Danish pharmaceutical company Novo Nordisk announced on Tuesday it would be lowering the prices of some of its insulin products in the U.S. by up to 75 percent, becoming the second company to take such action after Eli Lilly’s announcement earlier this month.
Four of Novo Nordisk’s “legacy products” will see price drops ranging from 65 to 75 percent, the company said in its press release.
NovoLog and NovoLog Mix 70/30 are fast acting forms of insulin that come in prefilled vials or pens. After a 75 percent cut in their list price, the costs for these products will be $72.34 in vial form and $139.71 in pen form.
The prices for Novo Nordisk products Novolin and Levemir, longer acting forms of insulin, will be cut down by 65 percent, dropping to $107.85 and $48.20 in their vial forms, respectively. These prices changes will take effect beginning on Jan. 1, 2024.
These price cuts were first reported by the Wall Street Journal.
“We have been, and remain committed to, developing a sustainable path forward that balances patient affordability, market dynamics, and evolving policy changes,” a Novo Nordisk spokesperson said in a statement to The Hill. “These updates have been in development for many months, but due to increased stakeholder interest, we accelerated to announce now.”
The enhanced stakeholder interest was likely spurred by Eli Lilly’s announcement at the start of March that it would be capping the cost of its most popular insulin products by 70 percent and capping out-of-pocket monthly costs to $35. Along with Sanofi, Eli Lilly and Novo Nordisk command the vast majority of the global insulin market.
President Biden was quick to note this announcement in a statement released on Tuesday.
“On that front, I am pleased at today’s announcement that, in line with my call, Novo Nordisk will be lowering their insulin prices by 75 percent, following Eli Lilly’s action,” said Biden. “This builds on the important progress we made last year when I signed a law to cap insulin at $35 for seniors. I urge all other manufacturers to follow suit and Republicans in Congress to join us and cap insulin at $35 for all Americans.”