Facebook<\/p>\n
Tweet<\/p>\n
<\/p>\n Email Link<\/p>\n London \n Novo Nordisk, the maker of weight loss drug Wegovy, will lay off about 9,000 people as it grapples with rising competition in the obesity market.\n <\/p>\n \n The Danish company has been battling it out with US rival Eli Lilly, with each developing newer medicines to turbocharge weight loss and diabetes results since the approval of Nordisk\u2019s Ozempic in 2017.\n <\/p>\n \n The job cuts announced by Novo Nordisk Wednesday amount to more than 11% of its global workforce.\n <\/p>\n \n \u201cOur markets are evolving, particularly in obesity, as it has become more competitive and consumer-driven,\u201d Mike Doustdar, president and CEO, said in a statement<\/a>.\n <\/p>\n \n The company expects the layoffs to deliver annualized savings of around $1.25 billion by the end of 2026, which will be redirected to \u201cgrowth opportunities\u201d in diabetes and obesity, including research and development, it said in the statement.\n <\/p>\n \n In a sign of rising competition in the United States \u2013 by far the largest market for Novo Nordisk \u2013 Eli Lilly said last month that it would hike the price<\/a> of its rival weight loss drug Mounjaro in the United Kingdom as it tries to bring down prices in the US, after weeks of pressure from the Trump administration.\n <\/p>\n \n \u201cLilly supports\u2026 the objective of more fairly sharing the costs of breakthrough medical research across developed countries,\u201d the company said in a statement<\/a>, adding that the prices paid by governments and health systems will need to increase in other developed markets, such as Europe, in order to make them lower in the US.\n <\/p>\n
\n <\/a><\/p>\n
\n \u00a0\u2014\u00a0<\/p>\n