Walmart announced Tuesday it will start selling private-label insulin this summer at a much lower price for the lifesaving diabetes drug than branded varieties in vials and pens.
The new brand, called ReliOn NovoLog, includes analog insulin vials for $72.88 and $85.88 for a package of prefilled insulin pens.
Walmart says its lower-priced brand will translate into savings of 58 percent and 75 percent, respectively, compared with the current cash price of branded insulin products when bought without insurance.
The product, which is manufactured by Novo Nordisk, is used to control high blood sugar in adults and children with diabetes. Walmart said it will require a doctor’s prescription.
It will be available in Walmart pharmacies this week, and in Sam’s Club pharmacies in mid-July, the company said.
More than two decades ago, Walmart launched a human insulin private label brand called ReliOn that costs about $25 per vial, but that’s an older formula that some doctors say isn’t as effective as the latest offerings.
“We know many people with diabetes struggle to manage the financial burden of this condition, and we are focused on helping by providing affordable solutions,” said Dr. Cheryl Pegus, executive vice president of Walmart health and wellness.
About 34 million Americans live with diabetes, or nearly 10 percent of the US population, according to the Centers for Disease Control and Prevention. It’s the fastest-growing chronic disease in the country.
Patients, consumer advocates and some US lawmakers have complained for years about the high prices of insulin in the US.
A study conducted by the RAND Corporation last year found that insulin prices were more than eight times higher in the US than in 32 comparable, high-income nations combined.
Lawmakers have grilled the top manufacturers of insulin, including Sanofi and Eli Lilly, for hiking prices of the life-saving drug in the US. Some companies have rolled out limited fixed-cost programs for certain patients as a result.
Bentonville, Arkansas-based Walmart, the nation’s largest employer and the biggest retailer in the world, has been increasingly moving into the pharmaceutical space.
The company noted it already offers blood glucose monitors, lancets and other diabetes management tools.