Demand has gone up it hasn't risen exponentially. The manufacturers have colluded to raise the price. There is no reason for it to ever come down.
There's just more people suffering from diabetes T2 than ever before. Someone is just profiting off of large demand.
Said cheap stuff from everywhere cannot be legally mass-imported into Western countries (and that for good reason).
> Collusion on that scale is not possible
Oh it certainly is. The "old" insulin may be produced as a generic but the new varieties (as described by the article) are patented by a few companies.
In addition insulin production is extremely expensive compared to simple pill pressing as you need bioreactors and GMOs to produce it. Many generics vendors opt out of that complexity.