Walmart to Offer Low-Priced Insulin

Walmart said Tuesday that it will start selling its own private brand of insulin at much lower prices than competing products.

Insulin prices have skyrocketed in recent years, making it unaffordable for some Americans with diabetes, according to CBS News. Just three companies -- Eli Lilly, Novo Nordisk, and Sanofi -- control 99 percent of the market, and there are no generic versions of the drug available.

Walmart's insulin will cost $72.88 per vial and $85.88 per FlexPen, which is 58 to 75 percent lower than other insulin products on the market. That will save patients $101 per branded vial and $251 per package of branded FlexPens, the company said in a statement, CBS News reported. Novo Nordisk will make Walmart's private brand insulin.

"We know many people with diabetes struggle to manage the financial burden of this condition, and we are focused on helping by providing affordable solutions," Cheryl Pegus, M.D., executive vice president of Walmart Health & Wellness, said in a company news release.