(p. A3) Novo Nordisk A/S is set to cut the U.S. list prices for several insulin drugs by up to 75%, the latest big drugmaker to make steep price reductions amid pressure to curb diabetes-treatment costs.
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Novo’s price cuts follow Eli Lilly & Co.’s decision earlier this month to reduce list prices for its most commonly prescribed insulin products by 70%, effective in the fourth quarter of 2023.
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Lilly, Novo and Sanofi SA are the leading sellers of insulins in the U.S. and worldwide. They had substantially raised the prices for their insulin products in the U.S. during the 2010s. The companies have said they didn’t make much from the higher list prices, because they had to pay larger rebates to the companies that manage drug benefits.
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(Note: the online version of the story was updated March 14, 2023, and has the title “Novo Nordisk to Slash Insulin Prices by Up to 75%.”)