- Novo Nordisk will reduce the price of some of its insulins in the US from January 2024
- Company follow Eli Lilly in making insulin more affordable
- Announcement follows political pressure and social media gaffes
Danish pharmaceutical giant Novo Nordisk has announced it will drop the list prices for some of its insulin products by up to 75%.
The company is the second pharmaceutical company to slash its prices due to increasing public demand and political pressure.
The price change comes just weeks after Eli Lilly lowered the prices of some of their insulins.
After decades of regularly raising prices, manufacturers are finally lowering list prices as a result of patient advocacy.
When asked about the decision to lower prices, Novo Nordisk commented that plans were made some time ago, “but due to increased stakeholder interest, [we] accelerated to announce now.”
- Eli Lilly drops price of insulins by 70%
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The Lancet has reported that the cost of certain insulin prescriptions has more than quadrupled in the 11 years between 2007 and 2018.
Public focus on the topic culminated when President Biden addressed the problem in his State of the Union speech.
In January of this year, the Inflation Reduction Act fixed the monthly cost of insulin.
Experts predict that Novo Nordisk and Eli Lilly’s measures will provide significant savings for uninsured people in the USA and individuals with high-deductible health plans.
Chief Advocacy Officer of the American Diabetes Association, Lisa Murdock, said: “We are pleased that more manufacturers are continuing to take steps to make insulin more affordable.
Type 1 diabetes advocacy group T1International commented: “A vial of insulin costs approximately between $3 and $6 to produce. We will continue to advocate for all three insulin manufacturers – Eli Lilly, Novo Nordisk, and Sanofi – to lower the cost of al of their insulins to an affordable price, and to do so across the globe.”
