Inflation Reduction Act ushers in new era of lower insulin prices
The impact of US President Joe Biden's Inflation Reduction Act is beginning to be felt, as Danish diabetes giant Novo Nordisk (NOV: N) announced plans to slash the cost of insulin.
The legislation, a signature achievement for the White House, caps the cost of the drug for Medicare recipients at just $35 for a month’s supply, although this excludes uninsured people.
The move comes after insulin rival Eli Lilly (NYSE: LLY) revealed it would cut the price of its most popular insulin products by a similar amount, starting from the latter part of the year.
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