Eli Lilly and Novo Nordisk shares rose Tuesday after the Biden administration proposed expanding coverage of the companies' popular weight-loss drugs in government-backed healthcare plans including Medicare and Medicaid.

Joe Biden's term as President of the United States is set to end on January 20, 2025. In his rest of his time, his administration proposed a new rule to mitigate the obesity epidemic that hit the U.S. by expanding the coverage of weight-loss drugs Ozempic and Mounjaro 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.