Novo Nordisk joins Lilly in plans to slash U.S. insulin prices

Novo Nordisk joins Lilly in plans to slash U.S. insulin prices

March 14 (Reuters) – Drugmaker Novo Nordisk (NOVOb.CO) said on Tuesday it would cut list prices for several insulin drugs by up to 75% in the United States, starting Jan. 1, 2024.

With the move, Novo joins U.S. drugmaker Eli Lilly and Co (LLY.N), which recently said it would cut list prices for its most commonly prescribed insulin products by 70%, beginning from the fourth quarter of this year.

High insulin prices by healthcare companies have drawn criticism from lawmakers over the last decade.

Novo will reduce the list price of its NovoLog insulin by 75%, and for Novolin and Levemir by 65%.

Novo said it would also reduce the list price of unbranded insulin products to match lowered price of each respective branded insulin.

Eli Lilly, along with Sanofi (SASY.PA) and Novo, make up 90% of the U.S. market for insulin.

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Source: Reuters