By Joseph Chalfant
Walmart will begin to sell lower-priced insulin for customers who are struggling to afford it.
The company will begin selling the first-ever private brand of analog insulin, ReliOn NovoLog, to customers this week in Walmart pharmacies. Sales will also start at the membership-based Sam’s Club in mid-July. According to a statement by Walmart, customers can purchase the product for $72.88 a vial or $85.88 for an insulin pen. The product will be released country-wide.
The insulin’s price has skyrocketed over the last 60 years. According to Time, the typical cost for a vial has gone from 75 cents to $250, overshooting the inflation rate by 43 times.
Walmart recognized the growing market for a cheaper drug and is hoping to provide the product to individuals who can’t afford insulin or customers without insurance coverage. Company health and wellness vice president Warren Moore told CNBC that 14% of Walmart’s customers have diabetes.
Dr. Cheryl Pegus, executive vice president of health and wellness, expressed the company’s enthusiasm for the release.
“This price point, we hope, will improve and hopefully revolutionize the accessibility and affordability of insulin,” she said. “We know that many people with diabetes struggle to manage this chronic condition because of its financial burden.”
In Walmart’s statement, the American Diabetes Association signaled their support.
“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. We encourage everyone to ask their health care provider questions to better understand what the right and affordable treatment is for their unique medical needs,” said CEO Tracey D. Brown.
In previous years, the government has attempted to lower the cost of insulin, especially for the elderly. The Trump administration cut out-of-pocket costs of the drug to just $35 for Medicare beneficiaries. President Donald Trump also pushed for insulin discounts through an executive order that required 340B hospitals to offer discounts to patients or lose federal grants.
Critics claimed that the 340B drug pricing program only applies to a select number of providers, that wider problems regarding 340B and funding mismanagement wouldn’t reduce prices significantly.
As President Joe Biden took office, his staff requested a regulatory freeze until March to decide if the policy aligned with their policy mission. In early June, the Biden administration was approved to roll back the 340B changes.
