.jpg)
1 hour ago
3
Article content
(Bloomberg) — Novo Nordisk A/S expects generic Ozempic to be delayed in China until next year, a positive step for the drugmaker as it battles to keep its share of the global obesity market.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
The patent for semaglutide, the main ingredient in the blockbusters Ozempic and Wegovy, expired in China in March, sparking expectations for generic competition and falling prices. But Ozempic is entitled to regulatory data protection until April 2027 under the China-Switzerland Free Trade Agreement, the drugmaker said Wednesday.
Article content
Article content
Article content
Novo’s Swiss entity holds the Ozempic market authorization in China. The company said by email it believes local authorities “will comply with the agreement and protect companies’ legal rights accordingly.”
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
The delay helps Novo push back, at least for now, against a growing wave of Ozempic generics outside the US.
Article content
“Everyone thought there were a bunch of companies — nine, 10 companies — waiting” to introduce generics, said Zhao Heng, founder of Latitude Health, a Shanghai-based consultancy. “Nobody expected this.”
Article content
The setback should be a lesson for Chinese drugmakers to strengthen their legal departments, he said.
Article content
The impact of semaglutide generics extends beyond China and Novo’s portfolio, with cheap copies of Ozempic already gaining clearance in Canada and reshaping the obesity-medicine market in India.
Article content
The first Chinese company to apply for approval of a semaglutide generic, Hangzhou Jiuyuan Genetic Biopharmaceutical, said in March that its product’s review is suspended because it’s “subject to data protection provisions under agreements with governments of other countries.”
Article content
Neither the company nor the regulator in China immediately responded to requests for comment outside business hours.
Article content
Novo shares rose as much as 9.2% in Copenhagen after the drugmaker said its new Wegovy obesity pill fueled sales in the first quarter and this year’s revenue and profit declines wouldn’t be as bad as expected.
Article content
(Updates with consultant’s comment in fifth paragraph, change in Chinese drugmaker’s name in eighth)
Article content
English (US)