Three Facts to Know Before Novo Nordisk CEO Testifies at Senate Committee Hearing

September 19, 2024

Three Facts to Know Before Novo Nordisk CEO Testifies at Senate Committee Hearing

WASHINGTON, D.C. - Novo Nordisk CEO Lars Jørgensenis expected to appear before senators at a Senate Health, Education, Labor and Pensions (HELP)Committee Hearing on September 24at 10:30 am ET.

Pharmacy giant Novo Nordisk manufactures popular diabetes and obesity drugs Ozempic and Wegovy, both of which Public Citizen and HELP Committee Chair Sen. Bernie Sanders say are too expensive. Public Citizen's Access to Medicines team shared its in-depth findings ahead of the hearing. Here's a quick overview:

1. Novo Nordisk charges Americans up to 15 times morethan it charges other wealthy countries for Ozempic and Wegovy.

1. Novo Nordisk's exorbitant pricing in the U.S. has imposed widespread cost barriers on patients and financial burden on public programs.
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2. To avert the ruinous financial consequences of Novo Nordisk's greed, the Biden administration can use its authority under 28 U.S.C. § 1498to allow generic production of these drugs, potentially saving Medicare $14 billion and lowering costs for patients.

To sidestep Novo's price gouging practices, Public Citizen has repeatedly pushed for generic versions of Ozempic and Wegovy. Sen. Sanders also cautionedcurrent retail prices pose dire consequences for Medicare and its enrollees and announced generic manufacturers of the brand name treatment are prepared to sell the GLP-1 drugs for $100 or less.

Access to Medicines director Peter Maybarduk said "Ozempic should be sold for less than $100. It's time for Novo Nordisk to lower its prices and the feds to unlock generic competition to ensure patients can afford these diabetic and obesity treatments. "