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Novo Nordisk Says "No"

Posted May 30 2010 2:47am
Or, maybe, they said "όχι"?

The Greek government has decreed that drugs should cost less .... about 25% less .... and these savings may help curtail the country's massive debt. As a result, the Danish pharmaceutical company, Novo Nordisk, is withdrawing 17 products, involved in the treatment of diabetes, in Greece.
"The products that are pulled from the market are the latest generation of insulin products in the pen system," Mike Rulis, Novo Nordisk's head of corporate communications, told AFP.

"That means wholesellers will no longer order these products, because they can only sell them to the pharmacies at a loss, because they will only be reimbursed at the minus 25 percent level," Rulis said.

Novo will continue to market human insulin products that can be administered via vial and syringe. These are used by approximately 45% of Greek diabetics. It will now. also, provide glucagon free of charge.

If Novo Nordisk complied with the 25 percent price cut on all products, its operations in Greece would become loss-making, Rulis said.

"The financial consequences for the company would be very significant," he said, adding "a price lowering of this magnitude in Greece would automatically trigger price reductions in other countries."

Novo Nordisk also notes Greece already owes them $36 million. The company chairman, Lars Sorensen, in a letter addressed to a critical Greek economist, made note of "the irresponsible management of finances by the Greek government which puts both you and our company in this difficult position".

Read complete articles about this situation here and here . You could do that before, or after, someone supporting our recent health care reform bill tells you how much better medical care is in Europe.

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