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Eli Lilly, Novo Nordisk, Sanofi Accused Of Artificially Raising Insulin Prices

By Vandana Singh
  • Arkansas has accused Eli Lilly And Co (NYSE:LLY), Novo Nordisk A/S (NYSE:NVO), Sanofi SA (NASDAQ:SNY), and three of the largest pharmacy benefit managers (PBMs) of artificially driving up insulin prices.
  • The complaint, filed by Arkansas Attorney General Leslie Rutledge, alleges the defendants devised a scheme in which the Big Pharmas would "artificially and willingly raise their list prices" and then pay a part of those earnings back to the PBMs as rebates.
  • "These drug manufacturers and PBMs have inflated the price of insulin and other diabetes-related medication to line their own pockets," Leslie Rutledge said
  • The PBMs listed in the suit include CVS Health Corporation's (NYSE:CVS) Caremark, Cigna Corp's (NYSE:CI) Express Scripts, and UnitedHealth Group Inc's (NYSE:UNH) OptumRx, which control 80% of the PBM market.
  • High prices force some patients to go without treatment, and back in March, the House passed a bill that would cap insulin prices at either $35 a month or 25% of an insurance plan's negotiated price.
  • According to the Arkansas lawsuit, for the last 15 years, the pharma companies "have in lockstep raised the prices of their respective diabetes drugs in an astounding manner, even though the cost to produce these drugs has decreased during that same time."
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Dive Deeper:
How a long-fought Democratic win could pose trouble for Amazon and Elon Musk
With the confirmation of a third Democrat to the Federal Trade Commission, the progressive chair regains the agency’s majority —…
Vallon Pharma Posts Additional Data From SEAL Study Of Formulated CNS Stimulant
Vallon Pharmaceuticals Inc (NASDAQ:VLON) reported additional results from the SEAL study evaluating the abuse potential of ADAIR. ADAIR is the Company's proprietary abuse-deterrent…
Elizabeth Warren Introduces Price-Gouging Bill That Fails To Define What Qualifies as Price Gouging
The bill would penalize companies for price gouging during times of war, public health emergencies, or natural disasters—which would have…
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Cryptocurrency platform Coinbase Global Inc (NASDAQ: COIN) had one of the biggest public listings of all time when it went…
One subscription that gives you access to news from hundreds of sites
Why Eli Lilly Shares Are Trading Higher Today
The FDA approved Eli Lilly And Co's (NYSE:LLY) injected drug tirzepatide, which has the brand name Mounjaro (tirzepatide), to help improve blood sugar…
Red flag symptoms that led to Deborah James discovering she had bowel cancer
Deborah James' fund has now raised more than £3m for clinical trials and personalised medicine for cancer patients
Get all your news in one place