Pharmaceutical giant Novo Nordisk will lower the cost of several of its insulin products by up to 75% next year.
Effective January 2024, the list price for insulin brands, including NovoLog and NovoLog Mix 70/30, will be reduced by 75%, the company announced Tuesday. The list price for Novolin and Levemir will be reduced by 65%.
The company also pledged to lower the price of unbranded insulin products to match the lower price of each respective branded insulin. This change will also take effect in January 2024.
ELI LILLY CAPS OUT-OF-POCKET COSTS FOR INSULIN EFFECTIVE IMMEDIATELY
More than 37 million Americans are living with diabetes, and 8.4 million Americans rely on insulin to survive, according to the American Diabetes Association. Insulin costs are typically 10 times higher in the U.S. than anywhere else in the world, the association said.
Novo Nordisk says it “remains committed to reducing the burden of out-of-pocket costs for patients.”
Steve Albers, senior vice president of market access and public affairs, said the company has “been working to develop a sustainable path forward that balances patient affordability, market dynamics and evolving policy changes.”
HOUSE PASSES BILL CAPPING INSULIN AT $35 A MONTH FOR PATIENTS WITH INSURANCE
Earlier this month, Eli Lilly announced plans to cut the price of its most commonly prescribed insulin by 70% this year.
Lilly also pledged to automatically cap out-of-pocket costs at $35 at participating retail pharmacies for patients who have commercial insurance using Lilly insulin. Those who don’t are instructed to go to InsulinAffordability.com and immediately download the Lilly Insulin Value Program savings card to receive insulin for $35 per month.
The Department of Health and Human Services (HHS) said in a January report that insulin costs, which nearly doubled between 2012 and 2016, can make it harder for patients to follow prescribed insulin regimens, “which can, in turn, lead to complications including ketoacidosis, kidney disease, vision loss and others.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
“These complications are expensive to treat, severely impact patients’ quality of life and may lead to hospitalizations, amputations and death.”
To help, a provision in the Inflation Reduction Act was enacted in January that caps the out-of-pocket costs for patients enrolled in Medicare at $35 per monthly prescription. There is a higher prevalence of diabetes, nearly 30%, among Medicare patients, according to the HHS.