Walmart is selling its own lower-cost, private insulin brand for diabetics to compete with major pharmacy rivals such as Amazon, Walgreens and CVS Health, according to Forbes.
The private brand, ReliOn, provides insulin vials for $72.88 and FlexPens for $85.88. Walmart announced Tuesday that customers will save between 58% and 75% compared to other analog insulin brands, Forbes reported.
We’re launching the first-ever private brand analog insulin, revolutionizing the access and affordability to diabetes care. The new offering through our ReliOn™ brand includes analog insulin vials and a package of FlexPens® with huge cash savings. https://t.co/E0TsMi7CXp pic.twitter.com/BXSiK7oUCf
— Walmart Inc. (@WalmartInc) June 29, 2021
The company is tapping into a market of over 34 million Americans with diabetes, Forbes reported. (RELATED: Drug Pricing War Leads CVS And Walmart To Part Ways)
“Diabetes is one of the fastest growing diseases in the country,” said Walmart Health & Wellness executive vice president Dr. Cheryl Pegus, according to Forbes. “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. We also know this is a condition that disproportionately impacts underserved populations.”
Pegus also said that Walmart is able to lower the cost of insulin because the company is working directly with the manufacturer, Novo Nordisk, according to Forbes.
The new product is now available at Walmart stores and will also be sold in Sam’s Club pharmacies beginning in mid-July, Forbes reported.
The launch of its own insulin brand is the company’s most recent effort to expand its pharmacy and healthcare services. Walmart began offering a discount on drugs for employers this year, while launching telehealth services and additional outpatient care through healthcare “super centers,” according to Forbes.