In a Monday interview with CNBC’s Jim Cramer, Novo Nordisk CEO Mike Doustdar suggested the new pill format of the pharmaceutical giant’s weight loss drug will allow more people to use the medicine which had previously been available only as an injectable.
“We are seeing, actually, that the pill is able to expand the market for a large group of people that have been waiting,” Doustdar said. “Predominantly, I would say the major barrier has been the taboo.”
Many people have a needle phobia, Doustdar said, and he suggested that injectables have societal taboo. He also said injectable GLP-1s come with “the burden of refrigeration,” not only for users but for supply chains. Doustdar added that pill and injectable GLP-1s have the same level of efficacy.
The Wegovy maker developed the first GLP-1 pill to be approved by the U.S. Food and Drug Administration. Novo Nordisk launched the drug in the U.S. last week.
Doustdar said about 100 million people in the U.S. are obese, but only around 15 million use GLP-1 drugs. Many are not taking the drugs because they can’t afford to do so, he continued. Doustdar said the initial dose of the pill starts at $149, and with insurance can cost $25 — lower than the standard patients have been paying for the injections.
He advocated against compounded GLP-1 drugs, many of which are custom-made alternatives to the name brand medicines. The compounded products are often cheaper, but the FDA does not review their safety and efficacy.
“They’re knock off products. So this should be completely illegal,” Doustdar said. “And I’m very surprised that in this country this is still legal.”
