Novo Nordisk to cut prices for certain types of insulin by up to 75%

Novo Nordisk plans to cut the US list prices of several of its insulin products by as much as 75%, the company said on Tuesday. The move follows Eli Lilly’s announcement earlier this month of price cuts on certain insulin products.

Danish pharmaceutical company Novo Nordisk said it will cut the cost of its NovoLog and NovoLog Mix 70/30 products by 75% and Novolin and Levemir by 65%. The company will also lower list prices for unbranded pre-filled insulin pens, long-acting and short-acting insulin vials, and pre-mixed insulin products to match the discounted price of each respective branded insulin product, the company said.

The cuts are due to take effect January 1, 2024.

List prices are what a drug manufacturer initially sets for a product and that people who don’t have insurance or who have health insurance plans with high deductibles often get stuck paying.

“These updates have been in development for many months, but due to heightened stakeholder interest, we have accelerated the announcement now,” a Novo Nordisk spokesperson told CBS MoneyWatch.

Eli Lilly said on March 1 that it would cut insulin prices by 70% and limit personal spending to $35 per month.

Eli Lilly Announces Measures to Cut Costs and Limit Prices of Insulin Products 02:17

Civica, a non-profit pharmaceutical company, announced last year it will produce low-cost versions of three of the most commonly used insulin products in the US. The federal government in January began enforcing a $35 cap on monthly out-of-pocket expenses for patients covered by Medicare for people aged 65 or older or those with certain disabilities or medical conditions.

In the US, the price of insulin increased by more than $200 from 2007 to 2018. study, and patient advocates have long called for lower insulin prices. The high cost of insulin forces many people to limit their doses, which can be hazardous to their health.

Approximately 10% of Americans, some of whom use insulin, have diabetes Diabetes Research Institute.

The Associated Press provided the information.

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