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Bernie Sanders Grills Novo Nordisk CEO Over Ozempic, Wegovy Prices 15 Times Higher in U.S.

Sep 24, 2024, 02:50 PM

Novo Nordisk CEO Lars Fruergaard Jørgensen faced intense questioning from U.S. lawmakers, including Senator Bernie Sanders, over the high prices of the company's weight-loss drugs Ozempic and Wegovy. The Senate Health, Education, Labor, and Pensions Committee scrutinized the pricing disparity, noting that Americans pay up to 15 times more for these drugs compared to other countries. Sanders highlighted that pharmacy benefit managers (PBMs) have committed not to penalize Novo Nordisk if it reduces its drug prices. Jørgensen defended the prices by blaming insurance companies and middlemen, stating that the company does not set the final price for patients. The hearing, held on Tuesday at 10am ET, also touched on Novo Nordisk's R&D spending, with Ozempic and Wegovy sales projected to surpass $65 billion by the end of 2024, exceeding the company's entire research budget for the past three decades.