US Insulin Pricing Probe Clouds Prospects for Novo Nordisk, Others
As US prosecutors investigate Novo Nordisk and other insulin makers for their pricing and contracts with pharmacy benefit managers, plaintiff firms allege the Danish group engaged in collusive agreements and misled investors about its earnings and forecasts.
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Lilly's first quarter benefited from rising sales for most of its diabetes products, which has become one of the most difficult therapeutic areas to do business in due to competitive and reimbursement pressures.
Novo Nordisk's executive VP and head of North American operations, Jakob Riis, has resigned from the company – a move not completely out of the blue considering recent rumors of conflict within the diabetes drug developer's US operations and a lackluster 2016 financial performance for the whole group.
As political pressure on pricing continues to build, Janssen's first-ever transparency report notes average list price increase was 8.5% in 2016; annual pricing parties are no longer 'raves,' Raymond James & Associates says.