New tariffs could raise prices of Ozempic, Wegovy
Share this @internewscast.com

A trade agreement between the U.S. and the European Union is likely to lead to a 15% tax on almost every product imported from Europe, covering everything from exquisite French wines to stylish German automobiles and sought-after pharmaceuticals.

Among the well-known brands potentially affected are Ozempic and Wegovy, two injectable medications that have gained popularity recently for their effectiveness in managing diabetes and facilitating weight loss. These are produced by Novo Nordisk, a company based in Denmark.

The European pharmaceuticals enjoy significant popularity in the U.S. Wegovy, the drug variant authorized by the FDA for obesity treatment, has roughly 200,000 prescriptions weekly in the U.S., as reported by Novo Nordisk.

Even before the new tariffs, many people have found the medications to be prohibitively expensive. Without insurance, they cost about $500 a month.

For individuals who have the medication covered by their health insurance, it is typically cheaper. According to Novo, 85% of their insured patients in the U.S. pay $25 or less per month.

Once the tariffs are in place, the expense of importing these drugs into the U.S. will rise, although determining who bears this cost isn’t clear-cut. Rena Conti, an associate professor at Boston University’s Questrom School of Business, mentioned to NBC News that pharmaceutical companies might immediately increase their list prices to balance the added expense. Those without insurance could see changes in the sticker price, while those with coverage may encounter increased premiums.

“To sum up: The expense of imported medications is set to rise for all Americans,” stated Joe Brusuelas, principal and chief economist for RSM US, during an interview with Axios.

Other name-brand drugs like Botox, Viagra and Keytruda (a cancer medication) are also manufactured in Europe and impacted by the tariffs. Some drug generics were supposed to be carved out of the deal, but details were still pending as of Thursday.

When asked how Ozempic and Wegovy would be impacted by the new 15% tariff, a Novo Nordisk spokesperson told Nexstar the company “remains focused on improving patient access and affordability, and we will continue to work to find solutions that help people access the medication they need.”

The Associated Press contributed to this report.

Share this @internewscast.com
You May Also Like

California Aims to Revitalize Declining Cannabis Market with Tax Reduction

California’s Governor, Gavin Newsom, signed legislation on Monday aimed at reversing an…

Four High Schools in Volusia County Have Installed Metal Detectors, More Schools to Follow

DAYTONA BEACH, Fla. – An update from the school district on Tuesday…

Family of Deceased ‘Star Trek’ Star Nichelle Nichols Files Lawsuit Against Hospital

SILVER CITY, N.M. (KRQE) – The family of the actress known for…

Joe Exotic Responds to the Death of Oklahoma Tiger Handler

IE 11 is not supported. For the best browsing experience, please access…

Fatal Multi-Vehicle Crash Leaves Two Dead and Two Hurt

COLUMBIA COUNTY, Ga. () – An investigation is underway in Columbia County…

Sculpture of Trump and Epstein Installed Close to U.S. Capitol

Internet Explorer 11 is not compatible with our site. To enjoy the…

Social Security: What are the payment dates for September and October?

(NEXSTAR) — Still waiting for your September Social Security check? You’re in…

Nexstar’s ABC Stations to Temporarily Suspend Airing of Jimmy Kimmel Show

Nexstar Media Group announced on Tuesday that despite Disney’s decision to reinstate…

Mae Martin Takes a Dark Turn in Netflix’s Thriller ‘Wayward’

Canadian comedian Mae Martin’s new limited series on Netflix, which mixes comedic…

D4vd Unveils Casket on Stage and Debuts Music Video Featuring Body in Trunk

Emerging details reveal singer D4vd’s peculiar actions before the discovery of Celeste…

EO Purchases Former Abingdon Food City Location

ABINGDON, Va. (WJHL) — EO Companies announced Tuesday it acquired the former…

Myanmar’s Lake Festival Thrives Amidst Political Turmoil and Natural Challenges

INLE LAKE – Myanmar’s Phaung Daw Oo Pagoda Festival, a prominent Buddhist…