Novo Nordisk to resume modern insulin sales to Greece on better terms

Danish insulin giant Novo Nordisk appears to have backed down in its fight with the Greek government over the draconian drug price cuts - averaging 25% - imposed, which led to the company (as well as fellow Denmark-based LEO Pharma) to say that it would not supply some of its products (the so-called modern insulins or insulin analogues) to the country as it would not only be uneconomic, but would likely lead to parallel trading and calls for reductions in other markets (The Pharma Letter June 1).

The company told TPL that, late last Friday, the Greek government issued a new price bulletin for 48 insulin products, including Novo Nordisk's modern insulin products and pen-based insulins. The new prices became effective June 14.

It is unclear how these new prices have been calculated, it stated. They are higher than those dictated by the decree which took effect on May 3, but lower than the average of the three lowest prices in Europe, which Novo Nordisk has argued is a reasonable price level.