Texas sues firms over alleged insulin price conspiracy
Texas Attorney General Ken Paxton has filed a lawsuit against major pharmaceutical companies, including Eli Lilly (NYSE: LLY), alleging a conspiracy to artificially inflate the prices of insulin by up to 1,000%.
The allegations have also been made against pharmacy benefit managers (PBMs) such as CVS Pharmacy and Express Scripts.
The lawsuit claims that the manufacturers and PBMs colluded to drive up insulin prices through a scheme that involved manufacturers paying undisclosed rebates to PBMs in exchange for preferential placement on formularies.
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