Health Canada has approved its first generic weight-loss drug.
The Ottawa-based federal government ministry has approved a generic version of the Ozempic weight-loss drug made by Danish pharmaceutical giant Novo Nordisk (NVO).
Canada has become the first G7 country to authorize a generic weight-loss medication after Ozempic’s patent expired.
The generic version of Ozempic, an injectable GLP-1 weight-loss drug, is manufactured by Dr. Reddy’s Laboratories in India and is also approved for the treatment of Type 2 diabetes.
Health Canada says generic medications are typically 45% to 90% cheaper than brand-name versions.
Novo Nordisk’s Ozempic can cost hundreds of dollars a month for people without insurance to help cover the expense.
The Canadian Pharmaceutical Alliance estimates that the generic version of Ozempic will cost 75% to 85% less than the brand name version.
In addition to Novo Nordisk, U.S. pharmaceutical company Eli Lilly (LLY) makes several different weight-loss drugs, including its recently approved pill version called Foundayo.
Eli Lilly’s weight-loss medications remain under patent protection.
NVO stock has declined 37% in the last 12 months to trade at $41.17 U.S. per share.
