(https://www.cnbc.com/2026/06/30/medicare-obesity-drug-glp-1-coverage-starting-july-1.html) starting tomorrow is textbook consensus narrative: unlimited patient access = unlimited upside for $LLY and $NVO. But here's what the bulls are missing—this is actually a *pricing moment*, not a *volume moment*. When Medicare enters a drug market at scale, reimbursement rates compress hard and fast.

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