Novo Nordisk CEO to Address Criticism from Bernie Sanders on Steep Ozempic Price Increase in the U.S.
Money | June 17, 2024, 8:54 a.m.
In 2023, Novo Nordisk became Europe's most valuable company due to the success of its weight-loss-aiding drug, Ozempic. However, outrage sparked as U.S. consumers were forced to pay exorbitant prices compared to Europeans. Novo Nordisk CEO Lars Fruergaard Jørgensen has agreed to testify to the U.S. Senate to defend these markups. Senator Bernie Sanders led the charge against Novo Nordisk, demanding fair pricing for American consumers. The pharmaceutical company argued that the U.S. healthcare system was to blame for the price disparity. However, a study revealed that Ozempic could be manufactured cheaply, undermining this defense. Novo Nordisk's rising profits and valuation have drawn attention from lawmakers, leading to a potential hearing in September. As Novo seeks to capitalize on its success, Jørgensen faces the challenge of justifying the company's pricing strategy to a skeptical Senate committee.