Walmart (WMT) said Tuesday it will launch a private-label brand of analog insulin as the world's largest retailer continues to build out offerings in its nascent healthcare business.
Walmart said the private brand, called ReliOn NovoLog, made by Novo Nordisk (NVO) will save customers as much as 75% when compared to branded analog products, with vials priced at $72.88 each and the retailer's FlexPen set at $85.88 each.
"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," said Walmart Health & Wellness vice president Cheryl Pegus. We also know this is a condition that disproportionately impacts underserved populations. With ReliOn NovoLog insulin, we're adding a high-quality medication for diabetes to the already affordable ReliOn line of products and continuing our commitment to improve access and lowering cost of care
Walmart shares were marked 0.2% higher in early Tuesday trading following the announcement to indicate an opening bell price of $138.32 each. Novo Nordisk's U.S.-listed shares, meanwhile, were marked 0.4% higher at $83.60 each.
Eli Lilly (LLY) , which is developing diabetes drug that could compliment its best-selling treatment Trulicity, which had $5.1 billion in sales last year but loses patent protection, was marked 0.35% higher at $229.00 each.
Walmart has pledged to grow its healthcare business as retail competition continues to intensify, and unveiled the purchase of telehealth provider MeMD earlier this year.
"We continue our work to build a larger health and wellness business and help customers and associates have a better experience when it comes to their healthcare," CEO Doug McMillon told investors following the group's second quarter earnings in May.