Minnesota accuses insulin makers of deceptive drug pricing - (Yahoo!Finance via NewsPoints Desk)

  • Minnesota Attorney General Lori Swanson has filed a lawsuit in US district court accusing Eli Lilly, Novo Nordisk and Sanofi of deceptive pricing for their insulin products, as reported Yahoo!Finance Tuesday.

  • The litigation, which comes after the list prices of some insulin products have more than tripled since 2002, contends that the drugmakers set artificially high prices for the treatments and then offered rebates to pharmacy benefit managers in exchange for coverage of their drugs.

  • The lawsuits claims that the practice made insulin less affordable for certain patients, including those with high-deductible insurance plans, uninsured patients and elderly patients who use Medicare.

  • "Many people can't afford the price hikes but can’t afford to stop taking the medication either," Swanson remarked.

  • Novo Nordisk said it remains "committed to ethics and compliance in how we support patients," while Eli Lilly and Sanofi separately stated that the lawsuit was without merit.

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