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Novo Nordisk will slash US insulin prices by up to 75% following Eli Lilly’s move

HealthHealth CareNovo Nordisk will slash US insulin prices by up to 75% following Eli Lilly's move
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Novo Nordisk Inc. poses for a photo in the borough of Brooklyn in New York, US, on Friday, April 5, 2019. Novolog brand insulin pen has been arranged.

Alex Flynn | Bloomberg | Getty Images

novo nordisk announced plans on Tuesday to slash the prices of several insulin drugs in the US by up to 75%, becoming the latest drugmaker to sharply cut prices after years of public outcry over the high cost of diabetes care.

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Novo Nordisk, One of the world’s largest insulin manufacturerswill cut the list price of its Novolog insulin by 75% and the prices of Levemir and Novolin by 65%, the company said in a press release, The price changes will be effective from January 1, 2024. They’ll cover insulin that comes in vials and injection pens.

List price of Novolog will drop to $139.71 from $558.83 For a pack of five injection pens. The cost of a vial will drop from $289.36 to $72.34.

The company also said it plans to reduce the list price of its non-branded insulin products to match the lower price of each corresponding branded insulin.

“We are working to develop a sustainable path that balances patient affordability, market dynamics and policy changes,” Steve Albers, Novo Nordisk’s senior vice president of market access and public affairs, said in the release. “Novo Nordisk is committed to ensuring that patients with diabetes can afford our insulin, a responsibility we take very seriously.”

A spokesperson for Novo Nordisk also told CNBC that the price cut “has been in the works for several months, but due to increased interest from stakeholders, we have now accelerated the announcement.”

Novo Nordisk’s actions were first reported by The Wall Street Journal.

is announced by the drug manufacturer after two weeks Eli Lilly said it would cut It raised prices for its most commonly prescribed insulin by 70% and expanded a $35 monthly cap on patients’ out-of-pocket costs starting in the fourth quarter. Novo Nordisk, lily And sanofi Control more than 90% of the global insulin market.

The move comes even as insulin makers face pressure from lawmakers to make the life-saving hormone more affordable for people with diabetes. inflation reduction act capped monthly insulin Cost $35 per monthly prescription for Medicare beneficiaries, but fell short of providing protection to diabetics covered by private insurance.

Sen. Bernie Sanders, a Vermont independent and chairman of the Senate Health, Education, Labor and Pensions Committee, earlier this month introduced a bill This would cap the list price of insulin at $20 per vial.

High prices have forced many Americans ration insulin or reduce drug use. A Study The Annals of Internal Medicine found that in 2021, nearly 1 in 5 American adults will either skip, delay or use less insulin to save money.

About 37 million people in the US, or 11.3% of the nation’s population, have diabetes, according to Centers for Disease Control and Prevention,

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