By Nikolaj Skydsgaard

COPENHAGEN, (Reuters) –Novo Nordisk has rejected claims by a U.S. Parliament investigative committee alleging that the company engaged in maneuvers to raise net insulin prices in conjunction with its competitors.

House Oversight Committee’s report, which is the principal investigative body of U.S. House of Representatives claimed that Novo raised insulin prices in order to hurt diabetes patients. It was reported by them between 2001-2019.

Referring to Novo Eli Lilly (NYSE) Sanofi (NASDAQ:), representing around 90% of America’s insulin market. The December report cited internal documents that indicated the drugmakers “intentionally, strategically and in lockstep” with their prices.

A spokesperson for Eli Lilly stated that they offer discounts in order to keep their insulin more affordable at the time the article was published. Sanofi spokesmen said Lantus’ insulin price had dropped by almost 45% in the past two years.

Novo’s chief executive Lars Joergensen said Wednesday that the Danish company hadn’t engaged in similar activities.

Joergensen declared, “We have no to hide and we believe we have done business right in the U.S.”

Jorgensen stated that “our net pricing is in fact declining quite substantially.” He also said: “For quite a while pricing has been decreasing on insulin. It’s not going up.”

This report included graphs that showed how Novo raised its price for NovoLog’s rapid-acting insulin NovoLog 628% over 2001, by increasing it 28 times. These price increases were almost in perfect sync with Eli Lilly’s Humalog insulin products.

Novo also increased its price for long-acting insulin Levemir 18 times. This was a total increase of 360% in the period 2006 to 2019. The report stated that this was in conjunction with Sanofi raising the price of its Lantus product.

The U.S. report states that companies have raised the price of most drugs. However, their internal data also shows that the net prices (after accounting for discounts and rebates) increased.

It added that the net prices of all drugs tested are substantially higher than they were at launch.

Novo reported Wednesday that net prices for its portfolio of insulin products in the U.S. had fallen by double-digit percentages each year since 2017, according to its annual report.

NovoLog sent an email to Reuters stating that the NovoLog’s list price has risen by 403% in the period 2001-2018, more than 200 percent less than the U.S. Report, and its net price rose only 28% during the same time.

Novo, in its annual report, says that it is currently facing eight US lawsuits. The cases relate to the pricing of diabetes medicines. In these cases, Eli Lilly is also a defendant as well as Sanofi.