The company said Tuesday that Novo Nordisk plans to cut US list prices for several of its insulin drugs by up to 75%. The move follows Eli Lilly’s announcement earlier this month that it would cut prices some insulin products.
Novo Nordisk, a Danish pharmaceutical company, said it will reduce the cost of its NovoLog and NovoLog Mix 70/30 products by 75% and Novolin and Levemir by 65%. The company will also lower the list prices of unbranded prefilled insulin pens, vials of long- and short-acting insulin, and pre-mixed insulin products to match the lower price per brand insulin product, the company said.
The cuts are scheduled to take effect on January 1, 2024.
List price is what the drug company initially sets for a product, and what people without insurance or high-deductible health plans often get stuck paying.
“These updates have been in development for several months, but due to increased stakeholder interest, we are quick to announce now,” a Novo Nordisk spokesperson told CBS MoneyWatch.
Eli Lilly said on March 1 that it would cut insulin prices by 70% and limit out-of-pocket costs for customers to $35 per month.
Civica, a non-profit pharmaceutical company, announce Last year, it will produce lower-cost versions of three of the most popular insulin products in the United States. In January, the federal government began applying a $35 cap on monthly costs for patients who have coverage through Medicare for people age 65 or older or those with certain disabilities or illnesses.
In the United States, the price of insulin increased by more than $200 from 2007 to 2018, according to 2020 Sun. StadyPatient advocates have long called for lower insulin prices. High insulin costs lead many people to ration doses, which can be dangerous to their health.
Approximately 10% of Americans, some of whom use insulin, have diabetes, according to data from Diabetes Research Institute.
The Associated Press contributed to this report.
