Second Pharmaceutical Company to Reduce Insulin Prices This Month
After Eli Lilly announced a price reduction for some insulin earlier this month, Novo Nordisk has followed suit.
On Tuesday, Novo Nordisk announced lower U.S. prices of several pre-filled insulin pens and vials by up to 75% for people living with diabetes.
The Company said it would lower the list price of four legacy insulin brands, including NovoLog® and NovoLog® Mix 70/30 by 75% off the current list price, and Novolin® and Levemir® by 65% off the current list price. Novo Nordisk also announced it would match the list price of select unbranded biologics (pre-filled pens and vials and pre-mix insulins).
Novo Nordisk says that the price changes will only go into effect on January 1, 2024, while Eli Lilly's price cut will go into effect in the fourth quarter of this year (October).
According to their website, Novo Nordisk currently provides co-pay support for some insulin products meaning eligible patients can pay $25-$35 for their insulin in commercial insurance plans.
The press release states, "Novo Nordisk recognizes that some patients find it difficult to pay for healthcare, including insulin. As such, the Company remains committed to reducing the burden of out-of-pocket costs, helping transform the complex pricing system, and fostering better pricing predictability."
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