Insider Finance - Business - Inside your company's Ozempic fight

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June 20, 2023

Hello, Insiders. Hallam Bullock here, reporting from London. You’ve likely heard about Wegovy, the buzzy new weight-loss drug that has taken the US by storm — Elon Musk even said it’s his secret to looking “fit, ripped, and healthy.”

Millions of people want to take Wegovy and its sister drug, Ozempic. Many doctors want to prescribe them. Drugmakers, drooling over the potential profits, want to sell them.

But no one wants to pay for them — especially not employers. That’s today’s Big Story.

Also in today’s edition:

Scammers are using ChatGPT to infiltrate online games.
Four experts break down who is winning the war in Ukraine.
Meet the typical Japanese millennial.

— Hallam Bullock

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THE LATEST

Alibaba, shooting, & missing submersible

Alibaba has a new CEO. Eddie Wu is set to take over from Daniel Zhang on September 10. What we know about Wu.
At least 22 people were injured and one died after a shooter opened fire at a Juneteenth celebration in suburban Chicago on Sunday. More here.
A submersible taking tourists to the Titanic shipwreck has gone missing. The US Coast Guard told the BBC that a search was underway for the missing sub. Read more.

THE BIG STORY

Weight-loss drugs

Getty Images; Ozempic; Alyssa Powell/Insider

New injectable weight-loss drugs represent a big leap forward in the treatment of obesity. But they're also a perfect storm that could spell doom for the budgets of employers. Take a look at the math:

The drugs come with exorbitant price tags that can be well more than $1,000 a month.
Multiply that by the vast number of people who have obesity — 110 million people could qualify for the drug, according to Novo Nordisk.
And don't forget that the drugs aren't cures, so people may have to take them for life.

The pharmaceutical companies behind the drugs — and the doctors who want to prescribe them — say that the shots will save money by making people healthier. But employers staring down the barrel of soaring pharmacy costs aren’t easily persuaded.

Insider’s Shelby Livingston has explored how companies are struggling over whether to pay for these buzzy new weight-loss drugs.

READ THE FULL STORY HERE

TOP READS

Ukraine, longevity, & more

Robyn Phelps/Insider

Scammers are using ChatGPT to infiltrate online games. Bots have long been a scourge to gaming communities. But with ChatGPT, they can now realistically mimic human players while reaping in-game rewards at an inhuman pace – and sell those rewards for real cash. It’s Grand Theft AI.
Who is winning the war in Ukraine? We asked four experts. They broke down the territorial, psychological, and military gains made by Russia and Ukraine. They say that, while Ukraine has high morale and Western support, Russia is holding on to territory. More here.
After decades of fighting in the Middle East, the US is shifting its focus to great-power competition with China. The US Air Force plans to reduce the number of Tactical Air Control Party airmen — an elite group who call in airstrikes. It’s a sign that close air support won’t be a priority in future wars.
Meet the typical Japanese millennial. They’re victims of the country's “Lost Decade,” trapped in dead-end jobs, and adamant about never having kids. Learn more.
Why the quest to live longer is constrained by the US healthcare system. The longevity expert Dr. Peter Attia said that treatment breakthroughs were not having a seismic impact on survival, and that better survival required better up-front detection. Read more.
A key driver behind ballooning student-loan balances is about to come back after three years. Interest is set to start accruing on borrowers' balances in September – meaning borrowers will once again face the threat of interest capitalization.
Many Gen Zers and millennials say they delay financial planning because it's time-consuming and complicated, per a survey. But these views contrasted sharply with what the boomer respondents thought. The full story.

TAKE A LOOK

Texas tiny-home village

Alcynna Lloyd

A Texas real-estate investor created a tiny-home village where sites rent for $700 a month. Terry Lantrip opened the Lake Dallas Tiny Home Village in 2018. Renters of its 13 sites share a laundry room and spend evenings around a communal fire pit. View photos here.

WATCH THIS

Mica mines

In Madagascar, thousands of adults and children risk their lives mining for a shiny mineral called mica. It's used in electronics, cars, planes, and even paint. But even though mica is found in products worth thousands of dollars, miners earn just a few cents a day.

CAN'T GET ENOUGH?

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This edition was curated by Hallam Bullock, and edited by Jack Sommers, Shona Ghosh, and J.R. Stacey. Get in touch: insidertoday@insider.com.

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Insider Finance - Business - Inside your company's Ozempic fight

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