What You Should Know:
– The average price per insulin unit dropped 42%, from $0.33 in 2019 to $0.19, in mid-2024, according to a new report from GoodRx. The drop represent the lowest average recorded in a decade.
– Thanks to the Inflation Reduction Act and voluntary price cuts by major insulin manufacturers, prices have seen significant declines. Products like Lantus, Novolin N, Humalog, and Humulin N are now more affordable than they have been in years.
Insulin Costs Plummet: A Decade-Long High Comes to an End
The struggle to afford insulin has been a major challenge for many people with diabetes, forcing some to ration their medication or even skip doses altogether. But recent policy changes and manufacturer actions are starting to make a difference.
Key findings from the GoodRx research reveals:
- Insulin prices have fallen by 42% since 2019. The average price per insulin unit dropped from $0.33 in 2019 to $0.19 in mid-2024, the lowest average recorded in a decade.
- Generics and biosimilars are driving the price decline. The introduction of generic and biosimilar versions of popular insulins has increased competition and lowered costs.
- Traditional insulins remain the most affordable option. Older insulins like Novolin R and Novolin N have average unit prices as low as $0.02.
- Vials are generally cheaper than pens. While pens offer convenience, they often come with a higher price tag.
Understanding the Factors Behind the Insulin Price Drop
Several factors have contributed to the recent decline in insulin prices:
- The Inflation Reduction Act: This legislation capped insulin costs at $35 per month for Medicare beneficiaries.
- Manufacturer price cuts: Eli Lilly and Sanofi voluntarily cut the list prices of some of their most popular insulins and capped out-of-pocket costs for commercially insured patients.
- Generics and biosimilars: The availability of these lower-cost alternatives has increased competition and driven down prices.
- Retail partnerships: Manufacturers have partnered with retailers like CVS and Walmart to offer discounted insulin products.
How to Save on Insulin Costs
Even with these positive trends, affording insulin can still be a challenge for many people. The report outlines best practices to help you save:
- Use a manufacturer savings card or patient assistance program. Many insulin manufacturers offer programs that can significantly reduce or eliminate out-of-pocket costs.
- Shop around and compare prices. GoodRx offers discounts on insulin and allows you to compare prices at different pharmacies.
- Consider traditional insulins and vials. If cost is a major concern, talk to your doctor about switching to a more affordable traditional insulin or using vials instead of pens.
- Appeal your insurance coverage. If your insurance plan doesn’t cover your preferred insulin, you can appeal the decision.
