Bernie Sanders Pressures Novo Nordisk on High U.S. Drug Prices

Senator Bernie Sanders is pushing Novo Nordisk to lower U.S. prices for their weight loss drugs, Ozempic and Wegovy, during a September Senate hearing. Sanders aims to spotlight pharmaceutical greed and the impact of high drug prices on Americans. Talks include potential legislation to expand Medicare price negotiations.

Senator Bernie Sanders expressed optimism on Wednesday that Novo Nordisk can be pressured into reducing U.S. prices for its popular weight loss drugs, Ozempic and Wegovy, through public scrutiny. Sanders revealed to Reuters his strategy, reminiscent of his previous success in reducing insulin prices, which involves highlighting the discrepancy between U.S. and international drug prices.

Novo Nordisk CEO Lars Jorgensen is set to testify before the Senate Committee on Health, Education, Labor and Pensions (HELP), which Sanders chairs, at a September hearing focused on this issue. Sanders believes there is a significant chance of success, bolstered by President Biden's support for the initiative. He noted that last year's efforts led Novo, Eli Lilly, and Sanofi to cut insulin prices.

Despite Novo Nordisk's claims that their net prices for the drugs have decreased by 40% since launch, Sanders argued that such savings don't reach consumers due to the role of pharmacy benefit managers. Sanders emphasized that Americans ultimately bear high costs, raising insurance premiums and overall healthcare expenses. He called for Novo to align U.S. prices for Ozempic with Canada's price of $155 per month.

(With inputs from agencies.)