In a recent Congressional hearing, Novo Nordisk's chief executive faced tough questions from lawmakers regarding the high prices of its popular diabetes and weight-loss drugs, Ozempic and Wegovy. Senator Bernie Sanders raised concerns that the steep cost of these medications in the United States could potentially result in preventable deaths of tens of thousands of Americans each year. The Danish drugmaker's CEO, Lars Fruergaard Jorgensen, assured lawmakers of the company's commitment to ensuring affordable access to their medicines for all Americans.

Sanders highlighted the stark disparity in drug prices between the US and other wealthy countries, pointing out that while Ozempic and Wegovy are priced significantly lower in nations like Canada, Denmark, and Germany, they remain unaffordable for many in the US. The hearing shed light on the ongoing debate over who bears responsibility for the exorbitant prices of medications in the US - pharmaceutical companies that set list prices or pharmacy benefit managers (PBMs) who negotiate discounts on those prices.

During the hearing, Jorgensen emphasized that Novo Nordisk already offers substantial rebates and discounts on their medications, resulting in a much lower net price than the listed price. He expressed concerns that reducing list prices could lead to decreased access to their drugs, as PBMs tend to favor higher-priced medications that offer more significant rebates. The growing scrutiny over PBMs' role in drug pricing was acknowledged, with concerns raised about their impact on essential medications like insulin.