reach over one hundred thousand multi-application communication satellites to help businesses and governments securely and affordably access the power of space to solve problems on Earth. Founded by industry pioneer Greg Wyler, E-Space is focused on democratizing space and transforming industries by bringing down the cost of space-based communications, raising the level of satellite system resiliency and setting a new standard in sustainable space infrastructure that will effectively minimize and reduce space debris and destruction while preserving access to space for future generations. Learn more about the Company at e-space.com, or follow E-Space on LinkedIn and Instagram.
Wireless Telecom Group Media/Investor Contact:
Mike Kandell, Chief Financial Officer (973) 386-9696
E-Space Media Contact:
Chris Phillips, vice president, PR & Communications: chris.phillips@e-space.com; +1 (917) 974-1667
The content is by GlobeNewswire. DKODING Media is not responsible for the content provided or any links related to this content. DKODING Media is not responsible for the correctness, topicality or the quality of the content.
The 37-year-old Ronaldo became a free agent after parting ways with Manchester United, following a controversial interview with Piers Morgan.
Ronaldo’s move to Saudi Arabia means his career at the European top level ends. One of the successful clubs in Saudi Arabia, Al Nassr has won the title in country’s top flight nine times. Their last title-winning campaign came in 2019.
Al Nassr are closing on deal to sign Cristiano Ronaldo! Meeting ongoing in order to check all the contract and get documents sorted. #Ronaldo
Contract to be valid until June 2025, as expected — salary close to €200m per year, with commercial deals included. pic.twitter.com/7eIgsJrv7R
It is understood that Ronaldo is set to officially unveiled during Al Nassr’s Saudi Pro League encounter against Al-Khaleej on Saturday. Al Nassr are second in the league table with seven wins, two draws and one loss.
The Coast Guard suspended its search for a helicopter that went down near New Orleans, officials said Friday, dimming hopes for rescuing four people who were on board.
A pilot and three oil workers were coming from a platform operated by Houston-based Walter Oil and Gas when the crash happened at about 8:40 a.m. CST on Thursday in the Gulf of Mexico, officials said.
“Once a case is suspended it basically means that we will stop searching until we find any new information that would actually help us with the search,” Coast Guard Petty Officer Jose Hernandez told NBC News on Friday.
“Let’s say somebody actually spots a body or lets us know something (new) that will help one of our assets.”
Hernandez, a spokesman for the Coast Guard’s 8th District in New Orleans, said Walter Oil and Gas is likely to resume searching for the downed craft.
A representative for Walter Oil and Gas could not be immediately reached for comment on Friday.
The Bell 407 helicopter crashed about 10 miles from the shipping channel Southwest Pass, at the mouth of the Mississippi River southeast of New Orleans, officials said. The NTSB is investigating.
No bodies were immediately found, but the Coast Guard on Thursday released images of debris — several cylindrical yellow objects bobbing in the water.
The Coast Guard sent an MH-60 Jayhawk helicopter and a 45-foot Response Boat that searched 180 square miles for eight hours, officials said.
“It is always a difficult decision to suspend a search,” Coast Guard Lt. Cmdr. Kevin Keefe said in a statement. “Our deepest sympathies and condolences go out to the family and friends during this difficult time.”
The Coast Guard rescued three people two weeks ago after their helicopter went down while trying to land on another oil rig near New Orleans, officials said. That Dec. 15 crash was about 30 miles south of Terrebonne Bay.
David K. Li is a senior breaking news reporter for NBC News Digital.
Lion Viral Video: The video, which was shared on Twitter, shows a group of zoo visitors surrounding a lion cage. One of them tries to pet the lion by reaching his hand through the bars of the cage.
Viral Video: A video circulating on the internet has captured the horrifying moment where a lion is seen reacting aggressively after a man tried to pet it through a cage in a zoo. The exact location is unknown at this time. The video, which was shared on Twitter, shows a group of zoo visitors surrounding a lion cage. One of them tries to pet the lion by reaching his hand through the bars of the cage. The lion, unaffected by his actions, remains calm and does not react.
