Novo Nordisk returns to Greece

10.07.10 Athens – The Novo Nordisk Group has restarted sales of its insulin products in Greece. At the beginning of June, the Danish pharmaceutical company had pulled out 17 products – mostly insulin or insulin analogues – after the Greek government announced mandatory price cuts of up to 25% as part of the country’s austerity measures. “We cannot sustain our business with these price cuts,” said Mike Rulis, head of corporate communications for Novo Nordisk. The world’s largest producer of insulin had 2009 sales of about EUR45m in Greece. Novo Nordisk has now reintroduced all of the products after negotiations with the Greek government led to a smaller compulsory discount. “These new prices are below what we consider reasonable, but they are nonetheless acceptable,” said Rulis.