Insulin makers have faced questioning this year for their drug pricing practices – a class-action lawsuit filed in the U.S. District Court of Massachusetts in January alleges that Sanofi (NYSE:SNY), Novo Nordisk (NYSE:NVO) and Eli Lilly (NYSE:LLY) conspired to raise their list prices to get access to pharmacy benefit managers’ preferred lists, instead of competing with each other based on real market prices.
Some of the lawsuits’ plaintiffs pay almost $900 each month for their diabetes medications, according to the lawsuit. In an apparent attempt to combat the criticism, Sanofi yesterday established the industry’s strictest price-hike cap by pledging to limit increases according to healthcare inflation, except for extreme cases.
The company said it will keep price increases in the U.S. for 2017 at or below the national health expenditures growth projection of 5.4%.
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