When the other visitor notices him, he tries to stroke another lion in the same cage. When he strokes the lion’s head, the beast lunges at him and bites his hand, causing him to scream in agony. Fearful, the man immediately withdraws his hand from the cage, escaping the lion’s wrath. Meanwhile, the lion can be heard roaring as terrified visitors move away from the cage. The 15-second video was shared on Twitter by the Vicious Videos(Twitter account).”Fook around………….,” reads the caption alongside the video.
Till now, the video has garnered more than 22,000 views. Over 500 people have liked the video whereas many netizens have flooded the comment section with varied reactions. “Left hands are overrated. Might as well feed the lion this tasty five-finger snack!” ~Him. Probably,” a Twitter user sarcastically wrote.
“GOING AGAINST NATURE TO BECOME HERO WAS ABOUT TO LOOSE HIS FINGER IN THE PROCESS A LESSON LEARNT NEVER POKE YOUR FINGERS AT ANIMALS,” added another user. “Humans should visit zoo with maintaining distance with dangerous wild animals, don’t be tease with animals for enjoyment purpose,” commented a third user.
Pele, maybe the best and most beloved footballer on the earth, died on the age of 82. His demise was mourned by the whole soccer fraternity and by scores of followers not simply in Brazil however everywhere in the world. Three of this generations most extremely rated footballers, Argentina’s Lionel Messi, Portugal’s Cristiano Ronaldo and Brazilian Neymar paid their tribute to the legend.
Soccer legend Pele “reworked soccer into an artwork,” stated Brazil and Paris Saint-Germain celebrity Neymar in a tribute to his nation’s biggest sporting icon. “Earlier than Pele, ’10’ was only a quantity,” the inheritor to Pele’s famed jersey quantity wrote on Instagram, alongside two footage of himself with the late legend. “However that stunning sentence is incomplete. I might say that earlier than Pele, soccer was only a sport. He reworked soccer into an artwork, into leisure… Soccer and Brazil gained standing due to the King. He has gone, however his magic will stay. Pele is ETERNAL!”
Argentina’s World Cup-winning captain Lionel Messi bid Brazilian soccer hero Pele farewell in a tweet Thursday with pictures of himself and “The King” taken in happier instances. “Relaxation in peace, Pele,” Messi wrote after the announcement that Pele had died in hospital on the age of 82 after a struggle with most cancers.
Cristiano Ronaldo additionally paid his tribute to Pele in a protracted observe on Instagram together with {a photograph} with the Brazil legend.
“My deep condolences to all of Brazil, and particularly to the household of Edson Arantes do Nascimento. A mere “goodbye” to the everlasting King Pelé won’t ever be sufficient to specific the ache that the whole soccer world is at the moment embracing. An inspiration to so many tens of millions, a reference yesterday, immediately and eternally. The love you at all times confirmed me was reciprocated in each second we shared even from distance. He won’t ever be forgotten and his reminiscence will stay eternally in each certainly one of us soccer lovers. Relaxation in peace King Pelé,” Ronaldo wrote,
Pele breathed his final following colon most cancers, for which he was present process chemotherapy. Nevertheless, he stopped responding to chemotherapy and was shifted to palliative care. Pele had a tumour faraway from his colon in 2021 and was taking chemotherapy ever since.
Acumen Research and Consulting recently published report titled “Active Pharmaceutical Ingredient Market Report and Region Forecast, 2022 – 2030”
LOS ANGELES, Dec. 29, 2022 (GLOBE NEWSWIRE) — The Global Active Pharmaceutical Ingredient Market Size accounted for USD 196.8 Billion in 2021 and is estimated to achieve a market size of USD 342.9 Billion by 2030 growing at a CAGR of 6.5% from 2022 to 2030.
