An method and formulation are provided for the prevention and treatment of adverse ocular conditions which are complications of diabetes. In one embodiment, the invention comprises administering to a person having diabetes, insulin resistance, or a risk factor for diabetes a formulation comprising a metal chelator and a transport enhancer. Most preferably, the metal chelator is EDTA or a salt of EDTA, and the transport enhancer is methylsulfonylmethane (MSM). The formulation may be in a form suitable for application to the eye itself, for example, in the form of eye drops.