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Novo Nordisk’s CEO is set to appear before the Senate to address concerns about the high prices of Wegovy and Ozempic. The Senate hearing will focus on the soaring demand for these drugs in the U.S. Novo Nordisk CEO Lars Fruergaard Jørgensen will testify at the hearing following an investigation into the company’s pricing practices.
There are allegations that Novo Nordisk charges Americans significantly higher prices for Wegovy and Ozempic compared to other countries. The cost of these drugs can be nearly $969 and $1,350 per month, respectively, in the U.S., while they are much cheaper in European countries. The issue has raised concerns among lawmakers, health experts, and insurers about the financial impact on the U.S. healthcare system.
Both Novo Nordisk and Eli Lilly produce GLP-1s, which are used for weight loss and diabetes treatment. The cost of these drugs could potentially bankrupt the U.S. healthcare system if prices remain high. Medicare spending on Ozempic alone reached $4.6 billion in 2022, highlighting the significant financial burden of these drugs.
The Biden administration and lawmakers are working to address the high cost of healthcare in the U.S. by pressuring the pharmaceutical industry. Efforts are underway to negotiate drug prices, with Ozempic likely to be included in future negotiations. These actions aim to lower costs for seniors and improve access to essential medications.
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Emily Jensen, graduated from the London School of Economics and Political Science (LSE) in the UK in 2015 with a degree in Economics. She specializes in financial markets and international trade. After graduating, she worked as an analyst at an investment bank in London, where she developed expertise in global economic trends. She later transitioned into consulting, focusing on fintech ventures and providing insights into global economic developments. Emily is passionate about the intersection of finance and technology and aims to drive innovation in the financial sector.
