Texas attorney general sues insulin makers and PBMs for colluding to inflate prices

From Investing.com: 2024-10-03 16:55:43

The Texas attorney general is suing insulin manufacturers and PBMs for colluding to inflate insulin prices. The lawsuit targets Eli Lilly, Novo Nordisk, Sanofi, CVS’ Caremark, Cigna’s Express Scripts, and UnitedHealth’s OptumRx. U.S. antitrust regulators previously sued only PBMs, accusing them of steering patients towards higher-priced insulin for rebates.

Texas Attorney General Ken Paxton accused insulin makers of artificially raising prices and paying PBMs for preferential treatment. PBMs then favored manufacturers with higher list prices. Paxton stated that “Big Pharma insulin manufacturers and PBMs worked together to take advantage of diabetes patients” CVS and UnitedHealth denied the allegations, while Novo Nordisk and Sanofi plan to vigorously defend against the claims.

The insulin manufacturers and PBMs denied the allegations in the lawsuit. CVS stated the accusations are false, while UnitedHealth’s OptumRx said the lawsuit ignores the market reality. Novo Nordisk believes the allegations are meritless, and Sanofi stated their pricing practices comply with the law. Lilly has not responded to requests for comment yet.



Read more at Investing.com: Texas attorney general sues insulin makers and pharmacy middlemen over high costs By Reuters