Nomi Health Contributes $5 Million to Nonprofit Civica to Address Crisis of Skyrocketing Insulin Costs for Americans
By Maggie Habib on June 16, 2022
Nomi Health, the direct healthcare company delivering easy access to low-cost care across the U.S., has contributed $5 million to an initiative by nonprofit generic pharmaceutical company Civica, Inc. (Civica, Civica Rx) to help accelerate the production of low-cost insulin for people living with diabetes in the U.S.
According to the American Diabetes Association, nearly half of U.S. adults are diagnosed with diabetes or prediabetes, and every 21 seconds, another American is diagnosed with this chronic disease. Diabetes costs have increased by 37% in the last 5 years and prevalence of type 2 diabetes is 25% higher in lowest paid workers, based on insights from Artemis, a Nomi Health company, that identifies costs and quality opportunities for 600+ employers.
For the approximately 10 million Americans who rely on insulin to save their lives, the cost of insulin has skyrocketed, even despite declines in costs for companies that produce it. In fact, the average list price of insulin -- a drug that is 100 years old -- increased 11 percent annually from 2001 to 2018, with average cost per person per year now nearing $6,000. If the price trends of the past decade are not reversed, this cost is estimated to increase to $12,446 per insulin patient by 2024, just two years from now.
The insulin crisis is not one of supply. It is a crisis of inflated costs driven by a small, yet unchecked, monopoly of pharmaceutical giants -- and it is 100 percent avoidable
“The insulin crisis is not one of supply. It is a crisis of inflated costs driven by a small, yet unchecked, monopoly of pharmaceutical giants -- and it is 100 percent avoidable,” said Mark Newman, CEO and co-founder of Nomi Health. “Price gouging has no place in public health. Americans should not have to choose between insulin and groceries in this day and age. We will continue to identify opportunities for our employer and public sector partners to bend the cost curve in healthcare through our insights-to-action solutions like Artemis. The work Civica is doing to expand access to these life-saving drugs demands urgent attention and action. In contributing to Civica, we at Nomi Health continue to pursue our mission to deliver easy access to low-cost healthcare for all Americans.”
Civica launched a program to develop, manufacture and distribute insulins that, once approved, will be available to people with diabetes at significantly lower prices than those currently on the market. Through the support of partners such as Nomi Health, Civica is co-developing and manufacturing the drug, completing clinical trials and filing necessary applications for FDA approval. Civica plans to sell its insulins at one low, transparent price not to exceed $30 per vial and $55 for a box of five pen cartridges.
“We thank Nomi Health for joining Civica’s affordable insulin initiative,” said Ned McCoy, President and Chief Executive Officer of Civica. “Nomi is stepping up in a big way to help make a difference in the lives of people living with diabetes who struggle to manage the costs of life-sustaining insulin.”
Nomi Health’s $5 million donation to Civica follows the company’s legacy of making meaningful impact on healthcare costs and care delivery in the nation, including:
Expanding access to COVID-19 care for more than 14 million Americans, including those living in care deserts nationwide,