Copenhagen, Denmark – Casper Nielsen, a 45-year-old man from Denmark, has made significant strides in his weight loss journey, shedding 60kg (nine stone) over the course of two years with the help of a weight-loss drug called Wegovy. The drug has been gaining popularity globally and is manufactured by Danish drug-maker Novo Nordisk. Its active ingredient, semaglutide, not only helps control blood sugar but also reduces appetite and induces a feeling of fullness. This unexpected weight loss effect has turned Novo Nordisk into one of Europe’s most valuable listed companies.
According to a professor of business history at Copenhagen Business School, Kurt Jacobsen, Wegovy’s popularity is comparable to that of the famous drug, Viagra. In fact, the demand for Wegovy has skyrocketed, with sales increasing five-fold in 2023. It is now available in eight countries, with Japan set to introduce it at the end of February.
In the UK, some NHS weight-loss management services have started prescribing Wegovy to eligible patients, and it is also available in certain private clinics. The drug’s success has contributed to Novo Nordisk’s surging earnings, with the company’s annual net profit jumping by 51% to 83bn Danish kroner ($12bn; £9.6bn).
Despite its success, some challenges have emerged. The increasing demand for Wegovy has posed manufacturing and distribution challenges for Novo Nordisk. The company’s chief financial officer, Karsten Munk Knudsen, acknowledges that they won’t be able to meet the demand anytime soon but are heavily investing in expanding their manufacturing capacity. As a result, the company is making an outsized impact on the Danish economy.
While the popularity of Wegovy continues to grow, concerns over its high cost and the inequality in access to the drug have also surfaced. Dr. Maria Kruger, a GP and spokesperson for the Danish Society for General Medicine, expressed concerns about the unequal access to Wegovy, with some patients finding it too expensive and certain medical insurance providers in Denmark and the US refusing to cover it.
Despite these challenges, the global rise in obesity levels has set off a competition among pharmaceutical companies to develop and market new weight-loss drugs. American pharmaceutical firm Eli Lilly has received clearance to sell its rival Zepbound, indicating a growing competition in the market. Novo Nordisk seems unfazed by the competition, with Mr. Knudsen stating that there is enough space for multiple competitors in the market.
As for Casper Nielsen, continuing to take Wegovy has helped him maintain his weight loss and has given him hope for a healthier and more active future, one in which he can enjoy being a grandfather to his future grandkids.