The US government plans to negotiate prices for Novo Nordisk A/S’s blockbuster drugs Ozempic and Wegovy as part of an effort to reduce drug costs for the Medicare program. The move is expected to save the government over $200 billion over a decade. Novo’s drugs, with list prices of about $1,000 a month, are among the biggest products in pharmaceutical history, bringing in nearly $30 billion a year, but have faced scrutiny over their prices. The negotiations could have a marked impact on Novo’s business, as seen in past rounds of negotiations where Medicare saw an average 22% price reduction for affected drugs. The pharmaceutical industry has fought the negotiations, with companies claiming that lower prices could discourage the development of new drugs. The next administration will be bound by law to continue the negotiation process, with Vermont Senator Bernie Sanders praising the potential for Americans to get a better deal on these drugs but warning that walking away from the negotiating table could hinder progress. Other drugs on the list for price decreases include cancer drugs from Pfizer, Astellas, Bristol Myers Squibb, and Amgen. The negotiations are part of President Biden’s Inflation Reduction Act, which aims to save the government billions of dollars in drug costs.
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Medicare-listed drugs Ozempic and Wegovy receiving price reductions – Daily News
