🚀 Biden extending Medicare to Weight Loss Drugs

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Amgen's experimental weight loss drug MariTide helped patients lose up to 20% of their weight after a year in a phase two trial, showing no plateau and highlighting its potential for sustained weight loss. The drug, taken monthly or less frequently, aims to rival market leaders like Novo Nordisk’s Wegovy and Eli Lilly’s Zepbound by offering fewer injections and a novel peptide-antibody design targeting GLP-1 and GIP hormones. While the results fell at the lower end of Wall Street's expectations, prompting a 10% drop in Amgen shares, the company plans to refine its approach for phase three trials, eyeing a slice of the booming $150 billion weight loss drug market.

2. The Biden administration has proposed a rule to expand Medicare and Medicaid coverage to include popular weight-loss drugs like Wegovy and Ozempic for those with obesity, a move that could impact millions of Americans. HHS Secretary Xavier Becerra called it a “game changer,” though the estimated $35 billion cost over the next decade raises concerns. While advocates highlight potential savings from reduced chronic disease treatments, opponents like incoming HHS nominee Robert F. Kennedy Jr. argue for investing in preventative measures like healthy food and gym memberships. The proposal sets the stage for a political and fiscal showdown over how to tackle obesity.

3. President-elect Donald Trump announced plans to impose steep tariffs on U.S. trading partners, including an additional 10% on all Chinese goods and 25% on products from Mexico and Canada. Citing illegal immigration and the fentanyl crisis, Trump linked the tariffs to broader security concerns, claiming insufficient cooperation from Canada and Mexico. The tariffs, set to take effect through executive orders on January 20, would disrupt existing trade agreements, including USMCA, and escalate economic tensions. While Beijing emphasized the mutual benefits of trade and denied inaction on drug issues, analysts warned the moves could hinder U.S. economic stability, with markets bracing for potential global retaliation.

4. Headlines

   1. Best Buy lowered future guidance after reporting lower-than-expected earnings.

   2. Bitcoin is sliding towards $90,000 as the market cools from the recent rally towards $100,000.

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