RICHMOND, Va. — Today, Attorney General Jason Miyares announced an investigation into pharmacy benefit managers and insulin manufacturers over the high cost of diabetes medications. The attorney general’s office cites allegations of conspiracy between pharmacy benefit managers and pharmaceutical manufacturers to artificially inflate the cost of life-saving diabetes medicines, including insulin.
In Virginia, at least four medications to treat diabetes ranked among the most burdensome, including insulin. Despite federal and state efforts to reduce the cost of insulin for consumers, Virginians still struggle with the skyrocketing cost.
Freedom Virginia co-Executive Director Rhena Hicks released the following statement:
“First and foremost, access to affordable prescription medicine should be a top priority, not a campaign stunt. 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. Since 2022, we have been advocating for the establishment of a Prescription Drug Affordability Board in Virginia. This board would examine the prices of certain high-cost drugs and empower a panel of health experts to set an upper payment limit for consumers if their investigation proves the cost to be unjustifiable. Year after year, we have tried to engage the attorney general and the governor on this issue, and we have been met with opposition. With mere weeks before the November election in which Attorney General Miyares will be fighting to keep his seat, it is shocking to see his office finally take on an issue Virginians have been demanding action on for years. While we acknowledge the investigation as a step toward ensuring Virginians will no longer have to ration or skip their life-saving prescriptions, we cannot help but question the timing and motive behind today’s announcement.”
