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Wednesday, October 23, 2013

The cost of insulin is going up? When will we get a cheaper generic?

An article I just read on Insulin Nation.  How and why do these companies think or need to keep increasing the cost of our insulin?  Why do we not have a generic yet?

I want to know the answer to these questions, does anyone out there have the answer?

WALMART
Novolin®/ReliOn® Human Insulin
Novolin®/ReliOn® is human insulin that works to lower your blood sugar (glucose). Novolin®/ReliOn® is manufactured for Walmart by Novo Nordisk, the world's leader in insulin production.
The Novolin®/ReliOn® line includes the following types of insulin:
• Novolin® N (NPH human insulin [rDNA origin] isophane suspension)
• Novolin® R U-100 (regular insulin human injection, USP [rDNA origin])
• Novolin® 70/30 (70% human insulin isophane suspension, 30% human insulin injection [rDNA origin])

Novolin®/ReliOn® Human Insulin - $24.88

Any change in insulin should be made cautiously and only under the supervision of a doctor.
Novolin® is a registered trademark of Novo Nordisk.


So NOVO NORDISK, if you can make a cheaper version of those products for Walmart, why not NOVOLOG?

Why can't Lilly jump on the band wagon and make cheaper Humalog?  

Anyone have the reason for this?

http://insulinnation.com/insulin-costs-spike-upward-will-generics-help/

The two biggest insulin manufacturers have been raising prices on their products, according to a recent Bloomberg article.
Sanofi increased the prices of its insulin products by 10% to 15% percent, the second price increase in a year. Novo Nordisk, it’s main rival, increased the cost of its insulin offerings 8% to 10% in the second quarter, and analysts believe Novo’s price hikes aren’t over for 2013. It’s unclear from published reports whether those price hikes were directly passed on by pharmacies to consumers, although diabetes bloggers recently have been voicing concerns online about higher prices for insulin.
The price spikes come in sharp contrast to an expected 72% decline in the reimbursement rate for some mail-order diabetes care products, due to a new Medicare competitive bidding process instituted by the government, as previously reported in Insulin Nation.  That slash in the reimbursement rate is expected to drive down the prices for many basic necessities in diabetes care products.
In conference calls, officials with the drug companies reported that they were able to raise insulin prices because of a 1% to 2% drop in global spending on pharmaceuticals, according to the Bloomberg report. That spending drop allows more space in insurers’ budgets to absorb higher insulin prices.
Insulin costs are a huge burden for many people with diabetes throughout the developed world, and remain out of reach for many in developing countries, according to a 2010 Health Action International report. The price of insulin can vary wildly according to where you live, the report says. A one-day survey of insulin prices found 10 ml of insulin may cost from $1.55 a vial in Iran to $76.69 in Austria. Drug companies often offer discounts in developing countries, but the cost of insulin is still prohibitive for many people with diabetes in these countries.
It’s believed that, even in the face of rising profits, the major insulin manufacturers are aware that the development of generic insulin brands soon will cause a downward pressure on prices. In February, Mylan Inc. announced it would oversee the marketing efforts of generic insulin for Biocon, India’s largest biotechnology company, according to an Associated Press report.

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