Novo Nordisk to cut prices by up to 75% for some insulin products in 2024
Novo Nordisk is the latest company to announce a large reduction in insulin prices as it stated it will cut prices for multiple insulin products by up to 75% in 2024.
According to a press release from the company, Novo Nordisk will reduce the price of its Levemir, Novolin, NovoLog and NovoLog Mix 70/30 along with the unbranded biologics of insulin aspart and insulin aspart protamine/insulin aspart mix beginning on Jan. 1, 2024. The cost for NovoLog and NovoLog Mix 70/30 will drop 75% from their current list price, while the cost of Levemir and Novolin will be reduced by 65%. The price of unbranded insulin aspart and insulin aspart protamine/insulin aspart mix will be lowered to match the price of the branded products. Currently, those two unbranded biologics are available for 50% off the list price of their matching brands.
“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 and public affairs at Novo Nordisk, said in the release. “Novo Nordisk remains committed to ensuring patients living with diabetes can afford our insulins, a responsibility we take seriously.”
Novo Nordisk became the second company in recent weeks to announce a large reduction in insulin prices. As Healio previously reported, Eli Lilly announced price reductions earlier in March for several of its insulin products as well as a $35 out-of-pocket cap on insulin costs for people with commercial insurance.
The announcement is the most recent effort by Novo Nordisk to increase insulin affordability in the U.S., according to the release. The company noted it has reduced the price of unbranded insulin degludec to be 65% less than the list price of the branded Tresiba, offers human insulin for $25 per vial at Walmart and CVS, and has a savings card program that reduces co-pays to $25 to $35 for several insulin products for people with commercial health insurance.
In a statement, Lisa Murdock, chief advocacy officer for the American Diabetes Association, praised Novo Nordisk for taking steps to make insulin more affordable.
“The ADA is the leading voice advocating for insulin affordability and is working to ensure that all people with diabetes have access to the care they need,” Murdock said in an emailed statement. “The ADA has led the charge to enact cost-sharing limits on insulin in 22 states and D.C., and now the first-ever federal copay cap in Medicare. We are pleased that more manufacturers are continuing to take steps to make insulin more affordable, and we hope others follow suit. The ADA will keep working to make sure drug rebates are not inflating costs for patients at the pharmacy counter, and we will continue to support efforts to provide affordable insulin to everyone with diabetes who relies on it to survive.”
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