During a tense hearing before a Senate committee on Tuesday, Novo Nordisk CEO Lars Fruergaard Jorgensen faced tough questions over the company's high prices for its blockbuster drugs Ozempic and Wegovy.
before a Senate committee on Tuesday, Novo Nordisk CEO Lars Fruergaard Jørgensen faced tough questions over the company's high prices for its blockbusterand Pensions, Jørgensen shifted the blame for those prices to pharmacy benefits managers , explaining that Ozempic and Wegovy would likely no longer be offered by PBMs if they had a lower list price,A “high list price,” he explained, “is more likely to lead to more access to patients,” because PBMs can get larger rebates with...
Still, Committee Chair Sen. Bernie Sanders did get Jørgensen to agree to meet with PBMs to discuss lowering the cost of Ozempic and Wegovy,from “all the major PBMs" -- UnitedHealth Group's Optum Rx, CVS Health's Caremark and Cigna's Express Scripts -- that if Novo Nordisk substantially reduced the list price, they wouldn't take Ozempic and Wegovy off their formulary lists.
“The result of these astronomically high prices is that Ozempic and Wegovy are out of reach for millions of Americans who need them,” Sanders said in April when the committee announced its investigation into Novo Nordisk's pricing practices. “Unfortunately, Novo Nordisk's pricing has turned drugs that could improve people's lives into luxury goods, all while Novo Nordisk made over $12 billion in profits last year — up 76 percent from 2021. That is unacceptable.
That committee report showed the cost of Wegovy is significantly less in European countries — from $140 a month in Germany to $92 a month in the United Kingdom. Americans pay about $1,349 a month for the exact same drug.costs the U.S. $1.7 trillion, and we all know the physical and emotional toll these diseases have,” he said in his statement,Jørgensen claimed that for every dollar Novo Nordisk makes, it gives 74 cents to PBMs and insurance companies.
“When we set a list price, we have to take into consideration what are the rebates we have to pay because, unless we pay bigrebates into the system, when we negotiate rebates with PBMs, we are not getting access to the formulary,” Jørgensen said. Jørgensen wasn't alone in voicing his ire for pharmacy benefit managers.there's an “arms race" in drug pricing: Higher list prices lead to larger rebates for PBMs, which in turn encourage higher list prices.
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