Under Biden's Pressure... Novo Nordisk Also Cuts Insulin Prices by 75%

The Biden administration in the United States is openly pressuring major pharmaceutical companies to lower insulin prices, and following Eli Lilly, Novo Nordisk also plans to reduce the prices of some products by up to 75%, the Wall Street Journal (WSJ) reported on the 14th (local time).

According to the report, starting January 2024, Novo Nordisk will lower the list price of its product NovoLog insulin by 75%, and the prices of Novolin and Levemir by 65%. Additionally, the prices of non-branded insulin products will also be reduced. Steve Albers, Senior Vice President of Novo, explained, "Novo Nordisk is committed to ensuring that patients with diabetes can afford to purchase insulin," adding, "This is a responsibility we take very seriously."

This move follows Eli Lilly's sudden announcement of insulin price cuts earlier this month. Novo Nordisk, along with Eli Lilly and Sanofi SA, is considered one of the companies that sell the most insulin in the United States and worldwide. President Joe Biden has been urging pharmaceutical companies to lower insulin prices to under $35 per month for all diabetes patients. He has publicly demanded this in his State of the Union address and, after Eli Lilly announced its price cuts earlier this month, he requested other pharmaceutical companies to join in through his Twitter account.

WSJ pointed out that products including NovoLog have cost several hundred dollars per month. Based on list prices, a 5-pack injection pack costs $558.83, and a vial costs $289.36. However, Novo Nordisk explained that most commercial insurance and Medicare beneficiaries did not pay the list price. With this price reduction decision, those prices will drop to $139.71 and $72.34, respectively.