A nonprofit pharmaceutical company, Civica Inc., is set to offer insulin at a cost of no more than $30 per vial, making it much more affordable for the approximately 8 million Americans who rely on this life-saving medication. Civica, nearing the completion of a 140,000-square-foot facility in Petersburg, plans to commence the sale of insulin vials and pre-filled syringes by 2024. This initiative is driven by the company’s mission to reduce the exorbitant prices of insulin in the United States and aims to benefit patients who often pay hundreds of dollars for a vial of insulin. Civica, as a nonprofit, can take risks that for-profit companies wouldn’t, with its funding coming from hospitals, insurance companies, nonprofits, and governments. The cost of insulin in the U.S. is much higher than in other high-income countries due to various factors, including middlemen known as pharmacy benefit managers. Civica’s initiative, while complex and costly, seeks to disrupt the insulin market and reduce the financial burden on patients.
Petersburg, VA