Novo Nordisk Bold Move: Novo Nordisk, a major player in the pharmaceutical industry, has announced its decision to phase out and eventually discontinue Levemir in the United States by December 31, 2024. The company cited several key factors for this move, including global manufacturing constraints, significant formula losses that would impact patient access starting in January 2024, and the presence of alternative options in the U.S. market.
This decision comes after Novo Nordisk’s earlier commitment to reduce U.S. list prices for a range of its insulin products, with a notable 65% reduction in the list price of Levemir. The move was a response to the mounting political pressure surrounding insulin prices and followed a similar decision by Eli Lilly.
Levemir is classified as basal insulin, a type of long-acting insulin typically administered once or twice a day. It is commonly used by individuals with Type 1 diabetes and occasionally by those with Type 2 diabetes. Novo Nordisk’s Tresiba is another product in its portfolio that falls under the basal insulin category.
Also Read: Novo Nordisk Acquires Inversago Pharma to Boost Obesity Medication Development
Novo Nordisk posted record third-quarter operating profit notwithstanding this revelation. In particular, its obesity medicine Wegovy sold $1.36 billion, up 28% from the previous quarter. The company is profiting from global demand for obesity treatments, which has also helped its competitor, Eli Lilly, which just received FDA approval for a weight loss drug.
According to the American Diabetes Association, 8.4 million of 37 million diabetics in the US use insulin. As Novo Nordisk navigates the evolving pharmaceutical industry, Levemir’s discontinuation raises worries about diabetes management and availability to vital pharmaceuticals.
Our Reader’s Queries
Is there a generic for Semaglutide in Novo Nordisk?
Semaglutide is a unique product that is only available from Novo Nordisk in the U.S. The FDA has approved three different trade names for this product, including Wegovy®, Ozempic®, and RYBELSUS®. Unfortunately, there are currently no generic versions of semaglutide that have been approved by the FDA. This means that if you need this medication, you will need to get it from Novo Nordisk.
What is Novo Nordisk most popular product?
Novo Nordisk’s range of drugs cater to various indications, with Ozempic being the most effective for diabetes with a success rate of 59%. However, NovoRapid and Victoza have shown a decrease in efficacy with -6% and -15% respectively. Tresiba, on the other hand, has shown a positive impact with a success rate of 9%. Overall, Novo Nordisk’s range of drugs offers a variety of options for diabetes management.
Does Novo Nordisk make Ozempic?
Revenue for drugmakers Novo Nordisk and Eli Lilly has surged alongside the rise in prescriptions for weight-loss and diabetes drugs. Novo Nordisk, the Denmark-based company responsible for Ozempic and Wegovy, reported a 29% increase in sales to $8.4 billion for the third quarter.
What is the main drug in Novo Nordisk?
The primary offering of this company is semaglutide, a medication utilized to manage diabetes and obesity. Ozempic and Wegovy are the respective brand names for these treatments.