Insulin aspart/insulin protamine aspart(Novo Nordisk)

Novo Nordisk is slashing prices of several insulin products by up to 75% amid growing political scrutiny on the prices of these older but still expensive diabetes medicines. The announcement Tuesday comes two weeks after rival Eli Lilly unveiled price cuts for its insulin products, but unlike Lilly’s new pricing, which will start this spring for some products, Novo Nordisk’s new insulin prices won’t take effect until 2024. The Novo Nordisk products covered under the new list prices include the long-acting insulins Levemir and Novolin, which will see 65% price cuts. Levemir will cost $107.85 per vial and $161.77 for product dosed with the FlexPen delivery system. Novolin will cost $48.20 per vial and $91.09 per FlexPen. The fast-acting insulin products Novolog and Novolog Mix 70/30 will see 75% price cuts to $72.34 per vial, $139.71 per FlexPen. Denmark-based Novo Nordisk, which maintains a U.S. headquarters in Plainsboro, New Jersey, also said it will reduce the list price for unbranded biologics to match the lower price of the corresponding branded insulin. Unbranded biologics are the branded product marketed under a different name. The lower prices cover Insulin Aspart, which is the unbranded biologic of Novolog, and Insulin Aspart Protamine/Insulin Aspart, which is unbranded Novolog Mix 70/30. Novo Nordisk can afford to cut insulin prices because it is seeing rapid growth from other products. While the company’s insulins are blockbuster sellers, their sales growth has flattened. The company reported 38.7 billion Danish krone (about $5.6 billion) in 2022 revenue for all of its insulin products, down nearly 3% from the prior year and just 1% higher compared to two years ago. Meanwhile, the drugmaker is seeing strong sales growth from diabetes and obesity medications in its semaglutide franchise. Ozempic, a type 2 diabetes drug that works by activating the GLP-1 receptor, is far and away Novo Nordisk’s largest single product with 17.3 billion Danish krone (about $2.5 billion) in 2022 sales, up more than 96% from the prior year. Rybelsus, a GLP-1-targeting drug that like Ozempic, contains semaglutide but in an oral formulation, posted 3.1 billion Danish krone (about $455 million) in sales last year, a more than 500% increase over 2021 sales. In January, the FDA expanded Rybelsus’s approval to include first-line treatment of type 2 diabetes. Permitting the drug for use as an earlier treatment further expands the market for the product. Novo Nordisk is seeing strong demand for the semaglutide-containing weight-loss drug Wegovy, which won its FDA approval in mid-2021. Demand for Wegovy and Ozempic for use in treating obesity has strained the company’s manufacturing capacity, leading to shortages. The insulin market is dominated by three companies: Eli Lilly, Novo Nordisk, and Sanofi. Since Eli Lilly’s announcement at the beginning of March that it would cut list prices for its insulin products by up to 70%, some lawmakers have been calling on Novo Nordisk and Sanofi to do the same. A $35 per month price cap on insulin went into effect at the beginning of this year, but only for Medicare beneficiaries. That price cap was one of the provisions of the wide-ranging Inflation Reduction Act. Lilly’s pricing announcement extended the monthly cap to all insured diabetes patients who take the pharmaceutical company’s insulins. Those who aren’t covered by health insurance may enroll in a program that makes all of Lilly’s insulins available for $35 a month. Novo Nordisk said that it currently offers co-pay savings cards for patients covered by commercial insurance plans. These cards enable eligible patients to pay monthly co-pays of $25 to $35 for several of the company’s insulin products. In its announcement, Novo Nordisk said it has been working to identify “a sustainable approach to reduce insulin costs for patients that addresses changes in health policy and market shifts.” “We have been working to develop a sustainable path forward that balances patient affordability, market dynamics, and evolving policy changes,” Steve Albers, Novo Nordisk’s senior vice president of market Access and public affairs, said in a prepared statement. “Novo Nordisk remains committed to ensuring patients living with diabetes can afford our insulins, a responsibility we take seriously.” Photo by Jean-Francois Monier/AFP, via Getty Images

