Medication | Will weight loss drugs impact holiday buying?
Thanksgiving is days away and Americans are prepping their appetites alongside their Turkey Day recipes. Pharmaceutical companies have seen explosive growth in the use of weight loss drugs in recent months, including Novo Nordisk’s (NVO) Wegovy and Ozempic.
Yahoo Finance Live host Rachelle Akuffo breaks down figures behind consumer sentiment on GLP-1 drugs and their greater impact on industries such as food.
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RACHELLE AKUFFO: Well, Thanksgiving is in just a couple of days and one of the biggest eating days in the United States. But with the rising popularity of weight loss drugs is a lighter holiday season to come. Well, the use of GLP-1s like Ozempic and Wegovy is skyrocketing with hundreds of thousands of prescriptions written each month. Now, the drugs are typically prescribed for those with obesity or diabetes. But even without those conditions, nearly half of the people interested in the drugs. That’s according to AKFF’s poll.
Now, the explosion of weight loss drugs are leading many food companies to address them on earnings calls. And it’s not only food-focused companies. The health industry also seeing a ripple effect in the conditions that the drug can treat and even cure. Now, this is a growing industry it’s estimated to make about $100 billion in sales by 2030. Well, will this Thanksgiving be the canary in the coal mine for how American’s eating habits are changing because of these weight loss drugs or is it just a whole lot of stuffing? We shall see.
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