Salvation for millions: Walmart launches budget version of insulin

Walmart has said it will offer a less expensive version of insulin that will better fit the budgets of millions of Americans who do not have health insurance or who cannot afford to pay for their diabetes medication. The edition told in more detail CNBC.

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The retail store will sell an exclusive version of the ReliOn NovoLog analog insulin under its own brand name to prescription adults and children. The drug will be available at Sam's Club from mid-July. Insulin will cost you about $ 73 per vial, or about $ 86 for a pack of pre-filled insulin pens.

Insulin is the latest addition to Walmart's private label diabetes products, ReliOn. It already sells a low-cost version of insulin for about $25 as part of a line, but it's an older formula that some doctors say isn't as effective at managing blood sugar fluctuations as newer versions of insulin.

With the move, Walmart will focus its longtime focus on "low price" on a drug that is a medical necessity for more and more Americans. More than 34 million people in the U.S.—or nearly 11% of the population—have diabetes, and about 1,5 million Americans are diagnosed each year, according to the American Diabetes Association. That percentage is about 14% among Walmart shoppers, said Warren Moore, Walmart's vice president of health and wellness.

On the subject: Over the 4 year, US insulin prices doubled: diabetics take extreme measures

As the number of people with diabetes has grown, the cost of the 100-year-old drug has skyrocketed rather than dropped. The annual cost of insulin for people with type 1 diabetes in the United States has nearly doubled from $ 2 in 900 to $ 2012 in 5, according to the latest figures from the Health Care Cost Institute. Some of the top insulin makers, including Sanofi and Eli Lilly, were accused by politicians during Congressional hearings of raising the price of this essential drug. In some cases, companies have responded to criticism by deploying limited price reduction programs.

Dr. Cheryl Pegus, Walmart's executive vice president of health and wellness, said the Walmart version of the drug will expand access to healthcare as it lowers the typical price and makes analog insulin available to more people. Walmart has worked directly with manufacturer Novo Nordisk to cut costs, she said. According to Pegus, the price difference with brand competitors will be 58-75% up to $ 101 for a bottle of insulin or up to $ 251 for a pack of pre-filled insulin pens.

“We hope this will revolutionize the availability of insulin,” she said. “We know that many people with diabetes find it difficult to cope with this chronic disease due to its financial burden.”

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Walmart, already one of the largest stores in the country, has taken the healthcare industry even further. There were 20 clinics near the shops with inexpensive medical services such as $ 30 annual check-ups or $ 25 dental check-ups.

In May, Walmart bought telemedicine company MeMD for an undisclosed amount to provide online health care.

However, the retail giant is entering a complex industry that is bewildering other large and powerful corporate players. Haven, a joint venture between Amazon, Berkshire Hathaway and JPMorgan Chase, was disbanded earlier this year, about three years after the companies announced plans to change the healthcare industry.

Walmart has lost some of the key talent it hired to lead and expand its health and wellness efforts, including Sean Slovensky, a former senior vice president of Walmart Health and Wellness, and Dr. Tom Van Gilder, who became its first chief physician working for full rate.

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