📖 Your Q2 Earnings Guide: Discover the Stocks ProPicks AI Highlights to Jump Post-EarningsRead more

Novo Nordisk CEO to testify in US Senate hearing on high cost of Ozempic, Wegovy

Published 06/14/2024, 05:42 PM
Updated 06/14/2024, 06:35 PM
© Reuters. Novo Nordisk's Chief Executive Lars Fruergaard Jorgensen talks to a journalist at the company's offices on the outskirts of Copenhagen, Denmark, March 8, 2024. REUTERS/ Tom Little/File Photo
NVO
-

(Reuters) -The Senate Committee on Health, Education, Labor, and Pensions said on Friday that Novo Nordisk (NYSE:NVO) CEO Lars Jorgensen has agreed to testify voluntarily in a hearing focusing on U.S. prices for weight loss drugs Ozempic and Wegovy.

A U.S. Senate health panel vote that was scheduled for its June 18 meeting, to decide whether to subpoena Novo to answer questions about U.S. prices for the blockbuster drugs, is no longer necessary and will be canceled, Senator Bernie Sanders, who chairs the committee, said.

The subpoena would have required Novo President Doug Langa to testify at a July 10 hearing.

Jorgensen will testify before the committee, and the hearing will be held in early September.

Novo charges Americans $1,349 a month for Wegovy, while it can be purchased for $140 in Germany and $92 in the UK, Sanders said.

"The Committee looks forward to Mr. Jorgensen explaining why Americans are paying up to ten or 15 times more for these medications than people in other countries," Sanders added.

© Reuters. FILE PHOTO: A view shows the logo of Novo Nordisk at the company's office in Bagsvaerd, on the outskirts of Copenhagen, Denmark, March 8, 2024. REUTERS/Tom Little/File Photo

In April, Sanders sent a letter to Langa seeking more information on U.S. prices for the two drugs.

Novo responded with a letter in May blaming the U.S. health system for the high prices, according to a report.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.