Novo Nordisk to cut price of insulin by up to 75% – WSJ

(Reuters) -Drugmaker Novo Nordisk (NYSE:) is planning to cut list prices for several insulin drugs by up to 75% in the United States, the Wall Street Journal reported on Tuesday, citing a senior company executive.

With the move, Novo joins U.S. drugmaker Eli Lilly (NYSE:) and Co, which recently said it would cut list prices for its most commonly prescribed insulin products by 70% beginning from the fourth quarter of this year.

Novo will reduce the list price of its NovoLog insulin by 75% and the prices for Novolin and Levemir by 65% starting in January 2024, according to the WSJ report.

Novo did not immediately respond to a Reuters request for comment.

Eli Lilly, along with Sanofi (NASDAQ:) and Novo, make up 90% of the U.S. market for insulin.