Shares of major pharmaceutical companies saw an uptick as the U.S. President proposed including weight loss drugs under Medicare and Medicaid coverage. Eli Lilly (LLY, Financial) experienced a 3.15% increase, benefiting from the potential expansion in drug coverage. Additionally, shares of Novo Nordisk and other biotech firms also rose, with Novo Nordisk appreciating by 2.27% and another biotech company, ShuoDi Biotech, climbing 2.65%.
The proposal aims to make weight loss medications more accessible to a broader population, potentially driving increased demand for these products. This development has sparked investor interest in pharmaceutical firms engaged in the production and development of weight loss treatments.
