Novo Nordisk to cut insulin price by 75%

Pharmaceutical company Novo Nordisk announced March 14 that it is lowering insulin prices by as much as 75 percent for diabetes patients.

Changes to the wholesale acquisition costs of four of the company's insulin products will take effect in January 2024. Novo Nordisk stated in a news release that it will also bring down the price point of its unbranded biologics.

The news comes on the heels of a recent announcement from drugmaker Eli Lilly, which said March 1 it would cap insulin prices at $35 per month.

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

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