News follows similar move made by Eli Lilly, which said earlier this month that it will cut insulin prices by 70 percent<\/p>\n<\/h3>\n
By Physician\u2019s Briefing Staff HealthDay Reporter<\/b><\/p>\n
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TUESDAY, March 14, 2023 (HealthDay News) — Novo Nordisk Inc. on Tuesday became the third drug company to say it will slash prices on some of its insulin products.<\/p>\n
Starting in January 2024, there will be a 75 percent price cut for NovoLog and NovoLog Mix 70\/30, while Novolin and Levemir will see cuts of 65 percent, the Danish pharmaceutical giant announced in a news release.<\/p>\n
“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 & public affairs at Novo Nordisk, said in a statement. “Novo Nordisk remains committed to ensuring patients living with diabetes can afford our insulins, a responsibility we take seriously.”<\/p>\n
Unbranded prefilled insulin pens, vials of long-acting and short-acting insulin, and premixed insulin products will also receive cuts that match the lowered price of their branded products, the company noted.<\/p>\n
The news follows a similar move made by drugmaker Eli Lilly, which said<\/a> earlier this month that it will cut insulin prices by 70 percent. Eli Lilly will also limit out-of-pocket costs for customers to $35 per month. The nonprofit pharmaceutical company Civica already said<\/a> last year that it plans to produce low-cost versions of three commonly used insulin products.<\/p>\n Prices of insulin increased by more than $200 between 2007 and 2018, according to a 2020 study<\/a>, which has caused some patients to engage in risky rationing of doses.<\/p>\n