Novo Nordisk Some U.S. insulin Prices will rise by up to 75% over the next year, following the path laid out earlier this month by rival Eli Lilly.
The Danish drugmaker said on Tuesday that pre-filled pens and vials of long- and short-acting insulin would see a reduction in price. they include levemirNovolin, Novolog and Novolog Mix70/30.
Will also reduce the list price of non-branded products like Novo insulin aspart To match the lower price of branded insulin.
The price cut has come into effect from January 1. A vial of Novolog and Novolog Mix 70/30 will drop 75% to $72.34 from $289.36. The flexpen option will decline from over $500 to $139.71.
Levemir and Novolin Vials and FlexPens will be reduced by 65% ​​off their current list prices.
List prices are what a drug manufacturer initially sets for a product and people who have no insurance or plans with high deductibles sometimes end up paying.
Patient advocates have long called for insulin prices to be cut to help those who would not be affected by price caps attached to insurance coverage. They have observed that high insulin prices force many people to ration supplements, which can be dangerous to their health.
Research has shown that insulin prices have more than tripled in the last two decades. Drug makers are under increasing pressure to help patients.
Insulin affordability in the United States depends largely on whether patients have health insurance and the details of that coverage. People with employer-sponsored coverage, for example, may pay very little out of pocket for their insulin or they may pay hundreds of dollars more if they must meet a higher deductible before coverage begins.
Higher deductibles are also common with coverage purchased through the individual insurance market.
Major insulin makers such as Lilly, Novo and French pharmaceutical company Sanofi have said they offer a number of assistance programs to help patients with costs. These could include free refills for low-income people and cheaper versions of older insulin.
But the high list price remains a problem.
CEO of Eli Lilly & Co. david ricks noted earlier this month that the drug maker offers discounts off its list prices that often do not reach patients through insurers or pharmacy benefit managers.
The Indianapolis-based drugmaker said March 2 that it would cut list prices for its most commonly prescribed insulin, Humalog, and another insulin, Humulin, by 70% or more in the fourth quarter starting in October.
In January the federal government began applying a $35 con monthly out-of-pocket cost to patients with coverage through its Medicare program for people age 65 and older or those with certain disabilities or diseases.
Insulin is made by the pancreas and is used by the body to convert food into energy. People who have diabetes do not produce enough insulin. People with type 1 diabetes must take insulin daily to survive.
According to the American Diabetes Association, more than 8 million Americans use insulin.
The Wall Street Journal first reported the price cut on Tuesday morning.
The Danish drugmaker said on Tuesday that pre-filled pens and vials of long- and short-acting insulin would see a reduction in price. they include levemirNovolin, Novolog and Novolog Mix70/30.
Will also reduce the list price of non-branded products like Novo insulin aspart To match the lower price of branded insulin.
The price cut has come into effect from January 1. A vial of Novolog and Novolog Mix 70/30 will drop 75% to $72.34 from $289.36. The flexpen option will decline from over $500 to $139.71.
Levemir and Novolin Vials and FlexPens will be reduced by 65% ​​off their current list prices.
List prices are what a drug manufacturer initially sets for a product and people who have no insurance or plans with high deductibles sometimes end up paying.
Patient advocates have long called for insulin prices to be cut to help those who would not be affected by price caps attached to insurance coverage. They have observed that high insulin prices force many people to ration supplements, which can be dangerous to their health.
Research has shown that insulin prices have more than tripled in the last two decades. Drug makers are under increasing pressure to help patients.
Insulin affordability in the United States depends largely on whether patients have health insurance and the details of that coverage. People with employer-sponsored coverage, for example, may pay very little out of pocket for their insulin or they may pay hundreds of dollars more if they must meet a higher deductible before coverage begins.
Higher deductibles are also common with coverage purchased through the individual insurance market.
Major insulin makers such as Lilly, Novo and French pharmaceutical company Sanofi have said they offer a number of assistance programs to help patients with costs. These could include free refills for low-income people and cheaper versions of older insulin.
But the high list price remains a problem.
CEO of Eli Lilly & Co. david ricks noted earlier this month that the drug maker offers discounts off its list prices that often do not reach patients through insurers or pharmacy benefit managers.
The Indianapolis-based drugmaker said March 2 that it would cut list prices for its most commonly prescribed insulin, Humalog, and another insulin, Humulin, by 70% or more in the fourth quarter starting in October.
In January the federal government began applying a $35 con monthly out-of-pocket cost to patients with coverage through its Medicare program for people age 65 and older or those with certain disabilities or diseases.
Insulin is made by the pancreas and is used by the body to convert food into energy. People who have diabetes do not produce enough insulin. People with type 1 diabetes must take insulin daily to survive.
According to the American Diabetes Association, more than 8 million Americans use insulin.
The Wall Street Journal first reported the price cut on Tuesday morning.
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