Ozempic and Wegovy have become ubiquitous in the medical world, with widespread use for treating diabetes and obesity. These drugs have gained popularity even among the rich and famous, generating billions in sales and creating a thriving market for weight loss medications. According to Goldman Sachs, this market is expected to reach $100 billion annually by the year 2030.
The key ingredient in these drugs, semaglutide, has been a game-changer for Novo Nordisk, the company behind them. This transformation has propelled Novo Nordisk to become Europe’s most valuable company, surpassing even the entire Danish economy in market capitalization. The company’s success has had profound implications for Denmark, with its philanthropic foundation now ranking as the largest in the world, with assets exceeding even those of the Gates Foundation.
Novo Nordisk’s significant financial contributions have also had a positive impact on the Danish economy. Last year, the company’s income tax bill amounted to $2.3 billion, and its investments and increased production have stimulated economic growth, leading to a nearly 2% expansion – more than four times the EU average. This growth has enabled record government spending on defense, the green transition, and support for Ukraine, showcasing the far-reaching effects of Novo Nordisk’s success.