Novo Nordisk to cut some insulin prices by up to 75%

Novo Nordisk plans to slash the U.S. list prices for several of its insulin drugs by as much as 75%, the company said on Tuesday. The move follows Eli Lilly's announcement earlier this month that it would cut prices on some of its insulin products.

Novo Nordisk, a Danish pharmaceutical firm, said it would reduce the cost of its NovoLog and NovoLog Mix 70/30 products by 75% and of Novolin and Levemir by 65%. The company will also lower list prices of unbranded pre-filled insulin pens, vials of long-acting and short-acting insulin, and pre-mixed insulin products to match the lowered price of each respective branded insulin product, the company said.

The cuts are slate to take effect on Jan. 1, 2024.