The impact of US President Joe Biden's Inflation Reduction Act is beginning to be felt, as Danish diabetes giant Novo Nordisk (NOV: N) announced plans to slash the cost of insulin.
The legislation, a signature achievement for the White House, caps the cost of the drug for Medicare recipients at just $35 for a month’s supply, although this excludes uninsured people.
The move comes after insulin rival Eli Lilly (NYSE: LLY) revealed it would cut the price of its most popular insulin products by a similar amount, starting from the latter part of the year.
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