Novo Nordisk Plans Price Cuts for Several Insulins
Novo Nordisk will start slashing some U.S. insulin prices up to 75% next year, following a path set earlier this month by rival Eli Lilly.
The Danish drugmaker said Tuesday that pre-filled pens and vials of long-acting and short-acting insulins will see price reductions. They include Levemir, Novolin, NovoLog and NovoLog Mix70/30.
Novo also will drop the list price of some unbranded products to match the lower price of the branded insulins.
The price cuts go into effect Jan. 1.
Eli Lilly and Co. said March 2 that it will cut the list prices for its most commonly prescribed insulin, Humalog, and for another insulin, Humulin, by 70% or more in the fourth quarter, which starts in October.
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List prices are what a drugmaker initially sets for a product and what people who have no insurance or plans with high deductibles are sometimes stuck paying.
Patient advocates have long called for insulin price cuts to help uninsured people who would not be affected by price caps tied to insurance coverage. They have noted that high insulin prices force many people to ration doses, which can be dangerous for their health.
The federal government in January started applying a $35 cap on monthly out-of-pocket costs to patients with coverage through its Medicare program for people age 65 and older or those who have certain disabilities or illnesses.
Insulin is made by the pancreas and used by the body to convert food into energy. People who have diabetes don’t produce enough insulin.
People with Type 1 diabetes must take insulin every day to survive. More than 8 million Americans use insulin, according to the American Diabetes Association.
Research has shown that prices for insulin have more than tripled in the last two decades. Pressure is growing on drugmakers to help patients.
The Wall Street Journal first reported the price cuts Tuesday morning.
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Contributor: Associated Press
