Novo Nordisk will lower insulin pricing in the U.S. after Eli Lilly.

Novo Nordisk will lower insulin pricing in the U.S. after Eli Lilly.

Novo Nordisk has done the same, two weeks after Eli Lilly responded to the call to lower the cost of its insulin medicines in the United States.

The Danish company announced that it would slash the list price of NovoLog insulin by 75% and the cost of Novolin and Levemir by 65%. The pharmaceutical announced that the changes would take effect on January 1st, 2024.

To match the lower prices of the branded insulins, the business will likewise reduce the cost of its generic biologics.

Lilly said at the beginning of this month that it would reduce the cost of its most often prescribed diabetic medications by 70% and cap patients’ out-of-pocket costs at $35 per month.

Both businesses are responding to demands from Washington, D.C., to lower the price of their insulin in the United States. President Joseph Biden renewed his time-honoured proposal to set a $35 price regulation on insulin in his State of the Union address last month.

Sanofi announced this summer that it would reduce the cost of its insulin for Those without insurance from $99 per month to $35.

What does the price cut by Novo Nordisk mean?

In the instance of a five-pack of injectable pens, the list price of NovoLog goes from $558.83 to $139.71. It ranges from $289.36 to $72.34 for a vial.

Levemir will now cost $161.77 (for an injectable pen) and $107.85. (vial). Typically, people with insurance do not have to pay a drug’s list price.

Steve Albers, senior V.P. of market access & public affairs at Novo Nordisk, stated in a release that “we have been working to build a sustainable route forward that balances patient affordability, market realities, and emerging regulatory developments”.

The surge in demand for the non-insulin diabetes therapy Ozempic and the obesity medicine Wegovy coincides with Novo Nordisk’s price increases. The company anticipates a similar sales gain this year after reporting a 16% increase in revenue last year.

Novo Nordisk

Danish-based Novo Nordisk is a global pharmaceutical corporation. The business is a worldwide leader in producing pharmaceuticals used to treat diabetes.

Other medications Novo Nordisk makes treat obesity, haemophilia, growth hormone therapy, and hormone replacement therapy.

The business was established in Denmark in 1923 and has since expanded to become a multinational corporation with activities in more than 80 nations.

More than 44,000 people work for Novo Nordisk worldwide, and the company is traded on the NASDAQ OMX Copenhagen stock exchange.

Novo Nordisk is devoted to CSR-sustainable business practices focusing on creating novel medicines for chronic illnesses.

The company wants to benefit society, the environment, and the neighbourhoods where it operates.

Eli Lilly

The corporate headquarters of the American pharmaceutical business Eli Lilly is in Indianapolis, Indiana.

The company, established in 1876, manufactures various pharmaceuticals, including drugs for oncology, diabetes, and the nervous system.

With medications like Humalog, Humulin, and Trulicity, Eli Lilly has a significant foothold in the diabetes care market.

On the other hand, Novo Nordisk is a Danish pharmaceutical business that was established in 1923.

The company focuses on diabetes treatment drugs and is a world authority in this area. Insulin, GLP-1 receptor agonists, and other diabetes treatments are available from Novo Nordisk.

Although both businesses are active in the same industry, their product lines and business models are distinct.

These businesses are dedicated to creating cutting-edge diabetic treatments and enhancing the quality of life for those with the condition.

Novo Nordisk will lower insulin costs in the U.S.

In recent years, Novo Nordisk has worked to lower insulin costs in the U.S. The business declared in 2020 that insurance and those without insurance would pay no more than $99 per month for its insulin solutions.

This was part of a larger initiative by the corporation to address the problem of expensive insulin in the U.S. and lower the cost of its goods for customers.

Moreover, Novo Nordisk has released new insulin medications at lower prices, such as “NovoLog Mix,” a novel insulin that costs 50% less than the original NovoLog insulin.

The business has expanded its patient aid services and now provides free insulin to those who qualify based on income.

Given that the price of insulin has dramatically risen in recent years, people and healthcare professionals have been highly concerned about the issue of high insulin pricing in the U.S.

Many in the diabetic community have praised Novo Nordisk’s initiatives to lower insulin costs and regard them as a step in the right direction towards expanding access to reasonably priced diabetes care.

Five Main Reasons Why Novo Nordisk worked to lower Insulin Cost

Here are the top five explanations for why Novo Nordisk has worked to lower insulin costs in the U.S.:

1. A rise in affordability: The price of insulin has been a big issue for both patients and medical professionals, and many people have had financial difficulties buying this life-saving drug. Patients, particularly those without insurance or with inadequate insurance, can now afford insulin thanks to Novo Nordisk’s efforts to lower the cost of the drug.

2. Responding to public criticism: Novo Nordisk, along with other pharmaceutical firms, has been under fire from the public for the high price of insulin in the U.S. The business is responding to this criticism and acting to resolve the situation by lowering insulin prices.

3. Enhancing patient outcomes: Patients who cannot afford their medication may ration it or skip doses, which can result in significant health issues. Novo Nordisk is assisting in ensuring that patients have access to the medicine they require to treat their diabetes and prevent health consequences by lowering the cost of insulin.

4. Maintaining competition: Novo Nordisk may be lowering insulin pricing to maintain its market share in the face of escalating competition in the diabetes care sector.

5. Corporate social responsibility: Novo Nordisk is committed to CSR and environmentally friendly business methods. The business is demonstrating its dedication to enhancing healthcare access and positively influencing the communities it serves by lowering insulin pricing.

edited and proofread by nikita sharma