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.

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.

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

The plan would need to be supported by the incoming Trump administration, which has vowed to cut costs across the federal government.

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.

Under a new proposal from President Biden, weight loss drugs would be covered by Medicare and Medicaid. NBC News medical contributor Dr. Natalie Azar joins José Díaz-Balart to provide insight on who would benefit from the expanded coverage and what the approval process would look like.