CEO Lars Fruergaard Jorgensen to testify before Senate Committee on Health, Education, Labor, and Pensions (HELP) regarding price discrepancies in early September
Landmark study found Ozempic could be manufactured for as little as 89 cents to $4.73 per month's supply
Net cost of medications varies depending on insurance coverage with average out-of-pocket payment being $196 per month
Novo Nordisk argues US healthcare system is responsible for lower retention of list prices compared to Europe and the UK, but critics argue this does not excuse significant price disparities
Novo Nordisk under scrutiny for high prices of diabetes and weight loss drugs Ozempic and Wegovy in US compared to other countries
Ozempic costs about $600 a month in the US while it costs $59 a month in Germany
Wegovy costs $809 a month in the US compared to $92 in the UK
Novo Nordisk, the most valuable European company in 2023, is under scrutiny for its high prices of diabetes and weight loss drugs Ozempic and Wegovy in the US compared to other countries. The CEO of Novo Nordisk, Lars Fruergaard Jorgensen, has agreed to testify before the Senate Committee on Health, Education, Labor, and Pensions (HELP) regarding these price discrepancies in early September. The HELP committee launched an investigation into Novo Nordisk's high drug prices in April. According to reports, Ozempic costs about $600 a month in the US while it costs $59 a month in Germany, and Wegovy costs $809 a month in the US compared to $92 in the UK.
The net cost of these medications for patients varies depending on insurance coverage. A Morgan Stanley survey found that about two-thirds of respondents said their medication is fully covered by insurance, while those who paid out-of-pocket reported an average monthly payment of $196.
Novo Nordisk argues that the US healthcare system is responsible for a portion of its revenues going to middlemen, resulting in lower retention of list prices compared to Europe and the UK. However, critics argue that this justification does not excuse such significant price disparities.
A landmark study published in JAMA Network found that Ozempic could be manufactured for as little as 89 cents to $4.73 per month's supply, including a profit margin for Novo Nordisk. The high prices of these drugs have sparked controversy and calls for action from politicians like Sen. Bernie Sanders, who has been pushing for transparency and affordability in the pharmaceutical industry.
CEO Lars Jørgensen of Novo Nordisk will testify before the Senate Committee on Health, Education, Labor, and Pensions (HELP) in early September regarding the high cost of the company’s diabetes and weight-loss drugs, Ozempic and Wegovy.
Novo Nordisk’s pricing for Ozempic is $969 a month in the US, $155 in Canada, and $59 in Germany.
Novo Nordisk’s pricing for Wegovy is $1,349 a month in the US, $140 in Germany, and $92 in the United Kingdom.
Yale researchers estimated that both drugs could be manufactured for less than $5.
Accuracy
Novo Nordisk's pricing for Ozempic is $969 a month in the US, $155 in Canada, and $59 in Germany.
Novo Nordisk's pricing for Wegovy is $1,349 a month in the US, $140 in Germany, and $92 in the United Kingdom.
Approximately two-thirds of GLP-1 users reported their medication is fully covered by insurance. Out-of-pocket payments averaged $196 a month.
Novo Nordisk is the most valuable company in Europe in 2023 due to the high demand for its weight-loss drug Ozempic.
The price of a Wegovy prescription in the US is around $1,349 per month, while it costs $140 in Germany and $92 in the UK.
Novo Nordisk argues that the US healthcare system is responsible for a portion of its revenues going to middlemen, resulting in lower retention of list prices compared to Europe and the UK.
A landmark study published in JAMA Network found that Ozempic could be manufactured for as little as 89 cents to $4.73 per month’s supply, including a profit margin for Novo.
Novo Nordisk’s net profits increased by 51% to DKK83,683 million ($12 billion) in 2023 and rose a further 28% in the first quarter of 2024 compared with the same period last year.
Sen. Bernie Sanders called for a vote to subpoena Novo Nordisk CEO Lars Fruergaard Jorgensen due to high prices of the company’s diabetes and weight loss drugs in the US.
Novo Nordisk CEO agreed to voluntarily testify before the Senate’s health committee regarding high prices of Ozempic and Wegovy in the US.
HELP committee launched an investigation into Novo Nordisk’s high drug prices in April.
Ozempic costs about $600 a month in the US, while it costs $59 a month in Germany.
Wegovy costs $809 a month in the US, while it goes for $92 in the UK.
Sen. Bernie Sanders dropped his pursuit of a subpoena for Novo Nordisk’s CEO after he agreed to testify before the Senate Health, Education, Labor and Pensions (HELP) Committee in early September.
Novo Nordisk’s GLP-1 drugs have been getting an enormous amount of public attention for their potential weight loss benefits and sky high list prices in the U.S., making it an attractive political target for politicians looking to keep the spotlight on high drug costs.
Accuracy
Novo Nordisk’s pricing for Ozempic is $969 a month in the US, $155 in Canada, and $59 in Germany.
Novo Nordisk’s pricing for Wegovy is $1,349 a month in the US, $140 in Germany, and $92 in the United Kingdom.
