Philadelphia District Attorney sues pharmaceutical companies over insulin prices

PHILADELPHIA (WPVI) -- Philadelphia District Attorney Larry Krasner announced a lawsuit on Monday against several big pharmaceutical companies, alleging that they are colluding to keep insulin prices artificially high.

Krasner is suing more than a dozen pharmaceutical companies and prescription providers under the Consumer Protection Act.

He says the cost of manufacturing insulin has declined while the cost for patients has skyrocketed.

Jesse Braxton, a teacher at Central High School, was diagnosed with Type 1 diabetes when he was a child.

Braxton says the average out-of-pocket cost for a vial of insulin is nearly $300 and for him, it lasts about three weeks.

"Because of this, I have organized my life around having access to quality insurance, knowing that even a short lapse in health coverage could cost me thousands of dollars," he noted.

The lawsuit is seeking restitution and fines against the companies which could add up to hundreds of millions of dollars.