Yes, Sanofi joins Eli Lily and Novo Nordisk in cutting insulin prices
Just days after the other two drugmakers dropped their prices, Sanofi is capping the cost of its most prescribed insulin at $35 for the privately insured, as a price gouging lawsuit against all three drugmakers gets underway.
On Thursday, drugmaker Sanofi announced that it is joining Eli Lily and Novo Nordisk in reducing the price of insulin. The three companies, which dominate the global insulin market, were recently sued by the state of California, alleging they illegally drive up the cost of the drug.
“It seemed like only a matter of time before Sanofi also made changes,” said Stacie Dusetzina, a health policy professor at Vanderbilt University Medical Center. “You don’t want to be a standout.”
Sanofi is cutting the list price of Lantus, its most widely prescribed insulin in the United States, by 78% and establishing a $35 monthly cap for those with private insurance, effective January 1, 2024, according to a statement. Uninsured Americans are eligible for Sanofi’s savings program, which enables them to buy one or multiple insulins for a 30-day supply for $35. Another offer allows the uninsured to buy the Soliqua injection for as little as $99 per box of pens.
Related: Why does insulin cost so much? Big Pharma isn’t the only player driving prices
Insulin manufacturers have come under increased public and government pressure to lower their prices for more people with diabetes in the wake of the Inflation Reduction Act, which set a $35 cap per insulin prescription per month for Medicare beneficiaries.
Earlier this month, Eli Lilly announced a series of price cuts that would lower the price of the most commonly used forms of its insulin by 70%. The company also said it will automatically cap out-of-pocket insulin costs at $35 for people who have private insurance and use participating pharmacies, as well as expand its value program, which caps out-of-pocket costs at $35 or less per month for people who are uninsured.
Novo Nordisk announced on Tuesday that it will reduce the list prices of several of its popular prefilled insulin pens and vials by up to 75%. However, the company did not announce an expansion of its programs that cut patients’ out-of-pocket costs, which has been a focus of President Joe Biden and congressional Democrats. It runs several programs to lower costs for people with diabetes.
More than 16% of Americans who use insulin report rationing it because of cost, according to the Centers for Disease Control and Prevention. The average price of insulin nearly tripled between 2002 and 2013 and rose by 54% between 2014 and 2019,
“This is a big deal,” said Larry Levitt, executive vice president for health policy at KFF. “This is a combination of market forces, government Medicaid rebate policies and public pressure.”