Novo Nordisk (NYSE:NVO) A/S is set to cut the US list prices for several insulin products by up to 75% for people struggling with diabetes, following similiar moves by Eli Lilly earlier this month.
The Danish healthcare company said that the products include both pre-filled pens and vials of basal (long-acting), bolus (short-acting) and pre-mix insulins, specifically Levemir, Novolin, NovoLog and NovoLog Mix 70/30.
Novo, one of the biggest sellers of insulin in the US and around the world, is also reducing the list price of unbranded biologics to match the lowered price of each respective branded insulin. The price changes will go into effect on January 1, 2024.
"We have been working to develop a sustainable path forward that balances patient affordability, market dynamics, and evolving policy changes," Steve Albers, a Novo senior vice president said in a statement.
"Novo Nordisk (NYSE:NVO) remains committed to ensuring patients living with diabetes can afford our insulins, a responsibility we take seriously."
Uninsured people and those with high-deductible health plans could see reduced costs as a result of the price cuts. NovoLog’s list price will fall to $139.71 from $558.83 for a pack of five injection pens. For a vial, the price will decrease to $72.34 from $289.36.
Novo's announcement comes two weeks after US drugmaker Eli Lilly said it would cut the prices of its most commonly prescribed insulins by 70% and expand a $35 monthly cap on patients’ out-of-pocket costs starting in the fourth quarter.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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