If you’re experiencing financial difficulties because of the unfairly high costs of insulin, which have been caused by pharmaceutical wrongdoing, Ben Crump Law is here to support you. Our skilled legal team is dedicated to helping you pursue the rightful compensation you deserve. We’ll assist you in navigating the intricacies of the Ely Lilly lawsuit and vigorously advocate for the financial relief necessary to overcome the burdens imposed by insulin price manipulation.
The Nationwide Diabetes Epidemic
Diabetes remains a nationwide crisis, with startling statistics:
- More than 34.2 million Americans, amounting to 10.5% of the U.S. population, are living with diabetes.
- Additionally, over 88 million individuals have been diagnosed with prediabetes.
- Shockingly, despite effective treatments being available, diabetes ranks as the seventh leading cause of death in the nation.
- Annually, diabetes is the direct cause of death for around 275,000 Americans.
Essential Nature of Insulin
Given the widespread prevalence and seriousness of diabetes, insulin stands as a critical, life-saving medication for over 7 million individuals daily. Since 2003, specific insulin list prices have surged by more than 1000%, significantly surpassing the inflation rate for consumer goods and services.
Artificially Inflated Insulin Prices
Over the past two decades, insulin’s costs have soared despite its existence for over a century, reduced manufacturing expenses, and minimal advancements in its formulation. Insulin manufacturers and pharmacy benefit managers (PBMs) have artificially inflated insulin prices, which has adversely affected self-funded health plans and their members and beneficiaries.
Insulin Pricing Scheme Details
The insulin pricing scheme revolves around two distinct yet interconnected illegal practices:
- PBMs demand substantial, undisclosed, and ever-growing “rebates” and other payments to secure preferred formulary placement, which results in increased costs for payors and plan members.
- Manufacturers raise insulin prices in sync to accommodate these larger rebates, ensuring continued access to lucrative positions on PBMs’ standard formularies.
Lawsuits filed against insulin manufacturers and pharmacy benefit managers (PBMs):
States filing lawsuits against insulin manufacturers for artificially inflating prices include
- Arizona;
- Utah;
- Kentucky; and,
- Ohio.
Lawsuits filed against insulin manufacturers include:
- Eli Lilly & Co.;
- Novo Nordisk A/S; and,
- Sanofi SA.
Lawsuits against PBMs include
- CVS Caremark,
- Express Scripts, and
- OptumRX.
The lawsuits claim that insulin prices were unlawfully raised through deceptive pricing tactics. Many of these cases have been combined into multidistrict litigation based in New Jersey. This legal action accuses insulin manufacturers and PBMs of engaging in unjust and misleading business practices, which resulted in increased expenses for patients and health insurance programs.
Ben Crump Protects Victims Nationwide
Ben Crump Law is dedicated to helping victims in the following cities to pursue the rightful compensation they deserve:
- Atlanta, Georgia
- Houston, Texas
- Los Angeles, California
- Sacramento, California
- Tallahassee, Florida
- Washington, D.C.
- And many more!
View all areas Ben Crump Law serves
Let us help you pursue the justice and compensation you deserve.
You can seek compensation if you’ve been financially impacted by insulin price fixing. Contact Ben Crump Law today for a free, confidential case review with our experienced legal team. Use our convenient contact form to schedule your consultation now.
