‘Miracle’ Weight Loss Drug Ozempic To Enter US Worth Negotiations Inside A Yr, Novo Nordisk CEO Says Forward Of Senate Listening to – Novo Nordisk (NYSE:NVO)

Novo Nordisk‘s NVO CEO Lars Fruergaard Jorgensen, has revealed that their diabetes medicine and infrequently hailed as a “miracle” weight reduction drug, Ozempic will quickly be eligible for U.S. authorities value negotiations, doubtlessly inside the subsequent 12 months.

What Occurred: Jorgensen is scheduled to testify earlier than a Senate committee on Tuesday to debate U.S. pricing for Ozempic and the burden loss drug Wegovy. The feedback align with Wall Road analysts’ expectations that Ozempic will probably be on the 2027 value negotiation checklist, which will probably be introduced in February 2025, Reuters reported.

Final week, one other Novo govt indicated that Ozempic would “very seemingly” be included within the 2027 checklist. A month’s provide of Ozempic at present lists at $935.77 within the U.S., whereas Wegovy lists for $1,349.02 per thirty days, though insurance coverage usually reduces these prices.

The Inflation Discount Act of 2022 permits Medicare to barter costs for pricey pharmaceuticals, impacting tens of millions of Individuals. Each Ozempic and Wegovy have confronted scrutiny from lawmakers over their excessive costs within the U.S.

Jorgensen famous that the web value of Ozempic has decreased by about 40% since its U.S. introduction, and Wegovy’s web value has equally declined since its launch. He expects web costs for each medication to proceed to fall beneath present market situations.

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Why It Issues: The upcoming Senate listening to, scheduled for Tuesday, will see Lars Fruergaard Jorgensen face rigorous questioning from U.S. lawmakers relating to the excessive costs of Ozempic and Wegovy. Senator Bernie Sanders, chair of the Senate Committee on Well being, Schooling, Labor, and Pensions, has been vocal concerning the exorbitant prices of those medicines.

In a earlier interview, Jorgensen defended the excessive U.S. costs, arguing that these medication assist cut back the financial burden of obesity-related well being points, which prices the U.S. over $400 billion yearly. He dismissed accusations that Novo Nordisk operates as a drug cartel as “unfounded.”

Moreover, the problem of counterfeit Ozempic has emerged as a big concern. Criminals have been distributing pretend variations of the drug by forging batch numbers, which has grow to be a global situation. The World Well being Group and Interpol have each issued warnings about these counterfeit merchandise.

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Photograph through Shutterstock

This story was generated utilizing Benzinga Neuro and edited by Pooja Rajkumari