Drug makers like Aspen Pharmacare, Sandoz Group, and Hikma Pharmaceuticals are racing to put out cheaper, generic versions of popular drugs used for weight loss.
Driving the news: With Ozempic’s market exclusivity expiring in Canada next year, at least four companies, including Sandoz, have applied to sell generic versions of Ozempic in the country. The Novo Nordisk drug is facing similar challenges in China and India.
- Ozempic currently costs about $218 per month in Canada, but once generic drugs are on the scene, the price is expected to be knocked down to $76.
Big picture: The high price of weight-loss drugs has created huge markets for bootlegged versions, counterfeits, and copycats. A Reuters analysis found that fake Ozempic has been found in nearly 30 countries, leading to at least two deaths as of September.
- In the U.S., where Ozempic can cost almost US$1,000 a month without insurance, people have turned to the black market — and even Canada — for cheaper options.
- B.C. had to restrict online sales of Ozempic to foreigners in 2023 after seeing a huge spike in Americans filling their prescriptions in the province.
Why it matters: Even with a high price tag and little coverage from drug plans, Ozempic has become the bestselling prescription drug in Canada. Once generic treatments are available for a fraction of the price, weight-loss drug use in Canada is likely to grow even faster.—LA