The spike in insulin price is the fault of drug manufacturers. As with many other medical devices and drugs, the cost to the consumer reflects the greed of the drug company. The population of Americans with diabetes has escalated and so insulin needs to be affordable and reasonably priced. Drugs are typically not expensive to produce and other countries offer the same drugs at lower costs, so U.S. drug companies need to make price lowering adjustments.
Drug companies are responsible for incredible innovations in drug research. This research has gone on to treat and cure countless diseases. Unfortunately, some drug companies can take advantage of the sick by hiking the price of treatments. Yes, companies are motivated by profit, and there is nothing wrong with earning profit from the sale of medicine. However, companies should not unfairly take advantage of the sick in order to inflate profits.
Price levels are typically controlled by supply and demand: when the demand of something goes up, so does the price in most cases; when supply is great and there is a surplus, the price goes down. To understand the reason for recent spikes in insulin prices we must first determine if the supply of insulin is scarce, forcing the price to increase. If supply is not scarce, then we should look to drug manufacturers as the blame for increased insulin prices.
No, drug manufacturers may not be to blame. There are many factors when the price of any product goes up, and we cannot be quick to assume that it is the fault of those who manufactured it. It could be anything from the middle man to the general downturn of the economy.