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Insulin provider pulls out of Greece in price cut row

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Insulin provider pulls out of Greece in price cut row


The global leader in the supply of the anti-diabetes drug insulin is pulling its state-of-the-art medication out of Greece in response to a government decree ordering a 25 per cent cut in the price of medicines.

Greece wants to slash its huge medical bill in an attempt to reduce its crippling debt.

Defending the move, Novo Nordisk, Chief Executive Officer said: “No I really feel that the Greek diabetes patients have become hostages and we have become hostages in the failed economic policy of the government, which has led them to such a surprising move on prices. And you can’t do that. We can’t accept prices with a minus of 25 percent.”

The Danish pharmaceutical company Novo Nordisk’s claims Athens owes it some 30 million euros.

The Greek diabetes association were forthright in their condemnation calling the announcement “brutal blackmail” and a “violation of of corporate social responsibility”.

As many as 50,000 Greeks currently use the medication.

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