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Novo Nordisk to Cut Insulin Prices by Up to 75%
- March 14, 2023
- Cara Murez HealthDay Reporter
Novo Nordisk Inc. on Tuesday became the third drug company to say it will slash prices on some of its insulin products.
Starting in January 2024, there will be a 75% price cut for NovoLog and NovoLog Mix 70/30, while Novolin and Levemir will see cuts of 65%, the Danish pharmaceutical giant announced in a news release.
"We have been working to develop a sustainable path forward that balances patient affordability, market dynamics, and evolving policy changes,"said Steve Albers, senior vice president of market access & public affairs at Novo Nordisk. "Novo Nordisk remains committed to ensuring patients living with diabetes can afford our insulins, a responsibility we take seriously."
Unbranded pre-filled insulin pens, vials of long-acting and short-acting insulin and pre-mixed insulin products will also receive cuts that match the lowered price of their branded products, the company noted.
The news follows a similar move made by drugmaker Eli Lilly, which said earlier this month that it will cut insulin prices by 70%. Eli Lilly will also limit out-of-pocket costs for customers to $35 per month.
About 10% of Americans have diabetes, some of whom require insulin, according to the Diabetes Research Institute.
Prices have increased by more than $200 between 2007 and 2018, according to a 2020 study, which has caused some to engage in risky rationing of doses.
The nonprofit pharmaceutical company Civica already said last year that it plans to produce low-cost versions of three commonly used insulin products.
Medicare patients already have a monthly $35 cap on costs that took effect in January, CBS News reported.
More information
The American Diabetes Association has more on insulin and drug affordability.
SOURCE: Novo Nordisk, news release, March 14, 2023; CBS News
