The three major companies that market insulin have all made commitments to lower insulin costs.
Medicare has taken a major step to put pressure on insulin companies as part of the Inflation Reduction Act in order to reduce insulin prices and ensure that it is an affordable medication for those who need it. According to the AARP, “An estimated 37 million Americans have diabetes, and more than 7 million patients rely on insulin to treat the disease.”
In March, the three main companies that sell insulin announced plans to reduce the costs of their insulin—a significant victory for those who rely on this important medication in order to manage their diabetes.
Eli Lilly
Eli Lilly was the first company to take steps to lower their insulin costs.
- Earlier this year, they began offering the ability for patients with commercial health insurance to have their insulin capped at $35 a month when they get it from a participating retail pharmacy.
- Eli Lilly also now offers an insulin program savings card to those who are uninsured, which will allow them to take advantage of the new insulin cap of $35 per month.
- As of May 1st, their generic insulin, known as Lispo, was reduced from $82 per vial to $25.
- In the fourth quarter of this year, the list price of their most prescribed insulin, Humalog, will be reduced by 70%. This decrease in price does not include Tempo Pen Humalog, which is a pre-filled pen version of the same medication.
Novo Nordisk
Novo Nordisk was the second insulin-producing company to announce that they would be lowering their insulin costs. Their changes will be going into effect as of January 1st, 2024.
- Prices for NovoLog and NovoLog Mix 70/30 will be reduced by 75%—this change is applicable to both the vials as well as the prefilled pens.
- Novolin and Levemir will have their cost reduced by 65%—this change also affects both the vial form as well as the prefilled pen injections.
- They are also reducing the cost of unbranded biologics to keep them in sync with the lowered costs of branded options.
- They also have savings programs that will remain in place, including a program through several retail pharmacies that offer insulin at $25 per vial.
Sanofi
Sanofi was the third insulin-producing company to announce that it would be taking steps to lower insulin costs. Their agreement to lower prices made it so the three main companies that provide insulin have all agreed to some level of price reduction, which is a major step forward in making insulin more affordable for those that need it. Their changes will begin starting January 1st, 2024.
- Lantus, their most prescribed insulin, will have its price reduced by 78%.
- The cost of Lantus will also be capped at $35 per month for those with commercial insurance.
- Their current cost-savings programs will also remain in place, giving those who need insulin more options to keep it as affordable as possible.
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