Novo Nordisk is planning to slash the price of several insulin drugs by up to 75% in the U.S., following a similar move by Eli Lilly.
. The price changes will go into effect on Jan. 1, 2024. They will cover insulins that come in vials and injection pens.for a pack of five injection pens. For a vial, the price will decrease to $72.34 from $289.36.
The company also said it plans to reduce the list price of its unbranded insulin products to match the lowered price of each respective branded insulin. "We have been working to develop a sustainable path forward that balances patient affordability, market dynamics, and evolving policy changes," Steve Albers, Novo Nordisk's senior vice president of market access and public affairs, said in the release. "Novo Nordisk remains committed to ensuring patients living with diabetes can afford our insulins, a responsibility we take seriously.
A Novo Nordisk spokesperson also told CNBC that the price cuts "have been in development for many months, but due to increased stakeholder interest, we accelerated to announce now."The announcement comes two weeks after drugmaker
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