Novo Nordisk to slash its insulin prices in the US
Novo Nordisk made an inauspicious start to 2023 in the US when it was among six firms sued by the state of California for driving up the cost of insulin.
That seems to have spurred the Danish pharma company into action, and it was announced this week that it intends to drastically cut the cost of its insulin medication products by the start of 2024.
“We have been working to develop a sustainable path forward that balances patient affordability, market dynamics and evolving policy changes,” said Steve Albers, the senior vice president of market access & public affairs at Novo Nordisk.
“Novo Nordisk remains committed to ensuring patients living with diabetes can afford our insulin – a responsibility we take seriously.”
Pressure from the Prez
Novo Nordisk said it would slash the price of its insulin products – including the likes of Levemir, Novolin and NovoLog – by up to 75 percent.
The issue of pharma companies overcharging for their products reached the halls of the White House, where President Joe Biden called for pharma companies to voluntarily bring down the prices for the good of everyone.
Novo Nordisk competitor Eli Lilly responded weeks ago by announcing it would significantly reduce its insulin prices this year.
“For far too long, American families have been crushed by drug costs many times higher than what people in other countries are charged for the same prescriptions. Insulin costs less than $10 to make, but Americans are sometimes forced to pay over $300 for it. It’s flat wrong,” said Biden.