Prices for insulin, the essential drug for treating diabetes, have plummetted to their lowest levels in a decade following a rise in generic options.
Insulin prices averaged 19 cents per unit as of the quarter started Oct. 2024, marking the lowest level recorded in a decade, according to research from GoodRx, based on sources such as pharmacies and insurers.
That compares to average prices of 34 cents a unit in 2019, meaning there has been a 42% decrease.
"The price dips provide much-needed relief for those managing diabetes," GoodRx researcher Tori Marsh said. "The reductions signal progress but also underscore the need for continued action to ensure insulin remains affordable for all who need it."
Much of the decline is because of the approval of generic insulin and similar drugs, called biosimilars, Marsh said.
"Instead of paying over $400 for a package of 5 Humalog KwikPens, for example, patients can now pay around $260 for a package of 5 generic insulin lispro KwikPens," Marsh said.
Still, insulin makers with newer and more novel drugs often sell at much higher prices.
For instance, Alfreeza, which is the only insulin drug available as an inhalable powder, can cost more than 20 times the other rapid-acting insulins, Marsh said.
