Novo Nordisk (NVO) settlement on the out-of-pocket price cap of insulin for Minnesota residents at $35 per month for the next five years was approved by a federal court in New Jersey, Bloomberg reported Wednesday, citing a court document.
US District Judge Brian Martinotti approved the settlement on Tuesday, according to news outlet. The settlement will cover residents regardless of their insurance status and make the medicine to treat diabetes free for the poorest residents.
Minnesota sued Novo Nordisk in 2018, alleging it engaged in a racketeering enterprise with pharmacy benefit managers to inflate the price of its insulin products, per the news outlet.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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