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 administration on Tuesday proposed requiring Medicare and Medicaid to cover weight loss drugs like Wegovy and Ozempic.