Leading attorneys from Hagens Berman and Carella Byrne Cecchi Olstein Brody & Agnello have announced significant progress in a major lawsuit against the rising costs of insulin. The cases, which began in 2017, have gained momentum in recent months, signaling a potential breakthrough.
Steve Berman, managing partner and co-founder of Hagens Berman, spoke about the urgent need for change. “We have heard firsthand from countless individuals who are suffering due to exorbitant prices of life-saving medication,” he said. “This lawsuit has the power to save lives.”
In a remarkable turn of events, Hagens Berman announced a $500 million settlement in 2023—a victory that demonstrated the potential impact of class action lawsuits. However, the court later denied certification of the class, prompting the law firm to take a new approach. Undeterred, they are now pursuing legal action in federal court, utilizing New Jersey’s state RICO Act.
The next step for those affected by overpriced insulin is to provide input to Hagens Berman if they purchased insulin after 2019, either with co-insurance or at full price. The law firm intends to fight for compensation on behalf of those impacted by the alleged pricing scheme involving Apidra, Basaglar, Fiasp, Lantus, Levemir, Novolog, Humalog, and Toujeo. Hagens Berman urges individuals to reach out to their team for further information and to join the fight for fair drug pricing.
Throughout the years of litigation, Hagens Berman has shown unwavering dedication to the cause. The firm has faced multiple rounds of motion to dismiss briefing, filed three amended complaints, and conducted extensive discovery, including over 60 depositions.
“This lawsuit is about millions of Americans with diabetes,” Berman emphasized. “It has the potential to set a precedent and change the landscape of prescription drug costs.”
Hagens Berman invites those affected to participate in this “milestone moment.” By standing together, they can continue to fight for affordable and accessible insulin for all. For more information on the class-action lawsuit and the law firm’s efforts, visit their website at www.hbsslaw.com.
In addition to the information provided in the article, there are several relevant facts, current market trends, and key challenges associated with the subject of insulin overpricing:
1. Insulin Pricing Trends: Over the past decade, the cost of insulin has skyrocketed in the United States. According to data from the Health Care Cost Institute, the average price of insulin nearly tripled between 2007 and 2017, leading to significant financial burdens for individuals with diabetes.
2. Impact on Patients: The high cost of insulin has forced some patients to ration their medication or seek alternative, potentially less-effective treatments. This can have serious health consequences, including increased risk of complications, hospitalizations, and even death.
3. Market Consolidation: Insulin production and distribution have become highly consolidated, with a few major pharmaceutical companies dominating the market. This lack of competition has contributed to the rising prices, as companies have been able to increase costs without fear of losing market share.
4. Lack of Transparency: The pricing mechanisms for insulin are complex and lack transparency, making it difficult for patients and healthcare providers to understand why prices continue to rise. This lack of transparency has led to growing public outrage and calls for greater accountability.
5. Regulatory Challenges: In recent years, there have been calls for increased regulation and oversight of the pharmaceutical industry to address the issue of high drug prices. However, enacting meaningful reforms has proven challenging, with debates over the role of government intervention and concerns about potential unintended consequences.
6. International Price Disparity: Another key challenge is the significant price disparity between insulin in the United States and other countries. The same brands and dosages of insulin can often be purchased at a fraction of the cost outside the U.S., leading to concerns about price gouging and unfair practices.
7. Controversies and Debates: The issue of insulin overpricing has sparked debates about the broader healthcare system, including the role of insurance companies, pharmacy benefit managers, and the profit margins of pharmaceutical companies. These controversies have fueled ongoing discussions about the need for systemic changes to ensure affordable access to life-saving medications.
Advantages of the Lawsuit:
– Raises Awareness: The lawsuit brought by Hagens Berman and other firms helps shed light on the issue of insulin overpricing, raising public awareness and fostering conversations about the need for change.
– Potential Compensation: If successful, the lawsuit could potentially provide financial compensation for individuals impacted by overpriced insulin, helping to alleviate the financial burden faced by many patients.
– Precedent Setting: The outcome of this lawsuit could set a precedent for future legal actions against pharmaceutical companies and potentially lead to broader changes in drug pricing practices.
Disadvantages of the Lawsuit:
– Lengthy Legal Process: Lawsuits of this scale can take several years to reach a resolution, during which time individuals in need of affordable insulin may continue to face financial hardships.
– Uncertain Outcome: The outcome of the lawsuit is uncertain, and there is no guarantee that the plaintiffs will ultimately prevail. This uncertainty can create additional stress and frustration for those affected.
– Potential Impact on Future Drug Development: Some argue that excessive litigation and potential regulation may have unintended consequences on the pharmaceutical industry, potentially impacting future drug development and innovation.
For more information on the class-action lawsuit and Hagens Berman’s efforts, you can visit their website: hbsslaw.com.