The Success of Ozempic, Novo Nordisk’s Popular Diabetes and Weight Loss Drug, Boosted the Danish Economy for Years. Due to Increasing Competition in the United States, Both the Company’s Revenue and Denmark’s Economic Growth Are Being Hit hard.
Previously, Novo Nordisk Grew Rapidly Thanks to the High Demand for Diabetes Drugs Ozempic and Wegovy. The Drugs Are Widely Used For Weight Loss, Although they are not intended as a slimming aid.
Novo Nordisk was a Driver of the Danish Economy for Years. The Company also Became the most valuable listed company in Europe. But that time seems to be over. Meanwhile, Novo Nordisk Has Dropped Several Places in That Ranking.
The Company Has Already Revised its Revenue and Profit Expectations Downwards Twice This Year. In particular, Competition from the American Eli Lilly, which also Sells Obesity Medication, Weighs Heavily. In Addition, Imitations of the Diabetes Drug In The Us Are Putting Extra Pressure On The Market.
Accordance to Documents from the Danish Government, Seen by News Agency Bloomberg , The Country’s Economic Growth For This Year Has Been Adjusted from 3 percent to 1.4 percent. In Addition to the Challenges Surrounding Ozempic, The Government also Cites American Import Drafts As An Important Cause of the Lower Export Figures.
“The Pharmaceutical Industry Will Remain of Great Importance to the Economy,” Says Danish Minister of Economy Stephanie Lose. “Just though we cannot expect the same extraordinarily strong growth as in recent years.”