SALT LAKE CITY, June 16, 2022–(BUSINESS WIRE)–Nomi Healtha direct care company that provides easy access to affordable healthcare in the US has invested $5 million in a non-profit generic pharmaceutical company initiative. Civica, Inc. (Civica, Civica Rx) to help accelerate the production of low-cost insulin for people living with diabetes in the US.
According to the American Diabetes Association, nearly half of US adults are diagnosed with diabetes or prediabetes, and every 21 seconds another American has been diagnosed with this chronic condition. Diabetes costs have increased by 37% over the past 5 years, and type 2 diabetes prevalence is 25% higher among the lowest paid workers, according to Artemis, a Nomi Health company that identifies cost and quality opportunities for more than 600 employers.
For the approximately 10 million Americans who rely on insulin to save their lives, the cost of insulin has skyrocketed, even as costs have been reduced for the companies that make it. In fact, the average list price of insulin — a 100-year-old drug — increased by 11 percent annually from 2001 to 2018., with the average cost per person per year now approaching $6,000. If the price trends of the last decade do not change, this cost it is estimated to increase to $12,446 per patient on insulin by 2024.in just two years.
“The insulin crisis is not about supply. This is an overpricing crisis caused by a small but uncontrolled monopoly of pharmaceutical giants and is 100% avoidable,” said Mark Newman, CEO and co-founder of Nomi. Health. “Pricing has no place in public health. Americans don’t have to choose between insulin and food these days. We will continue to identify opportunities for our employer and public sector partners to change the healthcare cost curve with our ideas.” action solutions like Artemis. The work that Civica is doing to expand access to these life-saving medicines requires urgent attention and action. By contributing to Civica, we at Nomi Health continue our mission of providing easy access to affordable health care. for all Americans.”
Civic launched the 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. With the support of partners such as Nomi Health, Civica is co-development and manufacturing of the drug, completing clinical trials and submitting the necessary applications for FDA approval. Civica plans to sell its insulins at one low and transparent price, no more than $30 per vial and $55 for a box of five pen cartridges.
“We thank Nomi Health for joining Civica. available insulin “This is an initiative,” said Ned McCoy, President and CEO of Civica. “Nomi is committed to helping make a difference in the lives of people living with diabetes who are struggling to meet the cost of life-sustaining insulin.”
Nomi Health’s $5 million donation to Civica follows the company’s legacy of having a significant impact on healthcare spending and care delivery in the country, including:
To learn more about Nomi Health’s work to expand easy access to affordable services, visit www.nomihealth.com.
About Nomi’s health
Nomi Health is a direct care company providing easy access to affordable healthcare in the United States. The direct care and payment model benefits patients, providers and purchasers of health care in both the public and private sectors. Today, Nomi Health serves more than 11 million Americans with everyday healthcare services delivered directly to hundreds of communities across the country, including our country’s deserts. During Covid-19, this direct care model has played a key role in access to care, public health, and keeping the economy open and functioning.
Based in Orem, Utah, the company is made up of a team of more than 2,000 people across the country who are actively working to reduce healthcare costs, expand access to healthcare, and improve patient care. Nomi Health is led by an experienced cross-functional leadership team with backgrounds in medicine, technology and finance. Visit us on Twitter @NomiHealth and via www.nomihealth.com.
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