Ozempic Might Shrink Waist Lines — But Grow the U.S. Economy

Ozempic is a big deal. That’s certainly not news.

In fact, according to a study published in the JAMA Health Forum in August 2024, the number of semaglutide prescription fills increased a whopping 442% between January 2021 and December 2023.

And although Ozempic is technically still approved only as a diabetes treatment, its name is a household synonym for "injectable semaglutide weight loss drug" — which may be why Ozempic accounted for more than 70% of semaglutide fills during the studied period. (Its sister drug, Wegovy, won official FDA approval for the treatment of obesity in June 2021.)

Still, it may be surprising for some to learn that some experts believe Ozempic — and the entire class of semaglutide drugs, which have shown unprecedented results in chronic weight management — may also be powerful enough to shift not only the numbers that show up on scales, but also the dollar-value of the U.S. GDP.

How could Ozempic change the U.S. economy?

Sure, semaglutide drugs are impressive in their efficacy for weight loss, with many trial participants shedding 10% to 15% (and sometimes even more) of their body weight over the course of more than a year.

But how does that translate into moving the needle in the U.S. economy?

Individual consumers’ habits can have a major impact on all sorts of markets. And since semaglutide medications work in part by drastically decreasing appetite, the amount of money users spend on food is apt to change.

In fact, one Cornell University study has already indicated a 5.5% drop in household grocery spending within six months of at least one household member adopting the use of a GLP-1. The reduction was even steeper for higher-income households, which saw a drop of 8.6% in this category. The study also saw an overall spending reduction of 8.6% at places like fast-food restaurants and coffee shops.

But although they might spend less on food, many semaglutide users may find themselves spending more in other categories, like fitness.

While some worry that access to the "magic shot" might decrease patients’ desire to exercise, according to one publication by PricewaterhouseCoopers, 57% of surveyed GLP-1 users say they exercise as much as or more than they did before adopting the medication. Many of those people might hire a personal trainer or join a new gym, potentially adding their money to a U.S. fitness industry that’s already valued at more than $22 billion.

Plus, patients who wave goodbye to a significant number of pounds — and inches — might find themselves in need of new wardrobe staples, perhaps leading to stimulation in the clothing industry. And, perhaps, considering their new bodies more beach-ready, they might also be more likely to fly off to exotic beaches or otherwise engage in tourism and travel.

In fact, Goldman Sachs’ chief economist, Jan Hatzius, predicts that the U.S. GDP might increase by a whole percentage point — an equivalent of several trillion dollars — if 60 million people are on semaglutides by 2028.

By some estimates, as many as 5 million Americans were prescribed semaglutide in 2023 alone.

How to access Ozempic — without shifting your economic position

According to the CDC, almost three-quarters of adults age 20 or older are overweight, with more than 40% meeting the threshold for obesity. It’s no surprise, then, that the demand for these drugs have surged — causing a shortage in the medications that has only recently been declared over (much to the chagrin of the compounding pharmacies that have been making their own off-brand versions).

The medicines famously cost as much as $1,000 or more per month out of pocket — even though some studies show they could profitably be priced as low as $1. The drugs are listed at significantly lower prices in other large, wealthy countries, like Japan (where a month of Ozempic costs about $169, according to Petersen-KFF), Canada ($147) and the Netherlands ($103).

If you’re hoping to get started on a semaglutide medication like Ozempic or Wegovy, understanding your health insurance policy’s medication coverage is a good first step to understand how much you might pay. After insurance, your costs might be reduced to a more reasonable $325 or so on average.

Still, shopping around for the right plan is an important step for budget-minded patients. The right plan could shave hundreds off your monthly Ozempic total — money that can go toward new clothes, vacations or saving for other financial goals.