Sen. Bernie Sanders, I-Vt., renewed his criticism of drugmaker Novo Nordisk on Tuesday, claiming that the CEOs of major generic pharmaceutical companies have told him that they can produce and sell its blockbuster diabetes drug Ozempic for less than $100 a month. Sanders made the remark at an expert roundtable event on Capitol Hill, which served as a preview to Novo Nordisk CEO Lars Fruergaard Jørgensen's testifying before the Senate HELP Committee next week. In June, Jørgensen agreed to testify over the pricing of Ozempic in the U.S., as well as that of the drugmaker's hugely popular weight loss drug Wegovy. Novo Nordisk charges around $1,300 a month for Wegovy in the U.S., even though the drug can be purchased for $186 a month in Denmark, $137 in Germany and $92 in the United Kingdom.
Cigna's pharmacy benefit manager Express Scripts has filed a lawsuit against the FTC over the agency's recent report on PBMs, which highlighted their contribution to soaring drug prices in the U.S. Express Scripts has asked a federal judge in St. Louis, Missouri, to order the FTC to withdraw the report and recuse the agency's Chair, Lina Khan, from taking any action against the company. The report released in July detailed how the six largest PBMs control nearly 95% of all prescriptions filled in the U.S. through years of vertical integration and market concentration. In addition to Cigna's Express Scripts, the report cited PBMs run by CVS Health, UnitedHealth), and Humana. The FTC released its findings as an interim report following a two-year investigation into PBMs' business practices.
The market for weight-loss treatments is expected to see 16 new drugs vying for a slice of the lucrative business currently dominated by Novo Nordisk and Eli Lilly, according to estimates from analysts at Morningstar and Pitchbook. In a joint report this week, analysts estimated the market for obesity treatments could expand to $200 billion by 2031. The 16 drugs could launch by 2029, with roughly $70 billion of the GLP-1 market coming from these new challengers.
The largest U.S. drug industry group and several drug companies have lost a bid to block a Maryland law requiring drugmakers to offer discounts on drugs dispensed by third-party pharmacies that contract with hospitals and clinics serving low-income populations. U.S. District Judge Matthew Maddox in Baltimore on Thursday refused to issue a preliminary order blocking the law while he hears a challenge to it by PhRMA, Novartis, AbbVie and AstraZeneca. The judge's written order did not explain his reasoning, but referred to statements he made from the bench at a hearing on Wednesday. Lawyers for the companies, and the office of Maryland Attorney General Anthony Brown, did not immediately respond to requests for comment.
A class of drugs that includes popular medications like Ozempic, Wegovy, Rybelsus (semaglutide) or Mounjaro and Zepbound (tirzepatide) has not only proven effective in treating weight loss and diabetes: Mounting evidence suggests these drugs may be effective at treating other conditions like cancer, Alzheimer’s and COVID-19. Although the drugs were first approved for Type 2 diabetes maintenance, they were approved for weight loss in recent years, and research has shown they cause significant results: Tirzepatide typically causes patients to lose an average of 22.5% of body fat, while semaglutide causes a 15% reduction.
The pharmacy has used its bankruptcy to close hundreds of stores, sell its pharmacy benefit company Elixir, and negotiate settlements with its lenders, drug distribution partner McKesson and other creditors. Ownership of the company has transitioned to certain Rite Aid creditors, and all of Rite Aid's existing common shares were canceled.