The global market has been transformed by the popularity of Ozempic and Wegovy, two drugs used to treat diabetes and obesity. These medications, which contain the key ingredient semaglutide, have generated billions in sales and created a new market for weight loss drugs. In fact, the weight loss drug market is projected to reach $100 billion by 2030, according to Goldman Sachs.
Novo Nordisk, the company behind these drugs, has experienced incredible success due to semaglutide. This success has led to Novo Nordisk becoming Europe’s most valuable company with a market capitalization of over $570 billion, surpassing the entire Danish economy. Additionally, Novo Nordisk’s philanthropic foundation is now the largest in the world, with assets double that of the Gates Foundation.
The impact of Novo Nordisk’s success on Denmark has been profound. The company’s income tax contribution of $2.3 billion last year has fueled economic growth, leading to a nearly 2% expansion of the domestic economy – more than four times the EU average. This growth has allowed for record government spending on defense, the green transition, and support for Ukraine. Overall, Novo Nordisk’s success has had far-reaching implications for both the company and its home country.
