(WREX)- A new bill in the U.S. Senate aims to reduce the cost of insulin.
The Affordable Insulin Approvals Now Act aims to speed up the approvals of lower-cost and generic insulin.
Senators say this will help lower the cost of the drug, which has seen a 600% increase in price over the last 20 years.
Senator Dick Durbin (D) IL, is a sponsor of the bill, his office says it will reduce the cost of insulin by promoting competition and bringing cheaper products to market sooner.
“America’s insulin pricing scandal is a disgrace,” Sen. Durbin said in a statement sent Thursday afternoon. “Basic insulin was first discovered nearly a century ago, yet Big Pharma’s price gouging is driving families and children to extraordinarily dangerous lengths – like rationing supplies – in order to afford a medication they need to survive. If we can create a faster path for FDA approval of generic insulin, we can finally help to lower costs and tell Big Pharma enough is enough.”