Retail giant Walmart is launching its own less expensive version of insulin it says will “revolutionize the access and affordability to diabetes care.”
Insulin prices have skyrocketed in recent years, making it unaffordable for some Americans with diabetes, according to CBS News. Just three companies -- Eli Lilly, Novo Nordisk, and Sanofi -- control 99 percent of the market, and there are no generic versions of the drug available.
Walmart's insulin will cost $72.88 per vial and $85.88 per FlexPen, which is 58 to 75 percent lower than other insulin products on the market. That will save patients $101 per branded vial and $251 per package of branded FlexPens, the company said in a statement. Novo Nordisk will make Walmart's private brand insulin.
"We know many people with diabetes struggle to manage the financial burden of this condition, and we are focused on helping by providing affordable solutions," Cheryl Pegus, M.D., executive vice president of Walmart Health & Wellness, said in a company news release.
“Diabetes often comes with high medical costs, estimated around $9,601 per person per year. We welcome all affordable solutions that make diabetes management more accessible to millions of Americans living with diabetes,” said Tracey D. Brown, chief executive officer of the American Diabetes Association.
Walmart Inc. (NYSE: WMT) is a retail giant, each week, approximately 220 million customers and members visit approximately 10,500 stores and clubs under 48 banners in 24 countries and eCommerce websites. With fiscal year 2021 revenue of $559 billion, Walmart employs 2.2 million associates worldwide.
