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Pablo Martínez-Juarez
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In 2022, the Danish pharmaceutical company Novo Nordisk revolutionized the market with its diabetes drug, Ozempic. The medication later evolved into a weight-loss drug under the name Wegovy.
Change of strategy. In response to increased competition, Novo Nordisk recently introduced new marketing innovations in the U.S. This includes a direct marketing system aimed at uninsured patients and those whose insurance doesn’t cover the treatment.
The company announced that the drug Wegovy will now be shipped to patients’ homes. It’ll be priced at $499 per month and payable in cash. This price is significantly lower than the current out-of-pocket cost for those without insurance who wish to purchase the medication in the U.S., which is around $1,350.
According to the Danish drugmaker, insured patients typically pay between $0 and $25 per month for Wegovy. About 90% of users in the U.S. benefit from these rates. However, this new strategic change could impact this ratio.
Wegovy. Wegovy is a brand name for a medication developed by Novo Nordisk that contains semaglutide, the same compound found in Ozempic. Both Ozempic and Wegovy function by introducing a glucagon-like peptide type 1 (GLP-1) hormone analog into the body.
The GLP-1 hormone is naturally released when we eat and plays several important roles. First, it signals the pancreas to produce insulin, making it beneficial for individuals with diabetes. Additionally, it communicates to the brain that we feel full, which may contribute to the weight loss associated with this medication.
NovoCare Pharmacy. Novo Nordisk has named this initiative as NovoCare Pharmacy. Deliveries will be handled through CenterWell Pharmacy, allowing the company to operate without intermediaries in this strategy.
The company highlights that individuals with a medical prescription for Wegovy will be able to use the service, which delivers the treatment directly to their homes. According to Novo Nordisk, this approach will enhance product verification, provide “refill” reminders, and offer access to a dedicated case manager.
Increasing competition. Wegovy’s market niche is becoming increasingly competitive. With the introduction of new formulations by U.S. drugmaker Lilly, the dominance of Ozempic and Wegovy has been tightening. Recent supply problems have also affected a market that many pharmaceutical companies are eager to enter.
Image | Haberdoedas
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