The prices foe on drugs from pharmaceutical companies seems to be never ending, of late. In a latest move, Eli Lilly and Co (NYSE:LLY), along with Sanofi SA (ADR)(NYSE:SNY) and Novo Nordisk A/S (ADR)(NYSE:NVO) were accused of “conspiring” in hiking the prices of insulin. As a result, a federal lawsuit is filed against the three in federal court in Massachusetts.
Companies exploiting opaque drug-pricing system in the US
The feud surrounding the drug-pricing system has been into limelight recently due to several patient groups complaining of excessively high prices of vital drugs. In this latest lawsuit against the three companies, it is accused that these companies have tried to fiddle with the opaque drug-pricing mechanism in the country. This, it has been accused, is done so as to benefit themselves or their intermediaries.
The patient groups and doctors have, in turn, pointed that this trend of rising drug prices is dangerous, and more than that, it has absolutely no connection with rise of production costs, as claimed by pharmaceutical companies.
The debate over pharmaceutical companies pricing policies and the rising costs of drugs is something that has come to grip the nation in recent past. It would be now worth seeing, how Trump government respond to the subject.
Ignition of a dangerous trend- diabetic ketoacidosis
As a result, a range of diabetic patients are unable to afford the basic insulin treatment as well. The New York Times reports that at present, such treatments can go as high as $900 a month. This has ignited a dangerous trend. Patients are now either using expired insulin injections or are starving for controlling the blood sugar levels, which in turn, forces them to diabetic ketoacidosis. This is a blood syndrome, which can be even life threatening for a diabetic patient.
The Journal of the American Medical Association recently conducted a research and found that in nearly 11 years, the prices of insulin have almost tripled. From the tenure 2002 to 2013, these prices have risen three times.
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