City of Miami – Price-Fixing Insulin
THE CITY OF MIAMI FILES HISTORIC SUIT AGAINST PRICE-FIXING INSULIN MANUFACTURERS ON BEHALF OF ALL THE CITY OF MIAMI WORKERS
(Miami, FL – June 22, 2021) The City of Miami, Florida filed a historic lawsuit on behalf of all City workers who are currently using, or previously used insulin – the life saving drug – for diabetes, and other related medical uses. The suit exposes a price-fixing scheme by the manufacturers of the drug, together with Pharmacy Benefits Managers (PBMs). Mansfield, Bronstein and Stone, LLP (MBS) and Marc J. Bern & Partners LLP are jointly representing the City of Miami.
Diabetes is an epidemic in our country. 34.2 million Americans—just over 1 in 10—have diabetes; additionally, 88 million American adults—approximately 1 in 3—have prediabetes, according to the CDC. Nearly eight million people rely on daily insulin treatments to survive. Since the discovery of insulin in 1922, the only thing that has changed, is the price charged to the consumer. The scientists who first developed insulin sold the original patent for $1.00 to ensure that it would remain affordable for all.
The Manufacturing Defendants have raised the price of insulin in lockstep over the past 15 years. The cost to manufacture the drug is roughly $5.00 and was originally priced for the consumer at around $20.00 in the late 1990’s. The price of insulin for the consumer now ranges between $300 and $700. The manufacturers’ increases of the price for insulin has risen between 1,000% and 1,500% since the introduction of the drug. The suit claims that the Manufacturing Defendants namely Eli Lilly, Novo Nordisk, and Sanofi US; and, the named PBM Defendants, Express Scripts Holding Co, CVS Health Corp, Caremark Rx, Optum Inc., Aetna PBM, and others jointly conspired to make record profits at the expense of the Plaintiff, The City of Miami.
The action claims that the Defendants violated Florida’s Anti-trust Act of 1980, and various Florida common laws, by engaging in the Insulin Pricing Scheme. The measure of financial damages is the difference between what the City of Miami paid for insulin and the price it should have paid absent the Insulin Pricing Scheme. The City is suing for the reimbursement of these expenses which is anticipated to be several million dollars.
The City is represented by the South Florida law firm, Mansfield, Bronstein & Stone, LLP, and the New York firm Marc J. Bern & Partners LLP. For more information please contact Gary N. Mansfield, Esq. by email at email@example.com or by phone at 954-601-5600 (a copy of the complaint is available by contacting Gary N. Mansfield). Mansfield, Bronstein & Stone, LLP can be found at www.mblawpa.com. Marc J. Bern & Partners LLP can be found at www.bernllp.com.