Triggering a price war in the Rs 175 crore (Rs 1.75 billion) insulin market, leading insulin makers -- including Eli Lilly -- on Friday slashed the rates of human insulin by about 40 per cent, a move which will provide a big relief to diabetic patients.
Multinational Novo Nordisk, the largest player in the anti-diabetic segment, has reduced the prices of its 10ml human insulin formulation from Rs 197 to Rs 145.
Confirming the development, Novo's Delhi operations head Sunil Baswan, said that the company had taken the lead in bringing down the prices to make insulin more affordable.
Toeing the same line, Eli Lilly, the second largest player in the insulin market, reduced prices of its human insulin formulations manufactured locally by 33.8 per cent to Rs 145 (vial of 10 ml containing 400 IU of human insulin) from Rs 218.
Mumbai-based US Vitamins India, which is another leading player in the insulin market, also brought down its prices to a parity level of Rs 155 for a 10ml vial, while its bovine insulin would be available at earlier price of Rs 65 per 10ml.
While confirming the reduction in human insulin prices, USV India's general manager (business development) V V Nagrey said the company had not taken a decision on reduction in prices of bovine insulin.
Industry efforts to make the human insulin cheaper has been welcomed by Delhi Diabetes Research Centre.
DDRC chairman, Ashok Jhingan said, "This seems like a New Year gift to diabetic patients."
