How Donald Trump's Greenland push could make anti-diabetic drug Ozempic more expensive

Patients struggling with diabetes and obesity could be the unexpected victims of US President-elect Donald Trump’s renewed push to purchase Greenland from Denmark.

During a press conference Monday, Trump vowed to levy "very high" tariffs on Danish imports if Denmark refuses to sell Greenland.

“They should give it up because we need it for national security,” Trump said, doubling down on his proposal, which he has previously floated in jest. This time, however, Danish officials are taking the threat more seriously.

While Denmark accounts for less than half a per cent of total US imports, the move could send prices soaring for medications like Ozempic and Wegovy, the weight-loss and diabetes drugs, both manufactured by Danish pharmaceutical giant Novo Nordisk.

“If Donald Trump decides it’s going to cost 50% more, Novo Nordisk can say, ‘Fine, we’ll just charge American consumers that much more,’” CNN quoted Jacob Funk Kirkegaard, a senior fellow at the Peterson Institute for International Economics, as saying.

US patients already face some of the highest drug costs in the world.

Currently, a single package of Ozempic costs nearly $1,000 before insurance, while Wegovy exceeds $1,300—prices that could rise further if Trump follows up on his proposed measures.

Novo Nordisk produces much of the active ingredient for its GLP-1 drugs in Denmark but has US facilities to package and fill products. The company has been ramping up US production, but industry experts warn that such adjustments take time.

Evan Seigerman, a biotech and pharma equity research managing director at BMO Capital Markets, said patients who pay out of pocket would be impacted more than insured patients, reported CNN.

The Nordic country also supplies hearing aids, vaccines, and other medical instruments, all of which could see price hikes due to tariffs.

Denmark's economic ties to the US extend to other sectors as well, such as food products, industrial machinery, and even the iconic Lego brand. However, pharmaceuticals represent the lion’s share of trade, making the healthcare market particularly vulnerable to Trump’s tariff threats.

Trump’s Greenland proposal, dismissed by many as far-fetched, has nonetheless garnered attention.

This isn’t the first time Trump has used tariffs as a bargaining chip. His first term saw levies imposed on hundreds of billions of dollars worth of goods from countries including China and Mexico. However, many threats failed to materialise, and it remains unclear how serious Trump is about acquiring Greenland—or whether tariffs will ultimately be part of his strategy.