March 14, 2023 – Danish drugmaker Novo Nordisk will cut U.S. list prices of a few of its most generally used insulin products by as much as 75%, the corporate said Tuesday.
The move got here after the U.S. government capped Medicare insulin copayments at $35 and pharmaceutical company Eli Lilly announced earlier this month that it will adjust its prices and patient assistance programs to also keep costs at $35 a month or below.
Novo Nordisk announced that it would cut back the value of Novolog by 75%, and the costs of its Levemir and Novolin products could be reduced by 65%, bringing prices for ampoules all the way down to $48.20-$107.85 and costs for pens all the way down to $91.09-$161.77. Prescription price search engine GoodRx recently showed that the value of a month's ampoule of Novolog is currently around $300.
“We have worked to develop a sustainable path forward that balances patient affordability, market dynamics and evolving policy changes,” said Steve Albers, senior vp of market access and public affairs at Novo Nordisk, in a opinion“Novo Nordisk remains committed to ensuring that patients with diabetes can afford our insulins. We take this responsibility very seriously.”
Novo Nordisk's latest prices is not going to take effect until January 2024. Eli Lilly said before The latest prices will apply within the last months of 2023.
Even after the cuts take effect, out-of-pocket costs for privately insured persons are prone to vary because copayments are set by insurance firms.
Insulin helps regulate blood sugar in individuals with type 1 and kind 2 diabetes, chronic conditions that affect how food is converted into energy. CDC explains. People with type 1 diabetes must take insulin to survive, and a few individuals with type 2 diabetes need insulin to manage their blood sugar levels and forestall damage to their kidneys, eyes, and nerves. More than 37 million adults within the United States have diabetes, although not all diabetics use insulin.
Political and public pressure to regulate insulin prices has increased recently. Between 2007 and 2018, insulin prices greater than doubled, and a few diabetics are rationing their insulin on account of ever-increasing costs. The Washington Post reported.