Novo Nordisk’s chief executive is facing the U.S. Senate over high prices for the company’s weight-loss drug Wegovy and diabetes treatment Ozempic, as demand for two injections – the recommended dose – surges in the U.S.
Novo Nordisk CEO Lars Fruergaard Jørgensen made no explicit commitment during his hearing before the Senate Health, Education, Labor and Pensions Committee in Washington that he would lower the prices of the two drugs.
But he said he wants to work with them on policy solutions that address the “structural issues” that drive up the cost of prescription drugs. He also pledged to talk to the middlemen who negotiate drug discounts with manufacturers on behalf of insurers — to “work together to get patients access to affordable prices.”
The commitment came after Vermont independent Sen. Bernie Sanders, who chairs the Senate committee, said he had received written commitments from all major PBMs that they would not limit coverage of Wegovy and Ozempic if Novo Nordisk lowered its list prices.
The hearing comes about five months after Sanders launched an investigation into the Danish drugmaker’s pricing practices.
“Stop stealing from us”
“All we’re saying, Mr. Jørgensen, is treat the American people the same way you treat people around the world,” Sanders said during Tuesday’s hearing. “Stop robbing us.”
He noted that Novo Nordisk has made nearly $50 billion in sales of Wegovy and Ozempic, with most of that revenue coming from the U.S. Sanders argues that Novo Nordisk is charging Americans significantly higher prices for its drugs than it does patients in other countries. Without insurance coverage, Ozempic costs nearly $969 a month and Wegovy nearly $1,350 in the U.S.
About that, both treatments cost less than $100 per monthly dose in some European countries, according to a statement from the commission. Ozempic costs just $59 in Germany, while Wegovy costs $92 in the UK.
Outlook for generics
Sanders also said last week that CEOs of major pharmaceutical companies have told him they could sell a version of Ozempic for less than $100 a month. There are currently no generic versions of Ozempic available in the U.S.
Major PBMs, including UnitedHealth Group’s Optum Rx and CVS’s Caremark, said the $100 monthly list prices for Wegovy and Ozempic would help make the drugs more widely available to patients, according to a statement from Sanders.
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