Biden criticizes Novo Nordisk for drug prices

U.S. President Joe Biden and Senator Bernie Sanders criticize Danish pharmaceutical company Novo Nordisk for the high prices of their diabetes and obesity drugs, Ozempic and Wegovy, in a USA Today op-ed. They applaud the company for creating effective treatments but condemn the unreasonable costs charged, directly impacting millions of Americans. Following the critique, Novo Nordisk’s stock price dropped nearly three percent. The politicians threaten action if companies do not significantly lower prescription drug prices. Investment economist Per Hansen remarks that U.S. drug prices are exceedingly high but does not foresee politicians driving the costs down; instead, he expects increased competition to address the issue. The timing of Biden’s statement, ahead of the 2024 election year, takes into account the heightened attention on obesity medication prices.