The French drugmaker said Thursday that Sanofi would cap the out-of-pocket cost of its most popular insulin, Lantus, at $35 per month for people with private insurance. The change will be effective from January 1, 2024.
Sanofi is the last of the three major insulin makers in the United States to cut or cap the price of the drug.
Eli Lilly and Novo Nordisk both announced changes to the price of their insulin this month. The three drug makers together account for about 90% of the insulin market in the US.
Stacey Dusetzina, professor of health policy at Vanderbilt University Medical Center in Nashville, Tennessee, said it “looked like it was only a matter of time” before Sanofi made changes as well. “You don’t want to be a standout.”
According to the American Diabetes Association, approximately 8.4 million people with diabetes in the US are dependent on insulin.
Sanofi is already offering a $35 monthly cap for those without insurance.
In addition to price caps for people on private insurance, Sanofi will reduce the list price of Lantus by 78% and its short-acting insulin Apidra by 70%. Those moves would benefit those with higher deductibles.
Insulin makers in the US have faced pressure from lawmakers and advocacy groups to reduce the price of the drug, which is very expensive in the US compared to other countries. The pressure only intensified after the passage of the Inflation Reduction Act, which capped the monthly out-of-pocket cost of insulin for seniors on Medicare at $35.
Earlier Thursday, Senate Majority Leader Chuck Schumer, DN.Y, sent a letter to Sanofi’s CEO, urging the executive to lower the cost of the company’s insulin following price cuts by Eli Lilly and Novo Nordisk .
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