Novo Nordisk to Cut US Insulin Prices by 75% Following Eli Lilly

Novo Nordisk on Tuesday announced plans to cut the price of several insulin products by up to 75% in the US, becoming the latest drug maker to cut prices sharply after years of public outcry over the high cost of diabetes care.

Novo Nordisk, one of the world’s largest manufacturers of insulinwill cut the list price of its NovoLog insulin by 75% and the prices of Levemir and Novolin by 65%, the company said in a statement. Press release. Price changes will take effect from January. 1, 2024. They will cover insulins that come in vials and injection pens.

NovoLog’s list price will drop to $139.71. from $558.83 for a pack of five injection pens. Per vial, the price will drop to $72.34 from $289.36.

The company also said it plans to lower the list price of its unbranded insulin products to match the discounted price of each respective branded insulin.

“We are working to develop a sustainable path forward that balances patient accessibility, market dynamics and changing policy changes,” said Steve Albers, Novo Nordisk Senior Vice President of Market Access and Public Affairs, in a press release. . “Novo Nordisk remains committed to ensuring that patients living with diabetes can afford our insulins, and we take this responsibility seriously.”

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

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

The announcement comes two weeks after the pharmaceutical manufacturer Eli Lilly said it would cut prices of commonly prescribed insulins by 70%, and starting from the fourth quarter, increase the monthly limit of $35 for out-of-pocket spending by patients. Novo Nordisk, Lilly And Sanofi control over 90% global market for insulin.

The move also comes after insulin manufacturers have faced years of pressure from lawmakers to make the vital hormone more accessible to people with diabetes. Inflation Reduction Act monthly insulin limit costs for Medicare beneficiaries of $35 per monthly prescription but did not provide protection for diabetic patients who are insured by private insurance.

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

High prices have forced many Americans insulin diet or reduce their use of the drug. A Study in the Annals of Internal Medicine found that in 2021 nearly one in five American adults either skipped, put off, or used less insulin to save money.

According to the study, about 37 million people in the United States, or 11.3% of the country’s population, have diabetes. Centers for Disease Control and Prevention.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *