Sen. Bernie Sanders (I-Vt.) has once again criticized Novo Nordisk A/S (NYSE:NVO) for the high price of its diabetes drug, Ozempic, in the United States.
What Happened: On Sunday, Sanders took to X to express his concerns about the pricing disparity of Ozempic in the U.S. compared to other countries.
He highlighted that generic drug companies can sell Ozempic at a profit for less than $100, while Americans are paying almost $1,000 a month for the drug. Sanders attributed this price discrepancy to corporate greed and called on Novo Nordisk to reduce the price of Ozempic.
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He said, “So why does your prescription cost more than a luxury handbag?”
Sanders’ post featured a video in which Zain Rizvi a Senior Health Counsel at the Senate Committee on Health, Education, Labor, and Pensions stated that the rich, powerful and famous could get access to such drugs, but everyone else struggled due to the high costs of such prescriptions.
Among the issues addressed in the video was the cost of manufacturing of drugs such as Ozempic and Wegovy, which according to Rizvi’s video could be made under $5. Rizvi said that major pharmaceutical companies had told HELP committee that they can sell Ozempic to Americans for less than $100 a month.
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“The problem? Novo Nordisk is taking companies to court to stop them from selling low-cost generic versions.”
He accused Novo Nordisk of following the big pharma playbook by putting “patents above public health.”
Generic drug companies can sell Ozempic — at a profit— for less than $100.
But Americans are paying almost $1,000 a month for the drug.
So why does your prescription cost more than a luxury handbag?
Corporate greed.
Novo Nordisk must lower the price of Ozempic. pic.twitter.com/oCROGpVxtU
— Bernie Sanders (@SenSanders) September 23, 2024
Benzinga has reached out to Novo Nordisk and this story will be updated as soon as we receive a response.
See Also: Charlie Munger said if you want to be rich, “find a way to get your hands on $100,000” — here’s what he means.
Why It Matters: This is not the first time Sanders has targeted Novo Nordisk over the pricing of Ozempic. In March it was reported that Sanders, who chairs the HELP committee, was considering holding hearings on the issue and seeking a meeting with the company’s CEO to discuss reducing the drug’s price.
Ozempic is a popular diabetes drug that is also used for weight loss by suppressing appetite. Sanders expressed confidence that Novo Nordisk could be persuaded to lower U.S. prices for its weight-loss drugs, Ozempic and Wegovy, by exposing price disparities.
He has also predicted that Ozempic will likely become one of the best-selling pharmaceutical products in history. The high cost of the drug has been a point of contention, with Sanders arguing that Americans should not be charged excessively for this drug compared to people in other countries.
Image via Shutterstock
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This article Bernie Sanders Questions Why Your Monthly Ozempic Prescription Costs More Than A Luxury Handbag When It Can Be Sold For Less Than $100 originally appeared on Benzinga.com
