Key Takeaways Eli Lilly and Novo Nordisk shares rose Tuesday after the Biden administration proposed expanding coverage of the companies' weight-loss drugs in government-backed healthcare plans.The proposal recommended drugs like Ozempic and Mounjaro be covered under Medicare and Medicaid,

Joe Biden's term as President of the United States is set to end on January 20, 2025. In his rest of his time, his administration proposed a new rule to mitigate the obesity epidemic that hit the U.S. by expanding the coverage of weight-loss drugs Ozempic and Mounjaro under Medicare and Medicaid.

Shares of Novo Nordisk jumped 1.3% after President Biden proposed expanding Medicare and Medicaid coverage for weight-loss drugs. Currently covering certain conditions, the changes could become effective in 2026,