Frederick Banting discovered insulin in 1923 and refused to put his name on the patent because he found it unethical for a doctor to profit from a life-saving discovery. His co-inventors James Collip sold the patent to the University of Toronto for $1 because
they wanted everyone who needed it to be able to afford it. Given that history:
Insulin prices have skyrocketed in recent years, forcing people with inadequate health insurance and limited incomes to make some difficult choices.
A. Discuss what benefit value-based pricing insulin offers to the US population versus pricing based on cost of production.
B. What negative impacts might be imposed on our economy and society by pricing insulin according to “Willingness to Pay” versus “Ability to Pay”?
C. If the government were to subsidize insulin for people who can’t afford it, who do you think should set the prices for it? The government? Or pharmaceutical companies? Explain your reasoning.
D. What case could there be made for excluding Type II diabetics from an insulin-assistance program?
