PARK CITY - JANUARY 22: A general View of Wal Mart during the 2004 Sundance Film Festival January ... [+]
Walmart has launched the first private brand analog insulin with a steep discount saving 59% and 75% respectively on the current cash price of branded insulin products when not using insurance. It is a real innovation and a dramatic step by Walmart to make insulin affordable to more people.
About 34 million Americans live with diabetes, which is nearly 10% of the U.S. population. Only 70% of these people are being treated. Diabetes is the fastest growing chronic disease in the United States. Here we see the leadership of Walmart’s management to solve a serious health problem. It enables Walmart to provide health and wellness to all Americans, especially those who live in medically underserved areas.
The insulin will cost about $73 per vial or about $86 for a package of prefilled insulin pens. Savings are reported to by approximately $101 per branded vial of insulin or $ 251 per package of branded Flex Pens. CNBC indicated that as the number of people with diabetes climbs, the cost of the 100-year-old drug has soared rather than fallen and has drawn scrutiny from lawmakers. The annual cost of insulin for people with Type 1 diabetes in the U.S. nearly doubled from $2,900 in 2012 to $5,700 in 2016.
Walmart worked directly with Novo Nordisk to ensure that saving will be passed on to Walmart customers. Dr. Cheryl Pegus, EVP of Walmart’s Health and Wellness, pointed out that “the private label brand had the same quality, same safety and same efficacy” as other analog insulin.
According to Barron’s price hikes have added billions to the sales in insulin’s dominant suppliers which include Eli Lilly and Sanofi. They have faced competition from generic biosimilars in Europe.
Walmart is developing a strong presence in health and wellness. It has opened about 20 free standing wellness clinics near Walmart Supercenters that offer dental cleanings, annual check-ups as well as urgent care. Walmart also bought the telehealth company MeMD to provide health care virtually which is expected to be a big boom for costumers living in underserved outlying areas.
Walmart pharmacies will start selling the new product this week, Sam’s Club will sell it in July.
