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Novo Nordisk has said it will be significantly lowering the US list prices for several of its insulin products, echoing a similar move from Eli Lilly earlier this month.

The changes will come into effect in January 2024 and include a 75% reduction to the list price of its NovoLog insulin and a 65% reduction for Novolin and Levemir.

The drugmaker also said it will be reducing the list price of unbranded biologics to match the lowered price of each respective branded insulin.

Around 8.4 million of the 37 million people in the US with diabetes use insulin, according to the American Diabetes Association (ADA).

However, despite it being relatively inexpensive to manufacture, the rising cost of the medicine has been a pressing concern for many patients and insulin manufacturers have recently come under fire over the pricing of their products.

In January, California attorney general Rob Bonta filed a lawsuit against Novo Nordisk, along with Eli Lilly, Sanofi and leading pharmacy benefit managers (PBMs), for allegedly using their market power to overcharge patients for the life-saving drug.

The lawsuit stated that, because the three drugmakers produce over 90% of the global insulin supply, they are able to keep ‘aggressively hiking’ the list price of insulin at the expense of patients.

Other states including Minnesota, Mississippi, Arkansas and Kansas, as well as groups of drug purchasers, have previously brought legal action over insulin pricing.

Steve Albers, senior vice president, market access and public affairs at Novo Nordisk, said: “We have been working to develop a sustainable path forward that balances patient affordability, market dynamics and evolving policy changes.

“Novo Nordisk remains committed to ensuring patients living with diabetes can afford our insulins, a responsibility we take seriously.”

The American Diabetes Association (ADA) issued a statement in response to Novo Nordisk’s cuts, with chief advocacy officer, Lisa Murdock, saying: “We are pleased that more manufacturers are continuing to take steps to make insulin more affordable, and we hope others follow suit.

“ADA will keep working to make sure drug rebates are not inflating costs for patients at the pharmacy counter, and we will continue to support efforts to provide affordable insulin to everyone with diabetes who relies on it to survive.”