Benzinga | Aug 20, 2021 02:34PM EDT

House Committee Questions Eli Lilly, Sanofi, Novo Nordisk On 'Unacceptably High' Insulin Prices

* House Energy & Commerce Committee leaders sent three letters to execs at Eli Lilly And Co (NYSE:LLY), Sanofi SA (NASDAQ:SNY), and Novo Nordisk A/S (NYSE:NVO), raising concerns that despite their supposed concern over the past two years with the price of insulin, the price still remains "unacceptably high."

* Committee chair Frank Pallone (D-NJ) and subcommittee chair Diana DeGette (D-CO) note in all three letters that the price of insulin in the U.S. is more than 10 times that of 33 other countries.

* In the letter to Sanofi CEO Paul Hudson, the lawmakers also reference its own 2021 pricing report, which says the average out-of-pocket costs for a patient using one of its insulin products have increased 82% since 2012.

* To Lilly CEO Dave Ricks, Pallone and DeGette note that "While your 2020 pricing report states that you have not raised prices on your Humalog insulin product since 2017, it is not enough to maintain an unjustifiably high price for insulin simply."

* As part of the inquiry, the Committee leaders requested additional information from the three companies by September 17.

* The letters seek answers on the more recent list and net price increases from 2019 to date.

* Related: FDA Approves Viatris-Biocon Biologics' Insulin Glargine Biosimilar Injection.

* Price Action: LLY stock is -0.07% at $270.20, SNY stock is +0.94% at $52.98, and NVO shares are up 1.04% at $106.71 during the market session on the last check Friday.

* Photo by Towfiqu barbhuiya on Unsplash