- Greg Miley has been appointed as the new senior vice president of corporate affairs at Novo Nordisk, starting next month.
- The appointment occurs as the company faces pressure from President Donald Trump over U.S. drug pricing, specifically for diabetes medication Ozempic.
- Miley currently works as senior vice president of government affairs at AbbVie Inc.
- Shares of Novo Nordisk fell over 4% following the announcement of potential price reductions for Ozempic.
- Price negotiations for Ozempic and similar drugs are ongoing, with current U.S. prices and potential new pricing discussed by government officials.
Greg Miley will join Novo Nordisk as senior vice president of corporate affairs next month, according to a statement from Miley. His move comes at a time when the company is under increased scrutiny from U.S. lawmakers and the White House regarding drug pricing in the United States.
Miley, who currently serves as senior vice president of government affairs at AbbVie Inc., said in a LinkedIn post that he is eager to contribute to Novo Nordisk’s mission of improving the lives of people living with chronic diseases. “This opportunity comes at a pivotal moment for the company, and I am eager to get started and contribute to our mission of improving the lives of people living with chronic diseases,” Miley stated.
The announcement follows President Trump’s comments at a White House event, where he said that prices for the diabetes drug Ozempic, made by Novo Nordisk, would be “much lower.” Trump indicated his administration is working to potentially bring the price of Ozempic down to $150 a month, compared to its current list price of $1,000 for a month’s supply.
Currently, Novo Nordisk offers a month’s supply of Ozempic for $499 for uninsured or self-paying customers in the U.S. Insured patients may pay as little as $25 a month. According to a Bloomberg report, Mehmet Oz, the head of the Centers for Medicare and Medicaid Services, explained that negotiations over the prices of weight loss drugs, which include Ozempic, are ongoing and have not yet been finalized.
On Friday morning, shares of Novo Nordisk dropped more than 4%. Year-to-date, the company’s stock is down 37%, and it has declined by 55% over the past year.
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