Novo Nordisk to Slash Insulin Prices by over 65%
Editor’s Note: People who take insulin require consistently affordable and predictable sources of insulin at all times. If you or a loved one are struggling to afford or access insulin, you can find which cost-saving tools you may qualify for through our tool GetInsulin.org.
Following Eli Lilly’s announcement just two weeks ago that they were cutting their insulin prices by 70%, insulin manufacturer Novo Nordisk appears to be following suit. On March 14, 2023, Novo Nordisk announced that effective January 1st, 2024, several of their insulins will receive a nearly 75% decrease in their list price.
This price cut will include both pre-filled pens and vials of their long-acting and short-acting insulins, including Levemir, Novolin, Novolog Mix 70/30, and Novolog.
This will put the list price for vials of Novolog and Novolog Mix 70/30 at $72.34, Levemir at $107.85 and Novolin at $48.20.
Flexpen prices will also be decreased, setting the price for Novolog and Novolog Mix 70/30 at $139.71, Levemir at $161.77 and Novolin at $91.09.
A representative from the company stated in their press release that they understand patients with all types of diabetes are having difficulty paying for their insulins, even in light of their recently-expanded patient-assistance program. With these changes they hope to lessen the burden of out-of-pocket costs for patients, both with and without insurance.
Reductions in the list prices of insulins is a long-awaited change in the American healthcare system, which largely operates outside of the basic premise of economic supply and demand. Insulin, a life-saving medication, can be crucial for people with diabetes to live and thrive.
Operating within the largely private health care industry in the United States means that people with diabetes are at the mercy of those who set the price of insulin, which over the past few decades has exponentially increased. The cost of fast-acting insulin alone has skyrocketed nearly 1200% since it’s introduction to the market in 1996.
The bottom line
Although this may seem like great news for people living with diabetes, many of whom have advocated for lower list prices of insulin for years, it still falls short of truly affordable insulin for all. For many, a vial of insulin that is still over $70 can be a huge cost, especially for people without any insurance coverage and for people who use multiple vials of insulin per month (or even per week).
Both the recent Lilly and Novo Nordisk announcements show that these price cuts are feasible. Beyond Type 2 is eager to see more insulin list price cuts across the board to help those who need it every single day to live.
If you use Novo Nordisk insulins, there is a cost-saving program available that typically caps costs at no more than $100 per month, with or without health insurance. Go to our tool GetInsulin.org to create an action plan based on your specific circumstances. Your action plan will provide a list of which cost-saving programs you may qualify for.