Active Pharmaceutical Ingredient Market Statistics
Global active pharmaceutical ingredient market revenue was worth USD 196.8 billion in 2021, with a 8.2% CAGR from 2022 to 2030
North America active pharmaceutical ingredient market share gathered more than 39.2% in 2021
Asia-Pacific active pharmaceutical ingredient market growth is expected to expand at a CAGR of 6.9% from 2022 to 2030
By type of synthesis, the synthetic APIs category capture over 73.8% of total market share in 2021
Rising prevalence of cancer and diabetics, propel the active pharmaceutical ingredient market value
Active Pharmaceutical Ingredient Market Report Coverage:
Market
Active Pharmaceutical Ingredient Market
Active Pharmaceutical Ingredient MarketSize 2021
USD 196.8 Billion
Active Pharmaceutical Ingredient MarketForecast 2030
USD 342.9 Billion
Active Pharmaceutical Ingredient MarketCAGR During 2022 – 2030
6.5%
Active Pharmaceutical Ingredient MarketAnalysis Period
2018 – 2030
Active Pharmaceutical Ingredient MarketBase Year
2021
Active Pharmaceutical Ingredient MarketForecast Data
2022 – 2030
Segments Covered
By Type of Synthesis, By Type of Manufacturer, By Type, By Application, And By Geography
Active Pharmaceutical Ingredient MarketRegional Scope
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Key Companies Profiled
AbbVie Inc., Merck & Co., Inc., Boehringer Ingelheim International GmbH, Teva Pharmaceutical Industries Ltd, Cipla, Inc., Albemarle Corporation, Bristol-Myers Squibb Company, Sun Pharmaceutical Industries Ltd., Mylan N.V., Aurobindo Pharma, and Dr. Reddy’s Laboratories Ltd.
Report Coverage
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis
Active Pharmaceutical Ingredient Market Overview
The active pharmaceutical ingredient (API) is the active component of a drug. API is an element of every drug which delivers the desired consequences. Drugs are typically composed of multiple components. Some medications, such as combination therapies, contain different active compounds that treat clinical signs or behave in different ways. During both the R&D and commercial production phases, they are manufactured using technologically advanced manufacturing processes.
Active Pharmaceutical Ingredient Market Trends
The global geriatric population is also expected to contribute to the active pharmaceutical ingredient (API) market growth. According to WHO estimates, the global population of people aged 65 and up is expected to grow from 7% in 2000 to 16% in 2050. Latin America, in particular, is expected to experience the fastest growth in the geriatric population. The patent expiration of blockbuster drugs increased overseas manufacturing operations due to high production costs, and strict API production regs are expected to increase competition in the market. Many businesses are opening manufacturing facilities in emerging economies such as Asia-Pacific as part of their strategic geographic expansion.
In terms of application, the cardiology segment dominates the market for active pharmaceutical ingredients due to a large number of people using various CVD medications. This segment is expected to grow at a CAGR of around 6% over the forecast period. Coronary heart disease (CHD) is the most commonly recognized type of cardiovascular infection, claiming the lives of more than 370,000 people in the United States alone each year. According to the American Heart Association (AHA), cardiovascular disease accounts for 17.3 million deaths each year. According to the Centers for Disease Control and Prevention, approximately 610,000 people die in the United States each year as a result of heart disease, i.e., one out of every four deaths can be attributed to cardiovascular diseases (CVDs).
The key medication categories under CVS are cholesterol reducers as well as circulatory strain-lowering medications. Cholesterol reducers, especially Statins, are pushing the CVS segment and have risen to become the most important group of medications among cholesterol and triglyceride reducers. In 2017, the cost of medical services for hypertension ranged from USD 23 to USD 26 billion in developed markets alone. In 2017, another USD 14 to 17 billion was invested in pharmerging markets. The increased use of the cardiovascular class reflects the growing interest in APIs in the equivalent.
Check the detailed table of contents of the report @
Active Pharmaceutical Ingredient Market Segmentation
The global active pharmaceutical ingredient market has been segmented by Acumen Research and Consulting based on type of synthesis, type of manufacturer, type, and application. By type of synthesis, the segment is separated into biotech (recombinant proteins, monoclonal antibodies, and vaccines), and synthetic.
In terms of type of manufacturer, the market is categorized into captive APIs, and merchant APIs. According to the active pharmaceutical ingredient market forecast, the areata category is predicted to develop significantly in the next years.
