Novo, Lilly Fall After Biden & Sanders Slam Big Pharma For 'Unconscionably High' Drug Prices
In what seems to be a last-ditch effort by the Biden administration to regain voter support as polling numbers and election odds tumble following last week's disastrous debate, President Biden and Vermont Senator Bernie Sanders co-authored an opinion piece in USA Today, urging big pharma to slash the prices of anti-obesity drugs.
"The bad news is that Novo Nordisk is charging the American people unconscionably high prices for these prescription drugs. If your doctor prescribes you a GLP-1, the prices of Ozempic and Wegovy can be up to six times higher than prices in Canada, Germany, Denmark, and other major countries," President Biden and Sen. Sanders wrote, adding, "That's unacceptable."
They said, "If Novo Nordisk and other pharmaceutical companies refuse to substantially lower prescription drug prices in our country and end their greed, we will do everything within our power to end it for them."
Under scrutiny from the White House, shares of Novo Nordisk and Eli Lilly declined following the news of the op-ed targeting Novo's Ozempic and Wegovy and Lilly's Mounjaro on Tuesday. Novo shares fell 1.5% in Copenhagen on Wednesday, while Lilly's shares in New York have pared losses in premarket trading.
Companies with exposure to GLP-1s are pausing this week after the news as companies at risk from GLP-1s also trend lower.
"It is most certainly not Americans' patriotic duty to pay high drug prices at home so others abroad can enjoy the fair prices that every American is entitled to," they wrote.
The op-ed follows Biden's disastrous debate with former President Trump last Thursday amid increasing calls from leftist corporate media outlets and within the Democratic Party for the elderly president to step aside.
"At a time when many Americans are dealing with the myriads of chronic illnesses, no one in our country should be forced to pay over $2,000 a year for the prescription drugs they need, not just seniors," they wrote.
Soaring demand for Novo and Lilly's anti-obesity drugs has pushed their shares to record highs. Some Wall Street analysts believe the market for these drugs could exceed $150 billion by the early 2030s.
The latest data from the Centers for Disease Control and Prevention shows more than 40% of Americans are considered obese.
"If the prices of these drugs are not substantially reduced, they have the potential to bankrupt the American healthcare system," Biden and Sanders said.
Biden and Sanders did not explain what exact actions they might take or inform Americans that exercising regularly and eating a healthy diet is an alternative way to lose weight.