Pharmaceutical brands hiked the price of prescription weight loss drugs by a median 4.5% to start 2024, according to a recent analysis for the Wall Street Journal — even as demand for the drugs continues to rise in Northeast Ohio and nationwide.
Among the drugs to increase in cost were popular semaglutides, commonly used to treat diabetes and manage weight loss in obese patients. Novo Nordisk's Ozempic, a diabetes treatment that can aid weight loss, rose 3.5%, to $970 for a month’s supply, according to the analysis. A similar drug, Eli Lilly's Mounjaro, rose 4.5% to $1,070 for a month's supply.
Rising costs and high demand are limiting access to semaglutide drugs. Dr. Reena Bose, who is certified in obesity medicine at the Cleveland Clinic, said she has some patients waiting months for drugs.
"Many of my patients have an approval pending to start Wegovy since maybe June or May or sometime in the summer last year, but they have yet to receive the drug," she said.
Wegovy is a semaglutide that was approved for weight loss treatment in obese patients in 2021, whereas Ozempic is used to treat Type 2 diabetes. Wegovy's list price is around $1,350, though Novo Nordisk reported 80% of insured patients taking Wegovy are paying less than $25 a month, according to CNBC.
According to the Wall Street Journal, Novo Nordisk said changes in its drug prices consider market conditions and inflation while Eli Lilly said it sets prices based on value, efficacy and safety. More increases from other drug makers could happen in the coming weeks.
An employer survey issued last October found that 25% of employers were offering coverage of GLP-1 medications, which treat diabetes and obesity, while 21% said they were unaware of them, according to health care advocacy service Accolade. Four in 10 of those surveyed said they consider adding coverage an immediate concern and intended to offer it in 2024. Thirty-eight percent of participants cited costs of GLP-1s as a potential barrier to providing coverage.
Bose said she's seen an increase in patients amid New Year's resolutions and hopes the emergence of new weight loss drugs hitting the market balances the competition.
"I'm hoping that with more and more drugs entering this market — obesity medicine — hopefully the prices are more competitive and these drugs will be more instantly available to patients, and hopefully the companies can keep up with the production," Bose said.
Counterfeits on the rise
Limited supply and high costs have also led to another issue — counterfeit weight loss drugs. The Food and Drug Administration issued a warning in December after it seized thousands of units of fake Ozempic. The FDA said it had five reported cases of adverse effects from the seized units, none of which were serious, though Reuters reported three American cases of hypoglycemia linked to suspected fake Ozempic.
Bose cautioned people to seek prescriptions from a board-certified provider and a state-licensed pharmacy. She also noted that a physician should oversee a patient's weight loss journey in case adjustments need to be made. Ordering weight loss drugs from online pharmacies can lead to oversights that a doctor can catch, Bose said. Some patients may struggle with rapid weight loss or gastrointestinal side effects.
"Primarily, my concern is malnutrition. When they are losing weight so rapidly, there's a fear of losing muscle mass and actually worsening your fat mass. That is where it becomes dangerous for patients," Bose said.
Bose also emphasized that semaglutide drugs come with clear prescription guidelines and are not meant for cosmetic weight loss. Patients diagnosed with obesity, which is a body mass index (BMI) of 30 or higher, or those who are overweight with a BMI of 27 or higher and additional weight-related complications are eligible. The FDA has not approved Ozempic for weight loss alone.
A multifaceted approach
Overall, Bose said that, despite their popularity, weight loss drugs aren't a catchall for treating obesity. She said weight loss still requires a healthy lifestyle and must be tailored for each person. Diet, exercise and sleep are significant, but patients may have additional factors to address, such as those who snack heavily or those who think about food all the time.
"Let's all be optimistic and let's hope that this could be a great platform for our insurance companies or regulators to improve access to these drugs to hopefully decrease their prices so many of our patients can take full advantage of this medication in addition to our lifestyle choices," Bose said.
