Amazon Pharmacy announced on Tuesday it would automatically apply manufacturer coupons and savings discounts to more than 15 insulin and diabetes management brands in an effort to expand access to critical care.
“The reason why Amazon Pharmacy is doing something different is because many patients don’t know that coupons readily exist,” Chief Medical Officer of Amazon Pharmacy Vin Gupta told Forbes. “In fact, 85% of the time that a medication with an available coupon is prescribed, the coupon is never used. We are trying to close that gap for both insulin and a broader set of medications, and really unlock the value behind those savings for patients automatically.”
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Eli Lilly, Novo Nordisk, and Sanofi — which, together, control 90% of the insulin market in the United States —announced in March they would be cutting their insulin prices by at least 70% by 2024 and have issued more manufacturer coupons to lower prices in the interim until the full price change takes effect.
Sen. Elizabeth Warren (D-MA) released a report last month finding that people without health insurance pay an average of $98 per vial for Eli Lilly’s generic insulin product and that one-third of pharmacies charge more than $164 per vial after the company pledged to reduce the price to $25 per vial.
As part of the Inflation Reduction Act, the Centers for Medicare and Medicaid Services placed a $35 cap on insulin monthly co-pays for Medicare Part D patients and eliminated deductibles for insulin.
The Centers for Disease Control and Prevention estimated there are 37.3 million Americans with diabetes and 96 million with pre-diabetes, a warning diagnosis based on blood sugar content. The American Diabetes Association estimated there are 8.4 million insulin-dependent diabetics in the U.S.
“Access to affordable diabetes medications and technology can help people living with diabetes stay healthy and avoid complications,” said Charles Henderson, CEO of the ADA. “We applaud Amazon Pharmacy for innovating on behalf of people with diabetes and taking important action to help ensure they easily access the treatments they need through a transparent purchase process that automatically applies any eligible discounts.”
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Amazon has made several moves this year to outcompete major players in the pharmaceutical industry, including CVS and Walgreens. In January, Amazon Pharmacy launched a $5-a-month program for 50 generic medications used to treat over 80 chronic medical conditions, ranging from high blood pressure to anxiety disorders.
“What [is Amazon] really good at? We are good at acting based off of our core retail roots — driving convenience, value, and affordability through upfront pricing and direct delivery,” Gupta said. “This is how we are trying to get closer to our customers — by really keeping their priorities first.”
