Insulin prices have soared, leaving millions of Americans buckling under the financial pressure of this lifesaving diabetic treatment. Between 2007 and 2018 alone, the cost of some insulin products increased by more than 200%. Sadly, people with limited or no health insurance have reported paying upwards of $1,000 a month for insulin. States, counties, and local governments are now filing insulin overpricing lawsuits, claiming companies have unjustly raised the cost of insulin, burdening diabetic patients who need it to survive.
The Lake Law Firm is investigating insulin overpricing schemes on behalf of self-funded healthcare plans and their holders. Our team has experience challenging large pharmaceutical corporations, and we will apply this knowledge to your claim. Call (888) 525-3529 to learn if you qualify for an insulin overpricing lawsuit.
The prevalence of diabetes has continued to grow in the United States. According to the CDC, 37.3 million Americans—about 1 in 10—have diabetes. Furthermore, about 1 in 5 people with diabetes don’t know they have it.
Despite widespread instances of diabetes, many are struggling to access insulin. Between glucose monitors, insulin pumps, insulin, and other medications, diabetes has become an increasingly expensive condition to have. A recent report featured in Health Insights revealed that 14% of individuals relying on insulin are grappling with a “catastrophic” financial burden, spending over 40% of their remaining income after covering basic necessities like food and housing.
Uninsured and insured individuals alike are shelling out exorbitant amounts each month to afford insulin. In some cases, diabetic patients have been forced to ration their insulin or skip doses altogether to make it month to month. Sadly, the cost of insulin has led to hospitalizations, comas, and even death.
Even though insulin has been around for over 100 years, the medication remains expensive. Many factors are at play that have caused insulin prices to climb in the last few decades.
Firstly, drug companies engage in a practice called “evergreening,” in which they make small changes to their products to extend their patents, preventing cheaper alternatives. The complicated manufacturing process and the substantial cost of getting approval for insulin make it hard for other companies to enter the market and bring down prices. So, only a few companies dominate the insulin market, keeping prices high.
Also, higher insulin costs result from the federal government’s limited ability to negotiate drug prices and the lack of transparency in negotiations with pharmacy benefit managers.
Multiple insulin manufacturers and pharmacy benefit managers are facing insulin overpricing lawsuits, including:
Over the last two years, several states have filed insulin pricing lawsuits, alleging insulin manufacturers and pharmacy benefit managers to artificially and fraudulently inflate the price of insulin and other diabetes medications. Arkansas, Illinois, Mississippi, Montana, and Kansas have all brought forth insulin pricing lawsuits, among other state and local governments in other districts.
In August 2023, a panel consolidated insulin overpricing lawsuits into multidistrict litigation (MDL). An MDL takes lawsuits with similar claims and transfers them to a single court before one judge. Insulin overpricing lawsuits make similar allegations, such as:
The Lake Law Firm is currently investigating and filing claims on behalf of entities that maintain self-funded healthcare plans. These self-funded entities include state and independent local governments (including counties, cities or towns, school districts, and special districts), unions, and other self-funded organizations that paid or reimbursed for insulin medications as part of their self-funded prescription drug plan, as well as for their own use.
Plaintiffs affected by insulin schemes may be able to recover any or all of the following:
The Lake Law Firm was founded by Edward J. Lake, Esq., a personal injury lawyer for over 25 years. Our dedicated team of attorneys is committed to seeking justice on behalf of those who have suffered injury or death due to the negligence of others. Our experienced attorneys handle many different types of pharmaceutical drugs, medical devices, and other defective products. The lawyers in our firm have helped collect millions of dollars for their clients. An insulin overpricing lawyer will advocate for you and your rights. Please contact us for a free confidential case evaluation at (888) 525-3529 or submit an inquiry on this page.
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