Innovation to see new miracle drugs Wegovy every few years

Former U.S. Treasury Secretary Larry Summers predicted Tuesday that thanks to new technology, breakthrough drug innovations like those that have fueled the meteoric rise of Wegovy and Zepbound could appear every couple of years.

Speaking on a World Economic Forum panel moderated by CNBC’s Steve Sedgwick, Summers said the world is currently in a “moment of stunning technological opportunity” that is driving unprecedented innovation.

“There has never been a time when the world’s technological capabilities have been as bright as they are today,” he said in Davos, Switzerland, touting developments in green energy, computing and life sciences.

“We’re going to get into a world where every couple of years we see things like Wegovy and semaglutides — a miracle drug, a new one every couple of years,” he said. “And I believe that artificial intelligence will be to the Internet as the computer is to the calculator.”

Semaglutides – a class of drugs used to treat type 2 diabetes and obesity – have become a weight loss phenomenon in recent years. The demand for medicine has increased a great commercial success for pharmaceutical giants including Nova Nordiskwhich produces semaglutides under the brand names Wegovy and Ozempic, and Eli Lillywhich is produced by competitor Zepbound.

The drugs have also been associated with additional health benefits, with trial data showing a reduced risk of major cardiovascular events and drug addiction.

Summers suggested that these large-scale applications could be replicated for other drug classes and medical conditions in the future.

Vas Narasimhan, CEO of a Swiss pharmaceutical company Novartis Companystruck a more cautious tone regarding the prospects for such miracle drug groups.

Referring specifically to a group of obesity drugs, Narasimhan said Tuesday that while such innovations are “important,” they are unlikely to fully address major health problems.

“They will certainly help a subset of patients significantly,” he told CNBC’s “Squawk Box Europe.”

“But the truth is that taking these drugs for a lifetime is quite a difficult task, especially when you go outside the boundaries of developed health care systems,” he said, noting that a comprehensive “rethinking” of food systems is needed to combat obesity and obesity. accompanying health problems.

Novartis has so far stayed aloof from growing competition in the weight-loss drug market, telling CNBC in September that no plans to join the “madness”.

Follow CNBC International Twitter and Facebook.

Correction: This story has been updated to reflect the correct spelling of Larry Summers’ name in the headline.