French pharmaceutical company Sanofi is one of the top three insulin makers in the US. their insulin products.
The company says it will cut the cost of its fast-acting insulin product, Apidra, by 70%, in addition to lowering the price of its long-acting injectable insulin, Lantus.
Sanofi also announced a $35 cap on out-of-pocket costs for Lantus for patients with corporate insurance and a cap on costs for uninsured patients through various savings programs. .
“Sanofi believes that no one should have a hard time paying for insulin and is proud of our continued actions to improve access and affordability for millions of patients over the years.” Olivier Bosillo, Sanofi’s head of U.S. OTC medicines, said in a statement.
“We launched a Lantus unbranded biologic in June 2022 at a price 60% below Lantus’ list price, but despite this pioneering low-cost approach, due to inherent structural challenges, The healthcare system couldn’t take advantage of it,” continued Bogillot. “We are pleased that others are joining us in our efforts to help patients, as we are now accelerating the transformation of the insulin market in the United States.”
These price reductions are effective January 1, 2024.
The move comes after insulin makers Eli Lilly and Novo Nordisk announced similar moves to cut prices on some of their commonly used insulin products. Three manufacturers control most of the global insulin market.
Eli Lilly was the first company to announce price cuts, and at the time called on other companies to do the same. Nordisk followed closely behind, and earlier this week he announced that he would cut prices on four “legacy products” by 65-75%.
The Biden administration has called for an insulin cap of $35 since the cap was included in the Inflation Reduction Act for Medicare beneficiaries. The administration has called for this measure to be extended to all patients since the passage of the Inflation Control Act.
In his budget proposal released last week, President Biden included a provision that caps the cost of monthly insulin prescriptions at $35 across commercial markets.
The White House and Congressional Democrats have applauded the medical makers’ decision, and Sen. Bernie Sanders (I-Vt.) has acknowledged public pressure for a deep cut in insulin prices.
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