110 billion euro EU/IMF loan package over 3 years for Greece
-Tapping money from else where
-Pharmaceutical prices were addressed-Novo Nordisk replied
Withdraw – sell at usual price with no buyers
Retail price is decided by governmentWholesaler will loose
Bad pressCompetitors blamingJeopardizing lives of the Greek people
Doctor is surprised, but lets look on the business
"As prices in Greece are used as reference prices by other countries both inside and outside Europe, this reduction in Greece would triggersimilar reductions in these countries, which would have serious financial consequences," Rulis said.
Mike Rulis – CVPCorporateCom.
Withdraw – sell at usual price with no buyersMike Rulis – CVPCorporateCom.
Pharmaceutical Pricing - Novo Nordisk and the Crisis in Greece
Pharmaceutical Pricing<br />Novo Nordisk and the Crisis in Greece<br />by Andreas Eriksen<br />10/12/2010<br />
Forced lower prices<br />Greek government lowering by 25%<br />Affecting pharmaceutical companies<br />
May 3rd<br />Novo Nordisk responds<br />“Withdraw” all modern insulinsfrom Greek market<br />Only sell human insulins at reduced price<br />55,000 customers affected<br />“We and the diabetics are taken hostage by the Greek government” Lars RebeinSørensen, CEO<br />
Greek price already amongst lowest in Europe<br />Greek price used as reference for other countries<br />Greek government use price cut as quick fix<br />
May 31st<br />Situation eases<br />In negotiations with Greek government<br />“…a cold-blooded pharmaceutical company…” Customer<br />“Image has been hurt, but we felt it was necessary” Mike Rulis, Novo Nordisk<br />
June 14th<br />Resolution<br />Agreement<br />Novo Nordisk supply all insulin again<br />New prices still 7-8% lower than average of 3 lowest in Europe<br />To equal avg. of 3 lowest in Europe from Sept. 1 at latest<br />New decree means price cut of around 10 percent for Novo<br />
“We are of the firm belief that maintaining our current pricing strategy is the only way to protect the financial viability of the company in the long term and thus also what is in the patients’ best interest”Lars RebienSørensen, CEO<br />