Pharmaceutical giant Sanofi announced on Thursday that it would reduce its insulin's price by 78% effective January 1 next year.
Lantus, Sanofi's most often prescribed insulin in the US, will now cost 78% less at list price, with a $35 monthly cap for individuals with private insurance, Forbes reports.
Other Manufacturers Have Cut Costs On Their Products As Well
Since the Inflation Reduction Act imposed a $35 cap per insulin prescription per month for Medicare recipients, insulin makers have come under growing pressure to cut its pricing for more individuals with diabetes.
Last month, President Joe Biden pushed drug manufacturers to lower their prices, claiming that big pharma has been unfairly charging consumers hundreds of dollars while posting record profits.
In a statement, Sanofi announced that beginning in 2024, it would reduce the list price of the diabetes drug Lantus by 78% and the price of the insulin product Apidra by 70%.
The pharmaceutical company with headquarters in Paris also declared that it will cap the out-of-pocket cost of Lantus for patients with commercial insurance at $35.
Olivier Bogillot, head of Sanofi's U.S. General Medicines, stated on Thursday that the price cut will benefit millions of patients for many years by increasing access and affordability.
The decision was made two weeks after Eli Lilly announced a 70% price reduction on Humalog, its most popular insulin product, and a $35 maximum on out-of-pocket monthly expenses.
Novo Nordisk also announced intentions to slash the list price of its insulin medications by up to 75% and the price of its Novolin and Levimir brand drugs by 65% earlier this week.
Attorney General Rob Bonta of California sued the companies in January, alleging that the drug manufacturers had used "unlawful, unfair, and deceptive" methods to raise insulin prices, in violation of the state's Unfair Competition Law.
Bonta charged the businesses with "unacceptably and artificially" raising the price of the diabetes medication, together with pharmacy benefits managers CVS Caremark, Express Scripts, and OptumRx.
According to Forbes, California joined a number of other states in suing the firms for outrageous insulin prices, including Arkansas, Minnesota, Mississippi, and Kansas.
Read More: Revumenib Pill for Leukemia in Shows Effectivity in Early Trial
Lowering Insulin's Price Will Be A Huge Help To Many Americans
The Insulins Valyou Savings Program from Sanofi enables uninsured Individuals to purchase one or more insulins for a 30-day supply for $35, CNN Health writes.
A different offer enables people without insurance to purchase the Soliqua injection for as little as $99 per box of pens, up to two boxes of pens for a 30-day supply.
It is notable that according to the US Centers for Disease Control and Prevention, at least 16.5% of Americans who take insulin report restricting it due to cost.
According to the American Diabetes Association, between 2002 and 2013, the average price of insulin nearly tripled.
GoodRx, which records drug pricing, offers coupons, and runs a telemedicine network, says that the trend has persisted, with the average retail price of insulin climbing 54% between 2014 and 2019.
In fact, The Lancet's 2022 study found that diabetes is now the world's fastest-growing chronic disease, and as such, demand for insulin has increased dramatically.
Diabetes can result in major issues like kidney disease, heart issues, and blindness if it retains sugar in the bloodstream for an extended period of time, which is why the insulin price drops have been helpful to individuals.
Related Article: EPA Proposes to Limit Toxic 'Forever Chemicals' for Safer Drinking Water
