PRICE PLUNGE

Novo Nordisk Will Cut Insulin Cost in U.S. by Up to 75 Percent

The pharmaceutical company’s price reduction follows a similar move by Eli Lilly earlier this month.

Novo Nordisk will slash the list price of several of its insulin drugs by as much as 75 percent, the company said Tuesday. The massive price reduction comes after Eli Lilly announced earlier this month it would cut the price of its diabetes treatment products by 70 percent. Danish pharmaceutical company Novo said the list price of its NovoLog insulin would come down by three-quarters while the cost of Levemir and Novolin would drop 65 percent, with the new prices coming in January 2024. “We have been working to develop a sustainable path forward that balances patient affordability, market dynamics and evolving policy changes,” Steve Albers, a Novo senior vice president, said. “Novo Nordisk remains committed to ensuring patients living with diabetes can afford our insulins, a responsibility we take seriously.” The recent insulin price cuts come after years of political pressure building on health-care companies over unaffordable rates charged for the life-saving drugs.