Virginia AG announces investigation into insulin pricing

Virginia AG announces investigation into insulin pricing

Virginia Attorney General Jason Miyares announced Tuesday that his office will investigate several insulin manufacturers and pharmacy benefit managers (PBMs) for potential violations of the Virginia Consumer Protection Act. In a press release, Miyares said the investigation will focus on"allegations that insulin manufacturers conspired with PBMs to artificially inflate the cost of diabetic medications, while deceiving consumers about the reasons, or lack thereof, for those price increases."

VIRGINIA - The cost of insulin is now being investigated in Virginia.

What we know:

Virginia Attorney General Jason Miyares announced Tuesday that his office will investigate several insulin manufacturers and pharmacy benefit managers (PBMs) for potential violations of the Virginia Consumer Protection Act.

In a press release, Miyares said the investigation will focus on"allegations that insulin manufacturers conspired with PBMs to artificially inflate the cost of diabetic medications, while deceiving consumers about the reasons, or lack thereof, for those price increases."

"Imagine basically a cartel that’s supposedly supposed to negotiate lower prices for the pharmacy, but they also own the pharmacy," Miyares told Fox 5 Tuesday evening. "So, they then have an actual economic incentive to quote-unquote negotiate a price that’s actually higher than what the pharmacy can in a normal world negotiate directly with the manufacturer."

"I view my role as the people’s protector," he added. "It’s not just criminal misconduct. It’s also corporate misconduct."

Dig deeper:

A 2023 study found that "among us adults younger than 65 years with diabetes using insulin, 1 in 5 reported rationing insulin because of cost."

The other side:

Miyares' investigation does have its skeptics.

The group Freedom Virginia released a statement Tuesday, noting that the investigation was announced weeks before Miyares will take on Democratic attorney general nominee Jay Jones in November.

"First and foremost, access to affordable prescription medicine should be a top priority, not a campaign stunt," Freedom Virginia co-Executive Director Rhena Hicks said in part. "While we affirm the need to bring down the cost of insulin, among other prescription drugs, the timing of this investigation does not escape us."

Fox 5 also asked the Jones campaign for comment on the investigation.

In a statement, Communications Director Georgia Greenleaf wrote, "MAGA Jason Miyares has refused to protect Virginians' health — voting to lay the groundwork for Donald Trump's extreme Medicaid cuts that are raising healthcare costs for Virginians, and then failing to stand up and protect Virginia healthcare providers when attacked by Trump's administration. Virginia deserves leadership who will protect their pocketbooks and access to affordable healthcare from day one, not someone busy bending the knee to Trump."

Meanwhile, Miyares told FOX 5 he's been battling PBMs for years.