Millions of Americans would be eligible to have popular weight-loss drugs like Wegovy or Ozempic covered by Medicare and Medicaid under a rule the Biden administration has proposed.

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.

If the proposal is finalized, it could set the stage for a showdown between the pharmaceutical industry and the Trump administration.