A photo illustration in Chicago, Illinois shows a selection of injector pens for the weight loss drug Wegovy. The drug could potentially be covered by more health insurance schemes due to the results of a late-stage trial that demonstrated its efficacy in reducing major cardiovascular events. The trial, known as “SELECT,” exceeded expectations by revealing that Wegovy decreased the risk of heart attacks or strokes by 20% compared to a placebo. Novo Nordisk, the Danish pharmaceutical company behind the drug, plans to seek approval from U.S. and European regulators to include cardiovascular benefits on the drug label. The trial’s conclusions could transform Wegovy from a vanity drug to one that health insurers are willing to fund. Until now, many insurers were hesitant to cover the drug due to its high cost and a lack of data on its underlying health benefits. The trial results could change that, and reimbursement for obesity drugs has already been improving, even before the SELECT trial. The World Health Organization estimates that global obesity rates have tripled over the past decade, making obesity-related cardiovascular diseases a significant cause of death worldwide. The weight-loss drug industry is projected to reach $200 billion within the next decade. Novo Nordisk’s shares rose by 17% following the release of the trial results, positioning the company to potentially become the most valuable firm in Europe by market capitalization. There is little competition in the weight loss drug market, making it difficult for competitors to challenge Novo Nordisk and Eli Lilly, the companies behind Wegovy and rival drug Mounjaro, respectively. However, supply constraints could pose a challenge as demand for the drug surges. Novo Nordisk and Eli Lilly have already warned of shortages and urged physicians to limit prescriptions to patients with medical needs. The increased demand for Wegovy may cause shortages to last until 2024 or beyond.
Trial results of obesity drug Wegovy could potentially expand access to health insurance
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