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,

Medicare and Medicaid would cover weight-loss drugs like Wegovy and Ozempic under a new rule proposed by President Joe Biden on Tuesday, increasing access to the widely popular medications to millions of adults with obesity in the U.S., though the plan would likely face opposition under President-elect Donald Trump's second administration.

The Biden-Harris administration proposed a new rule on Tuesday that would expand coverage of the anti-obesity medications known as GLP-1 treatments for Medicare and Medicaid beneficiaries. Medicare is currently only allowed to cover these medications for weight loss if they are prescribed to treat a second condition as well.

The Biden administration proposed a rule to let Medicare and Medicaid cover obesity drugs like Ozempic. Millions would benefit, but it’s doubtful the incoming Trump administration will support it.

Shares of Danish weight-loss drug maker Novo Nordisk rose 1.3% on Tuesday as U.S. President Joe Biden proposed expanding coverage of anti-obesity drugs for millions on Medicare and Medicaid.

Millions of Americans could soon have access to weight-loss medications that some have called "miracle drugs."

President Joe Biden’s proposal to have GLP-1 weight-loss drugs such as Wegovy, Ozempic, Zepbound and Mounjaro covered by Medicare and Medicaid would help tackle the public-health crisis of obesity, but it would raise the costs for the government programs by billions of dollars per year.

The Biden administration called for Medicare and Medicaid to cover popular drugs that help people lose weight but are not affordable for many Americans who might benefit from them. NBC News' Stephanie Gosk reports.

The Biden administration wants to expand coverage of anti-obesity medications to millions on Medicare, Medicaid.