Senate launches investigation into high prices of Ozempic and Wegovy in the U.S.
An investigation into the exorbitant costs of Novo Nordisk's diabetes and weight-loss medications Ozempic and Wegovy in the US has been opened by the US Senate. The head of the Health, Education, Labour and Pensions (HELP) Committee, Sen. Bernie Sanders of Vermont, acknowledged the work of Novo Nordisk's scientists in creating these medications, but cautioned that millions of people who cannot afford them would not benefit from them. Sanders also emphasised the predicament that American insurance and the government are in as a result of the exorbitant prices of these potentially life-saving medications. He also questioned Lars Fruergaard Jørgensen, CEO of Novo Nordisk, on how the price is set and how much is spent on R&D. Novo Nordisk said that it spent $5 billion on research and development in 2023 and will spend more than $6 billion this year to increase manufacturing for GLP-1s, but it declined to reveal production expenses. The business underlined the significance of medicine accessibility as well as the intricacies of the healthcare sector.