Novo Nordisk Announces Up to 75% Price Cut on Insulin Products, Providing Relief to Millions of Americans with Diabetes.

Novo Nordisk, a Danish pharmaceutical firm, announced on Tuesday that it will lower the U.S. list price of some of its insulin products by up to 75%, following a similar move by Eli Lilly earlier this month. The change will take effect on January 1, 2024.

The company said that the list prices of unbranded pre-filled insulin pens, vials of long-acting and short-acting insulin, and pre-mixed insulin products will also be lowered to match the lowered price of each respective branded insulin product. List prices are what a drugmaker initially sets for a product and what people who have no insurance or who are not covered by insurance pay.

The company said it will reduce the cost of its NovoLog and NovoLog Mix 70/30 products by 75%, and of Novolin and Levemir by 65%. Eli Lilly, however, went a step further and immediately capped the out-of-pocket cost of all of its insulin products at $35 a month.

The move is part of a larger effort by drugmakers to make insulin more affordable for people with diabetes. It is estimated that around 7.4 million Americans rely on insulin to manage their diabetes, and many of them struggle to pay for the expensive medication.

The price cuts are expected to provide much needed relief to those who rely on insulin to manage their diabetes. It is hoped that the move will help to make insulin more accessible and affordable for those who need it.