trending Market Intelligence /marketintelligence/en/news-insights/trending/n__diwpiwm7i88aiyg3t8q2 content esgSubNav
In This List

Minnesota sues 3 insulin makers over pricing

Blog

Insight Weekly: US stock performance; banks' M&A risk; COVID-19 vaccine makers' earnings

Blog

Global M&A By the Numbers: Q3 2021

Blog

Post-webinar Q&A: Global Credit Risk Trends 2021 and Beyond

Blog

University Essentials: From Crisis to Resilience – Navigating Sustainable Recovery


Minnesota sues 3 insulin makers over pricing

Minnesota Attorney General Lori Swanson sued three of the largest insulin makers in the world, accusing them of deceptively raising prices for diabetes treatments, Reuters reported.

The lawsuit — filed in federal court in Trenton, N.J. — alleges that Sanofi, Novo Nordisk A/S and Eli Lilly and Co. more than tripled the price of their products since 2002, which was not indicative of insulin's true cost.

The case seeks an injunction against misleading list prices for insulin products, as well as damages for Minnesota residents who paid out-of-pocket for their insulin.

In response to the lawsuit, Denmark's Novo Nordisk stated it was "committed to ethics and compliance in how we support patients." Paris-based Sanofi and Indianapolis' Eli Lilly denied the case's merit in separate statements, Reuters said.

The lawsuit comes as U.S. President Donald Trump seeks to lower drug prices through a strategy unveiled in May. The plan targets consumer drug advertisements and pharmacy benefit managers who negotiate with drugmakers for rebates on prescription medicines. PBMs retain a percentage of these rebates, which are based on the drug list prices set by manufacturers.

The administration is questioning whether higher list prices are incentivized under the current system.