Written and medically reviewed by Dorcas Morak, Pharm.D
Insulin is a vital medication for over 9 million Americans, yet its cost has been a major concern. Between January 2014 and April 2019, the average cash price per insulin unit increased by 54%, from $0.22 to $0.34. However, from January 2020 to July 2023, this price decreased by 10.6% to approximately $0.29 per unit. Despite this reduction, certain insulins like Afrezza, Xultophy, and Soliqua Insulin is a vital medication for over 9 million Americans, yet its cost has been a major concern. Between January 2014 and April 2019, the average cash price per insulin unit increased by 54%, from $0.22 to $0.34. However, from January 2020 to July 2023, this price decreased by 10.6% to approximately $0.29 per unit. Despite this reduction, certain insulins like
How Does the Cost of Brand and Generic Insulin Compare?
The introduction of generic insulins has significantly reduced costs. Eli Lilly released the first generic insulin, insulin lispro, in 2019 as an alternative to Humalog. Since then, generic versions of Humalog 75/25, Novolog (insulin aspart), Novolog 70/30, and Lantus (insulin glargine) have been approved. Generics typically cost less than half of their brand-name counterparts. For example, a package of five generic insulin lispro KwikPens costs about $261, compared to $670 for the same amount of Humalog KwikPens.
How have Biosimilars Affected the Cost of Insulin?
Biosimilars, or "follow-ons," are close copies of brand-name insulins but not exact replicas. They are more expensive than generics but cheaper than branded versions. Semglee, the first interchangeable biosimilar to Lantus, costs nearly 9% less per unit than Lantus. Another biosimilar, Rezvoglar, approved in December 2021, costs almost 80% less than Lantus. These biosimilars have contributed to overall price reductions in the insulin market.
Are Traditional Insulins Cheaper than Modern Insulins?
Traditional insulins like Novolin and Humulin are generally less expensive than modern insulins. While traditional insulins offer reliable blood sugar control, modern insulins provide better control but are more complex to produce, leading to higher costs. In 2023 Eli Lilly also announced a 70% price cut for their most common insulins, including Humalog and Humulin, which caused Novo and Sanofi manufacturers to also cut costs on their insulins.
What Are the Current Prices of Insulin?
Retail prices for insulins vary widely. For instance, a 10 mL vial of generic insulin lispro 75/25 costs about $276 for five pens, whereas the branded Humalog 75/25 costs $704 for the same amount. Similarly, insulin aspart 70/30 FlexPen costs around $346 for a carton of five pens, while Novolog 70/30 FlexPen is $707. Generic options and biosimilars offer significant savings, making it crucial for patients to explore these alternatives.
How Government and Manufacturer Actions are Reducing Insulin Costs
Major manufacturers like Sanofi and Eli Lilly have capped out-of-pocket costs for many of their insulin products at $35 per month to combat high insulin prices. The U.S. government has also implemented a $35 monthly cap for Medicare Part D patients, effective January 2023. The Affordable Insulin Now Act of 2023 aims to expand this cap to all insured patients. Additionally, several states have passed laws to cap monthly insulin costs.
How can I Save on Insulin Costs?
There are several effective strategies to reduce the cost of insulin:
- Manufacturer Savings Programs: Many insulin manufacturers offer savings programs and patient assistance programs. Check the websites of the companies that produce your insulin to see if you qualify.
- Insurance Appeals: If your insurance company denies coverage for a particular insulin, you can appeal the decision. Your healthcare provider can help with this process by providing the necessary medical documentation.
- Prescription Discount Cards and Coupons: If you're feeling the pinch from high medication costs of generic insulin, give RxLess a try to lighten the financial load and grab the meds you need to manage your diabetes. Members of the Rxless Assurance Plan often see savings of up to 88% off the retail price at major pharmacies like Rite Aid, Walgreens, and CVS, which is a real lifesaver when your insurance won't cover them.
By exploring these options, you can significantly lower your insulin expenses and make managing your diabetes more affordable.
