Walmart to launch own brand of insulin amid drug price rise

Walmart claims price of their brand of insulin would be between 58% and 75% lower compared to other brands on market

Walmart has announced it will launch its own brand of insulin, aiming to cut costs for diabetics reliant on the expensive drug.

The price of insulin has skyrocketed in recent years, making it unaffordable for many suffering from diabetes. Walmart claimed that the price of its brand of insulin would be between 58 per cent and 75 per cent lower compared to other brands on the market.

The company said its insulin would cost $72.88 per vial and $85.88 per FlexPen. Walmart claimed that these prices would save users $101 per branded vial and $251 per case of branded FlexPens.

Both lawmakers and patients have harshly criticised the rising price of insulin, with some diabetics saying they’ve had to ration their supply, possibly endangering their health in order to afford it.

Despite insulin having been the drug used to treat diabetes for about a century, no generic versions are available, making it much more expensive.

Three drugmakers control 99 per cent of the market – Eli Lilly, Novo Nordisk, and Sanofi. Walmart said its insulin would be manufactured by Novo Nordisk.

Walmart’s statement included remarks from the chief executive officer of the American Diabetes Association, Tracey Brown, who said that the organisation encouraged “all affordable solutions” for dealing with the disease.

“Diabetes often comes with high medical costs, estimated around $9,601 per person per year,” Ms Brown said.

The JDRF, a nonprofit previously called the Juvenile Diabetes Research Foundation, said more actions need to be taken to make sure that insulin becomes affordable for everyone.

“The rising cost of insulin is a fundamental issue faced by those living with diabetes, and JDRF applauds this new effort,” the group said in a statement. “No one should die because they can’t afford their insulin.”