Novo Nordisk Caps Insulin Prices Following Minnesota Lawsuit Settlement

Novo Nordisk has agreed to a legal settlement capping insulin prices, following Minnesota's attorney general's accusations of price gouging. The settlement mandates a price cap of $35 per monthly prescription and provides free insulin to needy Minnesotans. The agreement follows similar deals with Eli Lilly and Sanofi.

Novo Nordisk has reached a settlement to cap insulin prices, following a lawsuit led by Minnesota's attorney general accusing major insulin producers of excessive pricing. Filed in federal court in Newark, New Jersey, the agreement reflects similar settlements with Eli Lilly and Sanofi last year.

The settlement demands Novo Nordisk to limit out-of-pocket expenses for cash-paying patients to $35 monthly per prescription, regardless of their insurance status. Additionally, it stipulates providing complimentary insulin to the neediest Minnesotans, defined by those with incomes at or below 400% of the poverty level, equating to $128,600 for a family of four.

Novo Nordisk denied any wrongdoing upon agreeing to the five-year settlement, which awaits court approval. Attorney General Keith Ellison emphasized the settlements' impact, reducing insulin costs by over 90%. Ellison accused manufacturers of prioritizing profits over lifesaving medication access.

(With inputs from agencies.)