Senate demands answers on popular weight loss drug’s price

Sep 24

Craig Nigrelli Anchor

By Craig Nigrelli (Anchor), Shea Taylor (Producer), Zachary Hill (Video Editor)

As weight loss injections continue to grow in popularity, the maker of two of the most popular is testifying on Capitol Hill Tuesday, Sept. 24. The CEO of Novo Nordisk, which makes Ozempic and Wegovy, will testify before a Senate committee about the high cost of these popular drugs.

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Sen. Bernie Sanders, I-Vt, the head of the Committee on Health, Education, Labor and Pensions, has been vocal about frustrations over how much Americans are charged for their medications.

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While they’re pretty much the same thing, Ozempic is used to treat type 2 diabetes, while Wegovy is specifically approved for weight loss purposes only. A previous report by the committee showed the price of Wegovy is significantly lower in European countries — for example, it’s about $140 a month in Germany and only $92 in the U.K., while the same drug runs Americans more than $1,300 a month.

Tomorrow, I will ask the CEO of Novo Nordisk, Mr. Lars Jørgensen:

Why are you charging the American people up to 10 or 15 times more for the same exact product than you're charging people in Canada and Europe? pic.twitter.com/DKaUiQSaM3
— Bernie Sanders (@SenSanders) September 23, 2024

Ahead of the hearing, Novo Nordisk is defending its pricing structure in a statement saying, “We appreciate that it is frustrating that each country has its own healthcare system, but making isolated and limited comparisons ignores a fundamental fact…Unfortunately, even when we lower our prices, too often patients in the United States don’t receive the savings.”

The company also said Ozempic’s net price — which is how much money it makes after rebates and discounts are calculated — has gone down 40% since it was introduced in the U.S. Wegovy is “following a similar trajectory,” according to the company.

The Department of Health and Human Services said in a report published in February that in 2022, prices of all drugs in the U.S. were nearly three times as high as in other wealthy countries — despite whether they were name brand or generic.

Watch Tuesday’s hearing here.

Tags: Bernie Sanders, Capitol Hill, Department of Health and Human Services, Europe, Germany, Health, Health Care, Medicaid, Medicare, Ozempic, prescription drugs, Senate Health Committee, U.S. Senate, United Kingdom, Vermont, Weight Loss

AS WEIGHT LOSS INJECTIONS CONTINUE TO GROW IN POPULARITY… THE MAKER OF TWO OF THE MOST POPULAR IS TESTIFYING IN CAPITOL HILL.

THE C-E-O OF NOVO NORDISK WILL TESTIFY BEFORE A SENATE COMMITTEE ABOUT THE HIGH COST OF THESE POPULAR DRUGS.

SENATOR BERNIE SANDERS – THE HEAD OF THE COMMITTEE ON HEALTH, EDUCATION, LABOR AND PENSIONS – HAS BEEN VOCAL ABOUT FRUSTRATIONS OVER HOW MUCH AMERICANS ARE CHARGED FOR THE MEDICATIONS.

WHILE THEY’RE PRETTY MUCH THE SAME THING – OZEMPIC IS USED TO TREAT TYPE 2 DIABETES, WHILE WEGOVY IS SPECIFICALLY APPROVED FOR WEIGHT LOSS PURPOSES ONLY.

A PREVIOUS REPORT BY THE COMMITTEE SHOWED THE PRICE OF WEGOVY IS SIGNIFICANTLY LOWER IN EUROPEAN COUNTRIES… FOR EXAMPLE IT’S ABOUT 140 DOLLARS A MONTH IN GERMANY AND ONLY 92 IN THE U-K – WHILE THE SAME DRUG RUNS AMERICANS MORE THAN 13-HUNDRED DOLLARS A MONTH.

AHEAD OF THE HEARING – NOVO NORDISK DEFENDING ITS PRICING STRUCTURE IN A STATEMENT SAYING QUOTE…

“WE APPRECIATE THAT IT IS FRUSTRATING THAT EACH COUNTRY HAS ITS OWN HEALTHCARE SYSTEM, BUT MAKING ISOLATED AND LIMITED COMPARISONS IGNORES A FUNDAMENTAL FACT… UNFORTUNATELY, EVEN WHEN WE LOWER OUR PRICES, TOO OFTEN PATIENTS IN THE UNITED STATES DON’T RECEIVE THE SAVINGS.”

THE COMPANY ALSO STATED THAT OZEMPIC’S NET PRICE – WHICH IS HOW MUCH MONEY THEY MAKE AFTER REBATES AND DISCOUNTS ARE CALCULATED – HAS GONE DOWN 40 PERCENT SINCE IT WAS INTRODUCED IN THE U-S… AND THEY SAY WEGOVY IS QUOTE “FOLLOWING A SIMILAR TRAJECTORY.”

THE DEPARTMENT OF HEALTH AND HUMAN SERVICES SAID IN REPORT PUBLISHED IN FEBRUARY THAT IN 20-22 – PRICES OF *ALL* DRUGS IN THE U-S WERE NEARLY THREE TIMES AS HIGH AS IN OTHER WEALTHY COUNTRIES… DESPITE WHETHER THEY WERE NAME BRAND OR GENERIC.