Novo Nordisk rejects US report on aggressive insulin price hikes
The report contained graphs showing how Novo has raised the price on its rapid-acting insulin Novolog by 628 percent since 2001 by hiking the price 28 times.;
Copenhagen: Novo Nordisk on Wednesday rejected allegations by a U.S. congressional investigative committee that it has engaged in manoeuvres to increase net prices on life-saving insulin in tandem with its competitors on the U.S. insulin market.
The report, released in December by the House Oversight Committee, the main investigative body of the U.S. House of Representatives, alleged Novo had increased prices on its insulin drugs to the detriment of diabetes patients between 2001 and 2019.
Referring to Novo Nordisk and rival drugmakers Eli Lilly and Sanofi, which own some 90% of the U.S. insulin market, the report cited internal documents saying they had "intentionally and strategically raised their prices in lockstep."
"We have nothing to hide, we feel we have done business in the right way in the U.S," Novo's Chief Executive Lars Joergensen said on Wednesday, denying his firm had engaged in such activities.
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