Novo Nordisk becomes second company to announce cuts to US insulin prices

Danish pharmaceutical company Novo Nordisk announced on Tuesday it would be lowering the prices of some of its insulin products in the U.S. by up to 75 percent.

The price cuts will take effect beginning on Jan. 1, 2024.

President Biden was quick to note this announcement in a statement released on Tuesday.

Eli Lilly announced earlier this month that it would cut the cost of its most popular insulin products by 70 percent and capping out-of-pocket monthly costs to $35.