Novo Nordisk just announced price cuts for Ozempic and Wegovy, whose list prices as recently as last year were around $1,000 a month. Patients buying directly from the manufacturer will be able to pay as little as $349 for a monthly dose of these medicines. The company has also dropped prices for new direct-pay customers to just $199 for the first two months.
Why slash prices on blockbuster drugs? One word: competition. Its biggest rival in the GLP-1 market, Eli Lilly, has been seizing market share. Novo is looking to win customers back. Cutting prices is the most obvious way to achieve that goal.
Proponents of price controls take note: Competition leads to lower prices without the harmful effects of government coercion.
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Over the last few years, both parties have
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