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Lawsuit Accuses Drugmakers of Insulin Overcharging

The state of California filed the suit

California is suing the United States' leading insulin makers and pharmacy benefit managers, accusing them of using their market power to overcharge patients for the life-saving drug, the state's attorney general announced on Thursday.

The lawsuit, filed in California Superior Court in Los Angeles, targets Eli Lilly and Company, Novo Nordisk and Sanofi, which together make more than 90 percent of the insulin drugs sold globally.

It also names the three largest pharmacy benefit managers (PBMs) - UnitedHealth Group's Optum unit, CVS Health Corporation's CVS Caremark and Cigna's Express Scripts. PBMs maintain the lists of drugs covered by health insurance plans and negotiate prices with manufacturers, and the top three account for about 80 percent of the market.

Please select this link to read the complete article from Reuters.

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