BENTONVILLE, Ark. — Walmart Inc. confirmed Tuesday it will offer its own low-cost insulin brand in a bid to increase access to the lifesaving diabetes drug and counter Amazon’s online pharmaceuticals surge.
Beginning this week, the Bentonville, Arkansas-based retail giant will debut the exclusive private-label version of analog insulin, ReliOn NovoLog, at a cost of roughly $73 per vial, or about $86 for a package of prefilled pens, CNBC reported.
The medicine will cost between 58% and 75% less than branded insulin products for uninsured patients currently run, Bloomberg reported.
According to CNBC, the drug will be available to adults and children with a prescription, and access will be expanded to its membership-based Sam’s Club in mid-July.
Walmart already offers a low-price version of its ReliOn insulin for about $25, but some doctors and advocates contend that the older formulation is less effective at managing blood sugar fluctuations as newer analog varieties of insulin, the network reported.
“Diabetes is one of the most rapidly growing diseases in the country,” Cheryl Pegus, executive vice president and head of Walmart’s health and wellness business, said on a conference call, noting customer feedback has revealed that “cost is a major factor in how you manage health care.”
ReliOn NovoLog can be used to manage both Type 1 or Type 2 diabetes, and the retailer estimates more than 3 million of its customers are diabetic, Bloomberg reported.
Warren Moore, Walmart’s vice president of health and wellness, stated on the call that nearly 11% of the U.S. population, or roughly 34 million people, are diabetic, which translates to roughly 14% of Walmart shoppers.
According to the most recent data available from the Health Care Cost Institute, the annual cost of insulin for people with Type 1 diabetes in the United States nearly doubled from $2,900 in 2012 to $5,700 in 2016, CNBC reported.
Meanwhile, Amazon launched its online pharmacy in November and began offering six-month prescriptions starting at $6 earlier this month in a bid to capture a larger share of the $465 billion U.S. prescription-drug market, Bloomberg reported.
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