The Biden administration has selected weight loss drugs Ozempic and Wegovy, along with 13 other medications, for price negotiations under Medicare’s Part-D program. This move aims to provide savings for consumers by allowing the government to directly negotiate prices with drug manufacturers.
As part of this year’s negotiations, which will be completed by October 31, 2024, about 5.3 million people with Medicare Part D coverage used these medications to treat various conditions such as cancer, type 2 diabetes, and asthma.
The selected drugs account for around $41 billion in total gross covered prescription drug costs under Medicare Part D, representing about one-third of the program’s spending on prescription drugs.
Ozempic is currently only covered for specific uses like diabetes and heart disease but not obesity. Wegovy, which contains the same main ingredient as Ozempic, is FDA-approved for weight loss in people with obesity or who are overweight with additional risks for cardiovascular disease.
Negotiations will result in new prices that become effective in 2027, with savings expected to total $1.5 billion in out-of-pocket expenses for Medicare recipients.
Source: https://abcnews.go.com/GMA/Wellness/ozempic-wegovy-drugs-selected-medicares-price-negotiations/story?id=117785958