Insulin maker Novo Nordisk agrees to price cap for uninsured New Yorkers
New York Attorney General Letitia James speaks during a news conference in 2022 in New York. On Friday, James announced Novo Nordisk has agreed to a price cap for the uninsured. Credit: AP/Brittainy Newman
ALBANY — State Attorney General Letitia James announced a deal Friday with Novo Nordisk to cap the price of insulin at $35 per month for uninsured New Yorkers.
The agreement comes just months after James secured the same price cap with Eli Lilly and Sanofi — which, along with Denmark-based Novo Nordisk, are considered to control 90% of the insulin market.
The price cap agreement is good for five years. It also requires the company to coordinate a program with pharmacies to inform uninsured patients they are eligible for the price cap before they pay.
Insulin makers have been under increasing pressure from Congress and states about the skyrocketing costs of the drug over the last two decades. James’ office previously reported insulin costs for a person with Type 1 diabetes doubled between 2012 and 2016.
In addition, several companies have announced plans to start making low-cost insulin.
The pressure has forced some price changes, all lining up around the same cap for some diabetes patients.
In January, the Biden administration-backed Inflation Reduction Act imposed a $35/month cap on out-of-pocket insulin costs for seniors and some other Medicare enrollees.
In March, Eli Lilly announced it would set the same $35 cap for clients with private insurance.
Then, in May, James’ office reached a price-cap deal with Eli Lilly and Sinofi, covering uninsured New Yorkers. The Novo Nordisk agreement announced Friday mirrors it.
“New Yorkers who rely on lifesaving medication like insulin should not have to ration their doses or forgo taking their medicine altogether because they cannot afford it,” James said in a statement announcing the deal. “Today’s agreement will mean that uninsured New Yorkers do not have to choose between taking their insulin and putting food on the table.”
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Newsday Live: A chat with Joan Baez Join Newsday Entertainment Writer Rafer Guzmán and Long Island LitFest for an in-depth discussion with Grammy-winning singer, songwriter and social activist Joan Baez about her new autobiographical poetry book, "When You See My Mother, Ask Her to Dance."