After CMS released the negotiated list prices, set to take effect in 2026, researchers from universities in London, Rhode Island, San Diego and Seattle compared the new prices with those in Australia, Canada, France, Germany, Switzerland and the United Kingdom.
The analysis relied on 2021 price data — the most recent year with complete information — and converted all currencies to U.S. dollars.
Novo Nordisk’s insulin products, Fiasp and NovoLog Pens, are cheaper in the U.S. than other countries due to voluntary price reductions made in 2024. The nine other drugs remain more costly. For example, psoriasis medication Stelara has a negotiated price of $4,695 per 30-day supply, but other countries paid between $1,219 (France) and $2,503 (Germany) for the same supply.
CMS estimated a 22% reduction in net spending if the negotiated prices had been in effect in 2023. However, study authors noted this figure could be overestimated, as CMS is required to pay mandatory discounts to drugmakers under the new pricing model.
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