News follows similar move made by Eli Lilly, which said earlier this month that it will cut insulin prices by 70 percent
By Physician’s Briefing Staff HealthDay Reporter
TUESDAY, March 14, 2023 (HealthDay News) — 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 percent price cut for NovoLog and NovoLog Mix 70/30, while Novolin and Levemir will see cuts of 65 percent, 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,” Steve Albers, senior vice president of market access & public affairs at Novo Nordisk, said in a statement. “Novo Nordisk remains committed to ensuring patients living with diabetes can afford our insulins, a responsibility we take seriously.”
Unbranded prefilled insulin pens, vials of long-acting and short-acting insulin, and premixed 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 percent. Eli Lilly will also limit out-of-pocket costs for customers to $35 per month. The nonprofit pharmaceutical company Civica already said last year that it plans to produce low-cost versions of three commonly used insulin products.
Prices of insulin increased by more than $200 between 2007 and 2018, according to a 2020 study, which has caused some patients to engage in risky rationing of doses.
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