Novo Nordisk Pulls Insulin From Greece Over Money
8 CommentsBy Ed Silverman // May 29th, 2010 // 1:37 pm
More fallout from the European debt crisis. Novo Nordisk has yanked its diabetes product from Greece after the government instituted substantial price cuts of up to 25 percent on hundreds of medicines (see background), which the Danish drugmaker claims would force it to lose money on top of the $36 million it is already owned by the Greek government (see this).
More than 50,000 Greek diabetics use Novo Nordisk’s insulin product, which is injected with a fountain pen-like device and, not surprisingly, a patient association called the move a “brutal capitalist blackmail” and a “violation of corporate responsbility,” according to the BBC. UPDATE: The Leo Pharma is also suspending sales of a blood thinner and a psoriasis med, and says the price cuts will cause job losses across Europe. Leo Pharma claims it is owed $300 million, but the Greek government believes the Danish drugmakers are blackmailing Athens because they monopolize the market with certain key drugs, the BBC adds.
Pavlos Panayotacos, whose 10-year-old daughter has diabetes, wrote to Novo Nordisk ceo Lars Sorensen to say that, “as an economist I realize the importance of making a profit, but healthcare is more than just the bottom line. As you well may know, Greece is presently in dire economic and social straits, and you could not have acted in a more insensitive manner at a more inopportune time.”
However, Sorensen (see photo) is having none of it. He wrote back to say the decision was prompted by “the irresponsible management of finances by the Greek government which puts both you and our company in this difficult position,” the BBC reports. A Novo Nordisk spokesman says the issue is not about killing people and, to compensate, the drugmaker will make available its glucagen insulin free of charge.
Novo Nordisk is also concerned that the price cuts will have a ripple effect elsewhere in Europe, because other countries use Greece for as a reference point for setting drug prices.
Dani from Hungary
“A Novo Nordisk spokesman says the issue is not about killing people and, to compensate, the drugmaker will make available its glucagen insulin free of charge. ” - we do realize that Glucagen is in fact not equivalent to insulin, but contrarily, it is used to treat hypoglicaemia? please highlight this fact, the point is grossly misleading, as the spokesperson no doubt must have known.
http://www.novonordisk.com/diabetes/public/hypokit/glucagenhypokit/default.asp
this is just cynical beyond belief!
JaT
Sad situation for the diabetics in Greece. Changing maintenance drugs is no small thing.
Novo Nordisk should have worked something out with the Greek officials for people to adjust safely.
Phil
The bottom line is what counts, big pharma is not a charity.
It’s up to each country to look after it’s own people, not big business. Shareholders don’t care about morality or ethics.
Ted
You gotta love Novo.
The force feed their employees with mounds of garbage - “The patient comes first”, “We’re in this to make diabetes history”, etc.
The bottom line always is, and always will be, cash. And that’s ok. Honest. It is…
But what’s most definitely NOT ok is the incessant bleating about patients. It drives me crazy.
Novo is a business and the Greek government owes it $38 million. The Greeks should pay Novo the money they we it. But Novo should never have pulled insulin from people.
But wait a second…Novo did, after all, over free glucagon kits. But they know that the only time diabetics need glucagon when they are severely hypoglycemic. And, as a diabetic, you aren’t going to become hypoglycemic without insulin. How mind numbingly cynical, huh???
bruna licini
non si gioca sulla pelle delle persone.
per quanto mi riguarda,sono diabetica da 30 anni,da domani chiederò al mio diabetologo di cambiarmi marca di insulina.
Basta NOVO.
Del resto non siete gli unici a produrre insulina.
Libero mercatoo è anche questo no?
Mark
Agree with Phil. Novo Nordisk is a business. See also: http://blog.aynrandcenter.org/beware-of-greeks-demanding-gifts/
Lisa
This does not just effect Greeks, it effects tourists to Greece. In 2004, while visiting Crete, my extra insulin bottles broke. I needed this Novo Nordisk’s pen insulin. Locals took me to the pharmacy who did not have it. The pharmicist got on the phone, and my insulin arrived in one hour via courrier on a motorbike. The pharmicist explained that Greece has a network in place to get medications via courrier for Greeks and visitors. If they hadn’t found it on the island, they would have flown it from Athens — at no additional cost. “We must take care of our visitors” the Pharmicist said. I believe the Ministry of Tourism should get involved and tourists visiting Greece should be concerned. Greece has always been the safest place for me, a diabetic, to be a tourist. This is tragic.
Andres Heuberger
Yikes! This is really scary - for everybody living or visiting Greece or, in my case, translating Greek documents for pharma companies.
I linked to your article to a recent post at Medical Translation Insight. Good or bad - thank you for the heads-up!