Drug prices have come under intense scrutiny, with the Trump administration promising fewer regulations and lower taxes while expecting pharmaceutical companies to lower drug prices in return. Now, a class action lawsuit accuses insulin manufacturers of fixing prices and conspiring to increase the cost of their essential medication. The manufacturers, Sanofi, Novo Nordisk, and Eli Lilly, raised insulin prices by more than 300% between 2002 and 2013 while offering large rebates to pharmacy benefit management companies. All three companies have raised prices in near identical timing. The American Diabetes Association has called for access to affordable insulin, suggesting that “millions of Americans with diabetes are paying a steep price to stay alive.” Meanwhile, generic drug pricing has come under scrutiny as well. In December, the attorneys general in 20 states accused generic drug manufacturers of engaging in a price-fixing scheme to raise prices. The companies, including generic behemoths Teva and Mylan, are accused of colluding at informal gatherings and through phone and text messages. Be sure to check back with Pharmacology Watch and reliasmedia.com for updates on this issue.
A class action lawsuit accuses insulin manufacturers of fixing prices and conspiring to increase the cost of their essential medication.
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