Danish multinational pharmaceutical company Novo Nordisk announced Tuesday it will lower insulin prices in the US by up to 75% for individuals living with type 1 and type 2 diabetes.
The company said it has been working “to identify a sustainable approach to reduce insulin costs for patients” and noted that it currently provides co-pay support for a number of insulin products for eligible patients that pay $25-$35 for insulin.
“We have been working to develop a sustainable path forward that balances patient affordability, market dynamics, and evolving policy changes,” Steve Albers, the company’s senior vice president, said in a statement.
The decision comes after US drugmaker Eli Lilly announced early this month it will cut insulin prices by 70%, and cap patient insulin out-of-pocket costs at $35 per month.
US President Joe Biden lauded the decision, saying: “On that front, I am pleased at today’s announcement that, in line with my call, Novo Nordisk will be lowering their insulin prices by 75 percent, following Eli Lilley’s action.”
“This builds on the important progress we made last year when I signed a law to cap insulin at $35 for seniors. I urge all other manufacturers to follow suit and Republicans in Congress to join us and cap insulin at $35 for all Americans,” he added.
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Source: Anadolu Agency