Two weeks after Eli Lilly announced it would cap insulin costs at $35 per month, Novo Nordisk followed suit, declaring Tuesday that it will cut the price of some of its insulin products by 75%. Novo Nordisk is considered to be one of the biggest insulin makers globally, along with Lilly and Sanofi, with the three companies controlling more than 90% of the insulin market worldwide. The announcement set off ripple effects for other big pharma players to consider lowering their insulin prices as well. That legislation was able to cap monthly insulin costs at $35 for Medicare beneficiaries, but that did not extend to people on private insurance. Novo Nordisk is cutting the list prices of insulin products substantially, following Eli Lilly.

Source: Wall Street Journal March 14, 2023 16:54 UTC