How Ozempic's Rising Popularity is Powering Up the US Economy
Weight-loss drugs are making waves not just in the health industry but in the realm of economics as well. FOX News medical contributor Dr. Marc Siegel recently delved into the preparedness of hospital E.R.s in treating children and the potential side effects of weight-loss drugs on ‘The Big Money Show.’ The discussion highlighted the growing use of potent weight-loss medications like Ozempic in the United States, which could have a significant impact on the country’s economy in the years to come.
Goldman Sachs strategists predict that the increased utilization of weight-loss drugs, specifically GLP-1 agonists, could potentially bolster the nation’s gross domestic product by an additional 1% over the next decade. This equates to a whopping $360 billion per year. The rationale behind Goldman’s optimistic forecast lies in the notion that poor health imposes a substantial burden on economic growth, primarily by constraining the labor force due to health-related absenteeism and reduced productivity.
The analysts at Goldman Sachs, led by Jan Hatzius, assert that the U.S. GDP could experience a growth spurt of more than 10% if health outcomes were to improve significantly. They emphasize the economic costs associated with poor health and stress the potential benefits of healthcare innovation in alleviating these burdens. The prospect of a healthier population translating into a more robust economy is an enticing proposition that is gaining traction in economic circles.
In the race to develop innovative obesity drugs, pharmaceutical companies like Novo Nordisk and Eli Lilly have surged ahead. Novo Nordisk, the manufacturer of Ozempic and Wegovy, and Eli Lilly, the creator of Mounjaro, have witnessed a surge in demand for their products. Celebrities like Oprah Winfrey and Elon Musk have endorsed these medications, propelling them into the spotlight and driving up their popularity.
Goldman Sachs projects that by 2028, anywhere from 10 million to 70 million Americans could be using weight-loss drugs, contingent on various factors such as clinical trials, health insurance coverage, and product availability. The anticipated economic impact of this widespread adoption of weight-loss medications is substantial, with the economy expected to grow by 0.4% with 30 million users and by 1% with 60 million users. These projections underscore the potential economic windfall that could accompany advancements in healthcare and the increasing focus on combatting obesity through innovative pharmaceutical solutions.
