Sanofi, Novo Nordisk and Eli Lilly have been named in a class action lawsuit that alleges the insulin makers of price fixing.
Filed by a group of patients in a federal court in Massachusetts, the suit accuses the three biggest makers of diabetes treatments of simultaneously raising the price of insulin by more than 150 percent over a five year period and for violating the Racketeer Influenced and Corrupt Organizations Act.
Plaintiffs claim that the companies raised their public benchmark price while maintaining lower prices for large pharmacy benefit managers, which act as middle men with health insurers to keep a percentage of the price difference.
Read the Reuters report