Insulin Price Hikes Tell Us a Lot about What’s Wrong with Drug Pricing in America
May 12, 2017
(Vox) – When inventor Frederick Banting discovered insulin in 1923, he refused to put his name on the patent. He felt it was unethical for a doctor to profit off a discovery that would save lives. Banting’s co-inventors, James Collip and Charles Best, sold the insulin patent to the University of Toronto for a mere $1. They also wanted everyone who needed their medication to be able to afford it. Today Banting and colleagues would be spinning in their graves: Their drug, which 30 million American diabetics rely on, has become the latest poster child for pharmaceutical price gouging.