The Danish pharmaceutical giant Novo Nordisk is one of three companies being sued by a group of patients at a court in the US for having inflated prices of insulin through collusive price fixing.
According to the lawsuit, Novo Nordisk, Sanofi SA and Eli Lily & Co – the biggest producers of diabetes treatments on the US market – have inflated insulin prices by 150 percent over the past five years.
The lawsuit was filed on Monday in a federal court in Massachusetts, and immediately afterwards, shares of the three companies took a nosedive in US markets.
The plaintiffs claim the alleged price-fixing scheme caused them to overpay for insulin, an allegation that Novo Nordisk and Sanofi have both previously denied.
The lawsuit comes months after US senator and former presidential hopeful Bernie Sanders launched a new campaign attacking a number of pharmaceutical companies, including Novo Nordisk, for their high prices in the US.