Stock prices for Novo Nordisk dropped precipitously Friday after a last-minute announcement from the Biden administration that the premier drugs from the Danish pharmaceutical juggernaut have been selected for forced price negotiations for Medicare.

The U.S. government has selected the second batch of drugs up for Medicare price negotiations under the Inflation Reduction Act. | The U.S. government has selected the second batch of drugs up for Medicare price negotiations under the Inflation Reduction Act.

The US plans to slash the price it pays for the Novo Nordisk A/S blockbusters Ozempic and Wegovy, the latest drugs to be targeted under legislation that’s expected save the government more than $200 billion over a decade.

The Biden administration said Medicare will negotiate discounts with drug companies on 15 drugs prescribed to treat cancer, diabetes and asthma.

The Biden administration says popular weight loss drugs like Ozempic and Wegovy have been added to Medicare’s list of medications that will be negotiated directly between the government and drug manuf

On its last weekday in power, the Biden Administration has chosen the next batch of drugs up for price negotiation in Medicare.

Novo Nordisk's blockbuster diabetes drug Ozempic and weight-loss treatment Wegovy are among the 15 drugs targeted for Medicare price negotiations for 2027, the U.S. government said on Friday, part of a law pharmaceutical companies have pledged to revisit with the Trump administration.