Soaring Insulin Prices Show How Big Pharma Lost Its Way

For decades, conservatives have defended the role of private enterprise in delivering life-saving medical innovation. American pharmaceutical companies helped pioneer treatments that extended lifespans, reduced suffering, and made previously fatal diseases manageable. We understood that profits were part of the bargain – the incentive that drives discovery and investment.

But there is a difference between fair profit and exploitation. And nowhere is that distinction clearer today than in the price of insulin.

Insulin is not a luxury good. It is not an optional supplement. For millions of Americans living with diabetes, it is literally the difference between life and death. The idea that such a foundational medicine could become financially out of reach for ordinary families should alarm anyone who believes that markets should be grounded in moral responsibility.

The history of insulin makes today’s situation even more troubling. When Canadian scientist Frederick Banting helped develop insulin in the early 1920s, he famously sold the patent for just one dollar, believing the discovery “belonged to the world.” His goal was simple: ensure that a life-saving therapy would be widely available to those who needed it. That spirit of public-minded innovation helped define the pharmaceutical industry at its best.

A century later, the reality looks very different.

Over the past two decades, insulin prices in the United States have surged dramatically. Some commonly used insulin products soared above $300 per vial, with many patients requiring multiple vials each month to manage their condition effectively. These increases have not been driven by higher manufacturing costs, sudden shortages of raw materials, or trade disruptions that made distribution more expensive. Instead, they reflect pricing decisions made by large drug manufacturers operating in a system that too often allows them to push costs onto patients and taxpayers alike.

I do not personally rely on insulin, but I know people who do. They are hardworking Americans – parents, veterans, and small business owners who budget carefully, do everything right, and still find themselves worrying about whether they can afford the medicine that keeps them alive. Some stretch doses longer than recommended. Others skip refills until the next paycheck. These are not choices anyone should be forced to make in the wealthiest nation on Earth.

Conservatives have long accepted that Americans often pay more for prescription drugs than citizens of other developed countries. That reality has been justified in part by our more market-oriented system and the fact that U.S. consumers frequently gain early access to cutting-edge therapies. But insulin is not a brand-new breakthrough drug. It has been used safely for generations. When its price rises far faster than inflation or household incomes, it raises legitimate questions about whether the market is functioning as intended.

There are times when higher prices are understandable. If tariffs raise production costs or global supply disruptions make distribution more difficult, companies must adjust to stay viable. But insulin price increases have not followed that pattern. They have often occurred in parallel across major manufacturers, reinforcing the perception that patients have little real protection from escalating costs.

Markets depend on trust. When drug companies appear to exploit their position in ways that place essential medicines out of reach, that trust erodes. Conservatives should be especially concerned about this dynamic, because public anger over pricing abuses can fuel calls for heavy-handed government intervention that ultimately stifles innovation across the healthcare system.

There is a better path forward. Policymakers can promote transparency in drug pricing, encourage competition from biosimilars, and scrutinize practices that may limit patient access to affordable options. These approaches aim to restore balance rather than dismantle the market-based framework that has historically driven medical progress.

Pharmaceutical companies still play an indispensable role in improving human health. Their scientists, engineers, and clinicians continue to develop therapies that transform lives. But with that role comes responsibility. Charging prices that force vulnerable patients into impossible trade-offs undermines both the industry’s moral credibility and the broader case for market solutions.

Insulin’s journey from a discovery intended to serve humanity to a symbol of runaway costs should serve as a wake-up call. Conservatives do not oppose profit. We oppose abuse. If drug manufacturers hope to earn public confidence and preserve the freedom to innovate, they must show that they can deliver life-saving medicines without placing an unbearable burden on the people who depend on them.

Gregory Rohrbough is a political commentator and former lobbyist. He has been published by National Review, Washington Examiner, and Real Clear Policy.