Trump said prices for Ozempic will be lowered after negotiations with Novo Nordisk

Blockbuster diabetes drug Novo Nordisk and the weight-loss drug Ozempic are set to see price drops, according to president Donald Trump.

Trump said this week during a White House event on fertility treatments and drug pricing that the price reduction would come after quick negotiations with the drug company.

“They will be much fewer,” Trump told reporters.

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Novo Nordisk is the manufacturer behind Ozempic and Wegovy, which have the same active ingredient — semaglutide — but are approved for different uses. Ozempic was approved by federal health officials in 2017 and marketed for medical use in treating type 2 diabetes with weight loss being a side effect of the drug.

Wegovy was approved four years later specifically for chronic weight management in adults who are obese or overweight and have at least one weight-related condition such as high blood pressure or type 2 diabetes. Demand for both drugs has risen in recent years, especially for those seeking to lose weight.

Novo Nordisk told FOX Business that it is in discussions with the Trump administration regarding the “most favored nation” executive order.

“We are focused on improving patient access and affordability, and we will continue to work to find solutions that help people access the medicine they need,” Novo Nordisk said.

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The executive order is a drug pricing policy that seeks to ensure that Americans pay the lowest price for the same drugs in other developed countries.

Novo Nordisk is the manufacturer behind Ozempic and Wegovy, which have the same active ingredient — semaglutide — but are approved for different uses. (Dheeraj Singh/Bloomberg via Getty Images/Getty Images)

Since taking office, Trump has focused on closing the gap between what Americans and foreign countries pay for the same drugs.

The comments came on the heels of a September announcement in which Trump announced a drug pricing deal with Pfizer that would see the pharmaceutical giant lower the cost of its drugs for Americans.

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Pfizer It committed to providing prescription drugs to Medicaid at discounted “most favored nation” rates.

Ozempic was approved by federal health officials in 2017. (Michael Sellock/UCG/Universal Images Group via Getty Images)

“Pfizer agrees to make some of its most popular existing medicines available to all consumers at deeply discounted prices ranging from 50% to 100%. And that’s outside the price. And in some cases, more than that.”

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The president added that the United States is “done with subsidizing health care for the rest of the world.”

Stephen Sorace of Reuters and Fox Business contributed to this report.