March 17, 2023 – French pharmaceutical giant Sanofi said Thursday it'll cut the list price of its U.S. insulin drug Lantus by 78% and cap the drug's cost at $35 a month for those with private insurance, making Sanofi the third major insulin provider to chop costs for consumers.
The price change will take effect on January 1, 2024. opinionThe company also announced it would cut back the list price of its short-acting insulin Apidra by 70%. Sanofi is offering uninsured Americans a $35 insulin cap through its Valyou Savings Program.
Earlier this month, Eli Lilly and Novo Nordisk announced similar price changes.
Health activists have long urged drug firms to lower the price of insulin, which is comparatively low cost to supply. The firms responded after the Inflation Reduction Act capped Medicare copayments for insulin at $35 a month.
“As of this afternoon, all three of America's leading insulin manufacturers have agreed to significantly reduce their prices following my call to extend my $35 cap for seniors to all Americans,” said President Joe Biden. said in a statement“Sanofi is the latest company to realize that charging hundreds of dollars for insulin that costs $10 to produce is simply wrong. This is especially true when the lives of so many children, parents and grandparents depend on it.”
The American Diabetes Association says More than 37 million Americans live with diabetes, and eight.4 million of them depend upon insulin to survive. The drug helps regulate blood sugar in individuals with type 1 and sort 2 diabetes.
“We are pleased that others are joining our efforts to help patients as we now accelerate the transformation of the U.S. insulin market,” said Olivier Bogillot, head of Sanofi's U.S. primary care business. “Our decision to lower the list price of our leading insulin must be accompanied by a broader system change to deliver real savings to patients at the pharmacy counter.”