Based on type, the market is categorized into innovative APIs, and generic APIs. Moreover, the market is split into cardiology, oncology, pulmonology, cns & neurology, ophthalmology, orthopedic, endocrinology, gastroenterology, nephrology, and others, based on the application.
Active Pharmaceutical Ingredient Market Regional Overview
Based on the region, the worldwide active pharmaceutical ingredient market segmentation is into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America. According to an active pharmaceutical ingredient industry analysis, North America has dominated the global market. The North American market is primarily driven by an increase in the prevalence of cancer and diabetes as well as an increase in the geriatric population in the United States. Furthermore, an increase in the demand for innovative medicine in the United States is expected to fuel the country’s APIs market growth over the forecast time frame. The Asia-Pacific market is expected to expand rapidly over the forecasted time frame. Japan dominated the APIs market in Asia-Pacific, while China’s API market value is expected to grow at an exponential CAGR over the forecast time frame.
The API market is highly consolidated, with many industry players. Key market players’ company profiles include significant business strategies, company overviews, and revenues. Some of the prominent active pharmaceutical ingredient market companies are Sun Pharmaceutical Industries Ltd., AbbVie Inc., Boehringer Ingelheim International GmbH, Cipla, Inc., Bristol-Myers Squibb Company, Mylan N.V., Merck & Co., Inc., Teva Pharmaceutical Industries Ltd, Aurobindo Pharma, Albemarle Corporation, and Dr. Reddy’s Laboratories Ltd.
Questions Answered By This Report
What was the market size of Active Pharmaceutical Ingredient Market in 2021?
What will be the CAGR of Active Pharmaceutical Ingredient Market during the forecast period from 2022 to 2030?
Who are the major players in Global Active Pharmaceutical Ingredient Market?
Which region held the largest share in Active Pharmaceutical Ingredient Market in 2021?
What are the key market drivers of Active Pharmaceutical Ingredient Market?
Who is the largest end user Active Pharmaceutical Ingredient Market?
What will be the Active Pharmaceutical Ingredient Market value in 2030?
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Annemarie Gibson’s son Owen was diagnosed with Type 1 diabetes in 2011. Six years later, in 2017, her other son Thomas got the same diagnosis.
The San Diego mother, 49, has health insurance. Each month, she says, she pays $400 in premiums for her family. But that doesn’t cover the cost of insulin for her sons, both now in their teens. That medication is another $200 out of pocket.
Gibson is among the millions of people in the United States who won’t see relief when the Inflation Reduction Act goes into effect on Jan. 1, capping the monthly out-of-pocket cost of insulin at $35 for seniors on Medicare. In August, Republicans successfully blocked a provision in the bill that would have capped the out-of-pocket cost of the drug for everyone on private insurance.
“It doesn’t seem fair,” Gibson said of the cost of the drug needed to keep her children alive. “We don’t have other options. We don’t have another choice.”
More than half of the diabetics in the U.S. — over 21 million people — are under age 65, according to the Centers for Disease Control and Prevention. Nearly 16 million people ages 65 and up have diabetes, though not all of them are on Medicare.
If the cost of the drug becomes untenable, some people try to ration their insulin — a choice that can lead to hospitalization or death. For others, the cost of the drug exerts its own chronic financial pain.
How much does insulin cost?
Pinning down the cost of a vial of insulin is extremely difficult; what an individual will pay depends on a number of factors, including what type of insulin they are using, insurance status and whether they’re eligible for a rebate from the drugmaker.
It’s clear that cost of insulin in the U.S. is far higher than in other countries. The RAND Corporation, a public policy think tank, estimated that in 2018, the average list price for one vial of insulin in the U.S. was $98.70 — up to 10 times more than other countries in the Organization for Economic Cooperation and Development, a Paris-based research group. Even when the analysts accounted for rebates offered by drugmakers, the cost of insulin was still four times higher than other countries.
People with Type 1 diabetes need, on average, one to three vials of insulin per month, according to the American Diabetes Association. Patients with Type 2 diabetes don’t always need to take insulin, but those who do can sometimes require more than people with Type 1 diabetes.
