Big in Europe
Danish pharmaceutical giant Novo Nordisk has become the biggest company in Europe, overtaking LVMH, the home of luxury brands including Dior and Louis Vuitton. If you haven’t heard of the company, it could be because you aren’t a diabetic/know someone using their insulin products. And now the company’s fortunes have blown sky high as experts hail its semaglutide drug Ozempic and Wegovy as massive breakthroughs in helping people with diabetes (and many without…) manage their weight. The products have had other consequences – demand has kept its home nation out of recession. Now valued at about $660 billion (for comparison, our biggest iron ore producer Rio Tinto’s valued at about $160 billion), its so dominant that Denmark’s Treasury is working out how to monitor other parts of the economy. Ozempic and Wegovy have been approved for use in Oz – Ozempic is here but in limited supply, and Wegovy is yet to arrive.
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