Sanofi Becomes the Latest Drug Maker to Announce Insulin Price Cuts

Sanofi has announced that it will reduce the list price of its popular insulin medication, Lantus, by 78% and set a $35 monthly limit for people with private insurance. The new regulation will be active from January 1, 2024.

Sanofi’s competitors, Novo Nordisk and Eli Lilly, also took the same action, which urged the company to make these changes as well. These three medicine giants have dominated the insulin market by having a cumulative market share of 90%. The decision to reduce the prices was due to political pressure and public backlash. According to research statistics, close to eight million Americans use insulin for diabetes.

Insulin manufacturers have come under increasing public and governmental pressure to lower their prices for more people with diabetes ever since the Inflation Reduction Act established a $35 cap per insulin prescription per month for Medicare enrollees.

Eli Lilly announced a series of price reductions that will reduce the cost of its most popular insulin dosage forms by 70%. Eli Lilly also made a major announcement that it would expand its Insulin Value Program, which limits expenses for people without insurance to $35 or less per month. The stated price of Sanofi’s short-acting Apidra insulin is also being reduced by 70%. The Insulins Valyou Savings Program from Sanofi allows Americans without insurance to purchase one or more insulins in a month for $35.

Novo Nordisk also reduced its medication prices by 75% of the list price of a number of its popular pre-filled insulin vials. In general, cutting list prices lowers costs for both the uninsured and individuals with insurance who haven’t reached their deductibles. The insured often pays a reduced fee that is determined by their insurance plan once their deductibles have been met.

The high cost of insulin, which is manufactured at a comparatively low cost, has long been a topic of discussion. The Inflation Reduction Act, approved by congressional Democrats last year, lowers Medicare users’ out-of-pocket expenses for insulin to $35 per month per prescription as of this year. Republicans argued and stopped the bill that would have also included individuals with private insurance.

Biden advocated for restricting the price of insulin to $35 per month for all Americans in his State of the Union speech last month. The president called Eli Lilly’s action an excellent start and complimented it, encouraging other pharmaceutical companies to follow suit.

The President of the United States of America, Joe Biden, stated, “As of this afternoon, all three of the leading insulin producers in America have agreed to substantially reduce their prices, following my calls to expand my $35 cap for seniors to all Americans.”

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