Novo Nordisk has been working to identify a sustainable approach to reduce insulin costs for patients that addresses changes in health policy and market shifts Lower list prices build on long-standing history of affordability initiatives already in place which can be accessed at NovoCare.com Novo Nordisk currently provides co-pay support for a number of insulin products meaning eligible patients can pay $25-35 for their insulin PLAINSBORO, N.J., March 14, 2023 /PRNewswire/ -- Novo Nordisk Inc. today announced it is lowering the U.S. list prices of several insulin products by up to 75% for people living with type 1 and type 2 diabetes. Products include both pre-filled pens and vials of basal (long-acting), bolus (short-acting) and pre-mix insulins, specifically Levemir®, Novolin®, NovoLog® and NovoLog® Mix 70/30. Novo Nordisk is also reducing the list price of unbranded biologics to match the lowered price of each respective branded insulin. These changes will go into effect on January 1, 2024. Novo Nordisk recognizes that some patients find it difficult to pay for healthcare, including insulin. As such, the Company remains committed to reducing the burden of out-of-pocket costs, helping transform the complex pricing system, and fostering better pricing predictability. Novo Nordisk continually reviews and revises our offerings as well as works with diverse stakeholders to create solutions for differing patient needs. "We have been working to develop a sustainable path forward that balances patient affordability, market dynamics, and evolving policy changes," said Steve Albers, senior vice president, Market Access & Public Affairs at Novo Nordisk, Inc. "Novo Nordisk remains committed to ensuring patients living with diabetes can afford our insulins, a responsibility we take seriously." The following changes to the wholesale acquisition cost (WAC), also known as the list price, will take effect on January 1, 2024: Lowering the list price of four legacy insulin brands, including NovoLog® and NovoLog® Mix 70/30 by 75% off the current list price, and Novolin® and Levemir® by 65% off the current list price. New prices of these products will be as follows: NovoLog® & NovoLog® Mix 70/30 Levemir® Novolin® Vial $72.34 $107.85 $48.20 FlexPen® $139.71 $161.77 $91.09 Reducing the list price of the following unbranded biologics (pre-filled pens and vials and pre-mix insulins) to match the lowered price of each respective branded insulin: Insulin Aspart and Insulin Aspart Protamine/Insulin Aspart. Additionally, Novo Nordisk has a variety of long-standing U.S. affordability offerings available to eligible people living with diabetes, including: Unbranded Biologics: Insulin Degludec is currently available at 65% off the list price of Tresiba®; Insulin Aspart and Insulin Aspart Protamine/Insulin Aspart are currently available at 50% off the list price of NovoLog® and NovoLog® Mix. Novo Nordisk Human Insulin: A program through Walmart for more than two decades offers human insulin for approximately $25 per vial; it is also available at CVS for $25. Co-pay Savings Cards: Co-pays for as little as $25-35 for several insulin products for eligible patients in commercial insurance plans. My$99Insulin: A 30-day supply of a combination of insulin products (up to three vials or two packs of pens) for $99, equating to $33/vial or $49.50/pack of pens. Immediate Supply: A one-time free 30-day supply of insulin (up to three vials or two packs of pens) to eligible patients at risk of rationing. A Patient Assistance Program (PAP): Offers free diabetes medication to people in need who meet certain eligibility criteria. COVID-19 Patient Assistance Program: Offers 90 days of free insulin to eligible patients who lost healthcare coverage due to COVID-19 job loss. Novo Nordisk will continue to work with a diverse group of stakeholders to understand emerging patient needs. People living with diabetes are encouraged to access and learn more about these affordability programs at NovoCare.com. Please visit mynovoinsulin.com for more important information about Novo Nordisk Inc. insulins. About Novo Nordisk Novo Nordisk is a leading global healthcare company that's been making innovative medicines to help people with diabetes lead longer, healthier lives for 100 years. This heritage has given us experience and capabilities that also enable us to drive change to help people defeat other serious chronic diseases such as obesity and rare blood and endocrine disorders. We remain steadfast in our conviction that the formula for lasting success is to stay focused, think long-term and do business in a financially, socially, and environmentally responsible way. With U.S. headquarters in New Jersey and production and research facilities in seven states, Novo Nordisk employs nearly 6,000 people throughout the country. For more information, visit novonordisk-us.com, Facebook, Instagram, and Twitter. Company Codes: NYSE:NVO