New classes of weight loss drugs not only expanded profits for pharmaceutical companies, but also expanded the economy. A surge in demand for Ozempic and Wigoby, which are used to treat diabetes and obesity, has increased Denmark’s gross domestic product. 2% last quarter.
The Danish government agency Statistics Denmark reported in a preliminary survey. The pharmaceutical industry is the driving force behind the country’s growth. economy of 4th quarter of 2023 And this whole year. Denmark’s GDP grew by 1.8% in 2023. Much of that growth is due to the pharmaceutical industry. According to the agency, without medicines, the country’s GDP would be It fell by 0.1%.
Novo Nordisk is growing Denmark’s GDP
What drives this growth is Novo Nordisk based in Denmark, that causes diabetes medicine Ozempic and weight loss drug wegoby. This drug, known as GLP-1, suppresses appetite by mimicking hormones that regulate appetite and blood sugar levels.The rapid increase in sales of these medicines has led to Novo Nordisk Europe’s most valuable companyoutperformed luxury conglomerate LVMH last year.
Novo Nordisk continues its upward growth trajectory, and we don’t expect it to stop anytime soon.company reported in January it’s 2023 Sales increased by 31% to DKK 232.3 billion ($33.8 billion) from DKK 177 billion ($25 billion) in 2022. It also predicts that sales will increase by up to 26% in 2024.
Physical locations are also expanding to increase pharmaceutical production. This month, Novo Nordisk announced: Purchased 3 facilities To meet growing demand for Wegovy, it was acquired by drug manufacturer Catalent for $11 billion.
On the way to $1 trillion
Strong sales of Wegovy and Ozempic could make Novo Nordisk one of the first drug companies to do so. Market capitalization is $1 trillionAccording to the Norwegian sovereign wealth fund. Only 7 companies in the world including Apple, Microsoft, and Nvidia The market capitalization is over $1 trillion. The pharmaceutical giant’s market capitalization is currently $542 billion.