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It was the day before Christmas in 2015 and a senior director of national accounts at Novo Nordisk, one of the biggest makers of diabetes medicines, was excited about what Santa might bring.

Eli Lilly had just raised the wholesale price for a diabetes drug, and the employee was hopeful that yet another rival would do the same. “Maybe Sanofi will wait until tomorrow morning to announce their price increase…that’s all I want for Christmas,” the senior director wrote to a colleague.

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