A bill introduced by Rep. Peter Welch Peter Francis WelchShakespeare Theatre Company goes virtual for 'Will on the Hill...or Won't They?' Vermont Rep. Peter Welch easily wins primary Vermont has a chance to show how bipartisanship can tackle systemic racism MORE (D-Vt.) on Wednesday would let patients import cheaper insulin from Canada and other countries.

“Prices for insulin have gone through the roof and are hammering diabetes patients who cannot live without this life-saving medicine yet cannot afford to pay for it," Welch said in a statement.

Insulin, which is used to treat diabetes, can cost diabetics thousands of dollar a year in the U.S. because of the lack of generic competition, but it's often cheaper in other countries.

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The bill would legalize importation of insulin from Canada by patients, pharmacists and wholesalers for two years before expanding to other countries with safety standards similar to the U.S.

Welch's proposal would require that the Food and Drug Administration certify and inspect all foreign exporters of insulin, and patients would still need prescriptions to buy it.

A similar bill introduced last month by Rep. Elijah Cummings Elijah Eugene CummingsBlack GOP candidate accuses Behar of wearing black face in heated interview Overnight Health Care: US won't join global coronavirus vaccine initiative | Federal panel lays out initial priorities for COVID-19 vaccine distribution | NIH panel: 'Insufficient data' to show treatment touted by Trump works House Oversight Democrats to subpoena AbbVie in drug pricing probe MORE (D-Md.) and Sen. Bernie Sanders Bernie SandersButtigieg stands in as Pence for Harris's debate practice Bernie Sanders warns of 'nightmare scenario' if Trump refuses election results Harris joins women's voter mobilization event also featuring Pelosi, Gloria Steinem, Jane Fonda MORE (I-Vt.) is more broad and would allow the importation of qualifying prescription drugs, excluding controlled substances. Welch co-sponsored that measure.

The bills comes as Congress investigates the escalating costs of prescription drugs in the U.S.

The Senate Finance Committee will hear from seven drugmakers next week, including one insulin manufacturer, about product pricing.

The Energy and Commerce Committee launched an investigation last month into the three main insulin manufacturers in the U.S. over rising costs.