Novo Nordisk, a Danish pharmaceutical company, has revealed plans to release its weight-loss medicine, Wegovy, to the Australian market, making it the twelfth market worldwide. This is a strategic move given the current high demand for Wegovy, as Novo Nordisk needs to build a strong market position before other competitors, such as Eli Lilly, take a strong foothold in the market. Industry sources expect the market for weight-loss drugs to expand to up to $100 billion by the end of the decade.
Wegovy, with the main ingredient semaglutide, is administered through self-injection and is taken once per week at a dose of 2.4 mg. However, it will not be included in the Pharmaceutical Benefits Scheme in Australia, even though it offers some advantages. Therefore, patients will need to go to their physicians to get a prescription and then pay for the medication themselves.
The plan to bring Wegovy to the Australian market is informed by a study by the Australian Institute of Health and Welfare that indicated that in 2022, nearly 67 percent of adult Australians were either overweight or obese. This statistic highlights the high consumer need for weight management solutions in Australia.
Other launches of Wegovy by Novo Nordisk include Spain and Canada in May, adding to the list of countries that have launched the drug: the United States, Denmark, Norway, Switzerland, the United Arab Emirates, Japan, Britain, Germany, and Iceland.
The management has pointed out some challenges it has faced as a company while trying to meet the demand for Wegovy; nevertheless, the ongoing market expansion demonstrates that the organization has laid a strong foundation for a growth strategy that will enhance its dominance in the weight-loss drug market.
