Novo Nordisk’s blockbuster diabetes and weight loss-related drug Ozempic is set to see a price cut, according to President Donald Trump.
Trump said this week during a White House event on fertility treatments and drug pricing that the price reduction will come after swift negotiations with the drugmaker.
“They’ll be much lower,” Trump told reporters.
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Novo Nordisk is the maker behind Ozempic and Wegovy, which have the same active ingredient – semaglutide – but are approved for different uses. Ozempic was approved by federal health officials in 2017 and marketed for medical use in the treatment of type 2 diabetes with weight loss being a side effect of the drug.
Wegovy was approved four years later specifically for chronic weight management in adults who are obese or overweight and have at least one weight-related condition such as high blood pressure or type 2 diabetes. Both drugs have surged in demand in recent years, particularly for those seeking to lose weight.
Novo Nordisk told FOX Business that is has been in discussions with the Trump administration regarding the “most favored nation” executive order.
“We remain focused on improving patient access and affordability, and we will continue to work to find solutions that help people access the medication they need,” Novo Nordisk said.
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The executive order is a drug pricing policy that seeks to ensure that Americans pay the lowest price charged for the same drugs in other developed nations.
Since taking office, Trump has focused on bridging the gap between what Americans and foreign nations pay for the same medications.
The comments came on the heels of a September announcement in which Trump declared a drug pricing deal with Pfizer that will see the pharmaceutical giant lower the cost of its medications for Americans.
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Pfizer has committed to offering its prescription medications to Medicaid at the reduced “most favored nation” prices.
“Pfizer is agreeing to provide some of their most popular current medications to all consumers at heavily discounted prices of anywhere between 50% and even 100%. And that’s off, that’s off the price. And in some cases, even more than that.”
The president added that the U.S. “is done subsidizing the health care of the rest of the world.”
Reuters and FOX Business’ Stephen Sorace contributed to this report.
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