Breaking Down the Insulin Pricing Scheme Puzzle
There have been several allegations that some insulin manufacturers are artificially inflating the price of insulin, which has contributed to the skyrocketing cost of this life-saving medication.
The allegations of insulin manufacturers artificially inflating pricing have fueled calls for increased transparency in pricing, government regulation, and more competition in the insulin market. Policymakers and advocacy groups have been pushing for reforms to address the insulin pricing crisis and guarantee affordable access to this essential medication for people with diabetes.
Why Are Insulin Prices Increasing?
The cost of insulin has more than tripled in the United States between 2002 and 2013, and it continues to rise. A 2020 study found that the average price of insulin in the US is about ten times higher than the price in other high-income countries.
There are several reasons for the rising insulin prices. One of the primary factors is the lack of competition in the insulin market, as only a few companies control the production and distribution of insulin. The challenging supply chain and distribution system also contribute to the high cost of insulin.
Other reasons include:
- Research and development costs
- Marketing and advertising expenses
- Patent protections on insulin formulations
- Insurance practices
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How вoes This Affect People Who Need Insulin?
The high cost of insulin can have a significant impact on people who need it to manage their diabetes. Insulin is a life-saving medication for people with diabetes, and the high cost of insulin can make it difficult for individuals to access the medication they need to manage their condition effectively.
For people with diabetes who do not have insurance coverage or who have high deductibles, the cost of insulin can be prohibitively expensive. This can lead to individuals rationing their insulin or skipping doses, which can have serious health consequences, including high blood sugar levels, diabetic ketoacidosis, and even death.
Even for individuals who have insurance coverage, the high cost of insulin can still pose a significant financial burden. Copays and deductibles can be high, and some insurance plans do not cover all types of insulin or require individuals to use a specific brand of insulin, even if it is more expensive. Overall, the high cost of insulin can have a profound impact on the health and well-being of individuals with diabetes and can make it difficult for them to manage their condition effectively.
What Lawsuits Are Being Brought Against Manufacturers?
There have been numerous lawsuits and investigations into the pricing practices of insulin manufacturers, with allegations of price-fixing, anti-competitive behavior, and other unfair practices.
In 2019, several insulin manufacturers faced a lawsuit alleging that they conspired to raise insulin prices by over 500% over a decade. The lawsuit claimed that the manufacturers engaged in anti-competitive behavior to maintain their dominance in the insulin market and increase profits at the expense of patients. Some manufacturers include:
- Eli Lilly and Company
- Novo Nordisk
- Insulet Corporation
- MannKind Corporation
Though not all of these companies have been found guilty of any wrongdoing, investigations into pricing practices are ongoing. However, these companies have been named in lawsuits and investigations related to the high cost of insulin.
How Can I Be Compensated?
If you have experienced financial harm as a result of the high cost of insulin, you may be able to pursue legal action to seek compensation. Remedies available to claimants in a lawsuit may vary depending on the specific details of the case and the outcome of the lawsuit. Some remedies include:
- Money to compensate for financial harms suffered and to prevent other defendants from behaving the same way
- Injunctive relief in order to stop the pricing scheme so that future customers don’t experience the same harm
- Punitive damages to punish past and future defendant misconduct
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Where Should I Start?
If you ave been affected by the artificially inflated pricing of insulin and would like to fight back, the first step is to consult with one of our attorneys who has experience in this area. When you contact us, we will evaluate your case, explore your legal options, and work to achieve a favorable outcome in your case.
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