Novo Nordisk defended the pricing of its diabetes drugs after U.S. senators alleged the Danish drugmaker was involved in a price collusion scheme, reported Reuters.
Sen. Bernie Sanders (I-Vt.) and Rep. Elijah Cummings (D-Md.) called on federal antitrust regulators Thursday to investigate multiple drugmakers, including Novo Nordisk, suggesting they intentionally set high prices for insulin and other diabetes medications, according to the report.
Novo Nordisk told Reuters the company sets its drug pricing independently from other drugmakers.
Mike Rulis, senior vice president of Novo Nordisk's corporate communications, justified the price hikes to Reuters, saying, "In order to get on the [product lists], which receive subsidies by the different insurance companies, we need to offer rebates. Those rebates have increased over the years, as well as list prices."
While Novo Nordisk earns about half its revenue from the 30 million diabetic people in the U.S., pharmacy benefit managers have squeezed prices, putting a strain on the drugmaker.
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