A report published in 2020 in JAMA Network Open found that in 2017, the average monthly out-of-pocket cost for insulin for people with a high-deductible insurance plan was $141. High-deductible plans usually have lower monthly premiums, but require the insured to pay much more out-of-pocket before coverage kicks in.
More than 50% of insulin users with employer-based insurance spent over $35 out-of-pocket on average for a 30-day supply of insulin in 2019 and 2020, according to the Health Care Cost Institute, a nonprofit group that tracks drug prices. About 5% of them spent more than $200.
Some people may pay even more.
Dr. Adam Gaffney, a critical care physician at the Cambridge Health Alliance in Massachusetts, said that even this year, he’s had patients who have spent $1,000 or more each month on insulin.
The Inflation Reduction Act is “useful, but it’s definitely not enough,” Gaffney said. For many people with diabetes, there is no substitute for insulin and there are no days off for them in taking the medication. “It is a unique medication in that way, and we should make it universally available,” he said.
High costs, high risks
The high cost of insulin has forced many people to ration the medication: Over 1 million people in the U.S. either skipped, delayed or used less insulin than was needed in the past year to save money, according to a study published in October in the journal Annals of Internal Medicine.
Rationing can have dire consequences.
Hattie Salzman, 25, of Kansas City, Missouri, experienced those consequences five years ago.
She was enrolled in a high-deductible plan and was paying around $550 a month for the insulin she needs to keep Type 1 diabetes under control. She couldn’t afford it. After months of rationing her medication, she said, Salzman ended up in the emergency room where doctors told her she was at risk for diabetic ketoacidosis, a life-threatening condition that occurs when too much sugar stays in the bloodstream because of a lack of insulin.
Salzman no longer rations the drug, and while she now has better health care coverage, she said she is still paying around $125 for a three-month supply of insulin.
“It’s just really frustrating,” said Salzman, who advocates for affordable insulin. “It makes no sense that we were so close to getting some help and then it was taken away.”
Even people with what’s considered good health insurance coverage can face steep costs in certain situations.
Chicago resident Anita Brown, 41, has Type 1 diabetes and said she pays around $60 to $70 for a three-month supply of insulin.
But about three years ago, someone stole her newly refilled supply of insulin from her purse while she was at a practice with her bowling league.
At the pharmacy, Brown was initially told that her insurance wouldn’t cover a replacement, and she would have to pay more than $1,000 for three vials.
“I’m running low on one of my bottles and I need this prescription,” she said of her thinking at the time. “I’m trying to figure out everything possible.”
In the end, Brown’s insurance allowed her to initiate emergency coverage, so she could refill her prescription for $60. But it’s a benefit that can be used only once a year.
“I have insurance. I’m supposed to be OK with it, but it’s still expensive for me,” she said. “What’s going on here?”
The path ahead
With Republicans taking control of the House next week, passing bipartisan drug pricing legislation that would cap the cost of insulin for people under 65 may prove difficult, said Juliette Cubanski, deputy director of the program on Medicare policy at KFF, formerly known as the Kaiser Family Foundation.
“I don’t think policymakers have landed on what to do,” she said.
It may be up to states and other entities to make up for what the Inflation Reduction Act fails to provide patients who need insulin, said Eric Tichy, division chair of pharmacy supply solutions for the Mayo Clinic in Rochester, Minnesota.
States can also enact legislation that would make insulin easier to afford in emergencies.
In 2020, Minnesota passed the Alec Smith Insulin Affordability Act, which provides an emergency 30-day supply of insulin to patients for $35. The legislation is named after a 26-year-old man in Minnesota who was uninsured and died after rationing his insulin.
Gibson, the San Diego mother, said she just feels fortunate she has insurance and is able to cover the cost of her children’s medication each month. But she said worries about when her kids become adults and are no longer allowed on her insurance.
“There will be pressure for my kids to always have full-time jobs that offer employer-sponsored health care,” she said. “It won’t be easy if our kids end up off of our policy and are looking for a job.”
She said it still feels like her family is getting taken advantage of. In addition to insulin and insurance premiums, Gibson also must spend $550 every three months for glucose monitors and $1,100 for insulin pumps.