50% Off! Beat the market in 2025 with InvestingProCLAIM SALE

US Senator Sanders says generic drugmakers could sell Ozempic for less than $100/month

Published 09/17/2024, 02:21 PM
Updated 09/18/2024, 09:25 AM
© Reuters. FILE PHOTO: A box of Ozempic made by Novo Nordisk is seen at a pharmacy in London, Britain March 8, 2024. REUTERS/Hollie Adams/File Photo
NVO
-

(Reuters) - U.S. Senator Bernie Sanders said on Tuesday he received confirmation from major generic pharmaceutical companies that they could sell copycat versions of Novo Nordisk (NYSE:NVO)'s diabetes drug Ozempic for less than $100 a month.

WHY IT'S IMPORTANT

Novo Nordisk CEO Lars Jorgensen is set to testify before the Senate Committee on Health, Education, Labor and Pensions (HELP), which Sanders chairs, in a hearing next week focusing on U.S. prices for its widely popular Ozempic and weight-loss drug Wegovy.

KEY QUOTE

Sanders said he spoke to the chief executives of several major generic drugmakers over the past few months.

"They have studied the matter and they tell me that they can sell a generic version of Ozempic, the exact same drug that Novo Nordisk is manufacturing, to Americans for less than $100 per month," he said.

Sanders did not name the companies to which he spoke. Ozempic's patent is not set to expire in the United States until 2032.

CONTEXT

Ozempic, which has the same active ingredient as Wegovy and is used off-label for weight loss, belongs to the popular GLP-1 class, which has seen overwhelming demand in the United States.

Some analysts have forecast the total market for weight-loss drugs to reach $150 billion by the early 2030s.

However, this comes amid criticism from lawmakers over the high costs associated with these medications.

© Reuters. FILE PHOTO: A box of Ozempic made by Novo Nordisk is seen at a pharmacy in London, Britain March 8, 2024. REUTERS/Hollie Adams/File Photo

BY THE NUMBERS

A month's supply of Novo's Ozempic carries a U.S. list price of $935.77 while Wegovy lists for $1,349.02 per month, according to the drugmaker's website, although most consumers pay less.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.