Why Does Weight-Loss Drug Cost 15 Times More in the US? Drugmaker to Testify

Money | June 17, 2024, 2:44 p.m.

Novo Nordisk's CEO, Lars Jørgensen, has agreed to testify before lawmakers in September on the exorbitant prices of the company's diabetes and weight-loss drugs, Ozempic and Wegovy, in the US. Senator Bernie Sanders' persistent pressure led to this development, with Jørgensen agreeing to appear voluntarily after previously refusing. Sanders, who chairs the Senate Committee on Health, Education, Labor, and Pensions, has been advocating for lower drug prices and canceled a subpoena vote as a result of this agreement. The discrepancy between US prices, up to 15 times higher than those in other countries, has raised concerns, with figures showing potential financial strain on the healthcare system. Despite Novo Nordisk's defense of high prices citing system complexities, the company is projected to earn billions from these drugs. Sanders expects answers on these pricing disparities during the upcoming hearing.