Canada approves first generic versions of Novo Nordisk's Ozempic, signaling potential price cuts and revenue impact.

Health Canada has approved the first generic versions of Novo Nordisk's diabetes drug Ozempic, made by Dr. Reddy's Laboratories and Apotex, marking the first generics available in North America. These generics are currently only available in Canada, with seven more under review, and may lead to price reductions and revenue declines for Novo Nordisk internationally. The company expects a low single-digit impact and is using savings cards to retain customers. A significant price cut of 65% will be mandated once three generics enter the Canadian market, which Novo Nordisk is prepared to handle strategically. This development will serve as a test for generic competition against branded GLP-1 drugs.