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Novo Nordisk resumes Greek insulin supplies

Novo Nordisk will resume supplying its modern insulin products to Greece after the country agreed to raise prices following mandatory price cuts

Novo Nordisk will resume supplying its modern insulin products to Greece after the country agreed to raise its prices on the drugs following mandatory price cuts earlier in the year.

The Danish company, which is the world's biggest maker of insulin, said in an emailed statement that Greece issued a new price bulletin, effective from June 14, for 48 insulin products including Novo Nordisk's modern insulins and pen-based insulins.

The new prices are higher than those dictated by the decree which took effect on May 3, but lower than the average of the three lowest prices in Europe.

Novo Nordisk has deemed this reasonable because "the government has stated it will base future prices in Greece on the average of the three lowest prices in Europe in an upcoming price decree."

"We have therefore accepted the new temporary prices," a company spokesman added. "As a result, we expect that all pharmacies will soon be able to deliver the full range of Novo Nordisk insulin products in Greece."

Novo Nordisk withdrew some of its products from Greece in May after the country's government introduced a mandatory drug price cut of around 25 per cent, which the drugmaker called "unacceptable".

The authorities plan to implement the new drug-pricing scheme by September 1, 2010.

15th June 2010

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