Novo Nordisk Inc. on Tuesday became the third drug company to say it will slash prices on some of its insulin products.

Starting in January 2024, there will be a 75% price cut for NovoLog and NovoLog Mix 70/30, while Novolin and Levemir will see cuts of 65%, the Danish pharmaceutical giant announced in a news release.

“We have been working to develop a sustainable path forward that balances patient affordability, market dynamics, and evolving policy changes,” said Steve Albers, senior vice president of market access & public affairs at Novo Nordisk. “Novo Nordisk remains committed to ensuring patients living with diabetes can afford our insulins, a responsibility we take seriously.”

Unbranded pre-filled insulin pens, vials of long-acting and short-acting insulin and pre-mixed insulin products will also receive cuts that match the lowered price of their branded products, the company noted.

The news follows a similar move made by drugmaker Eli Lilly, which said earlier this month that it will cut insulin prices by 70%. Eli Lilly will also limit out-of-pocket costs for customers to $35 per month.

About 10% of Americans have diabetes, some of whom require insulin, according to the Diabetes Research Institute.

Prices have increased by more than $200 between 2007 and 2018, according to a 2020 study, which has caused some to engage in risky rationing of doses.

The nonprofit pharmaceutical company Civica already said last year that it plans to produce low-cost versions of three commonly used insulin products.

Medicare patients already have a monthly $35 cap on costs that took effect in January, CBS News reported.

More information

The American Diabetes Association has more on insulin and drug affordability.

SOURCE: Novo Nordisk, news release, March 14, 2023; CBS News

Source: HealthDay