Ozempic-maker Novo Nordisk to cut 9,000 jobs

Charlotte EdwardsBusiness reporterGetty ImagesThe maker of Wegovy and Ozempic, Novo Nordisk, has introduced it should reduce 9,000 jobs weeks after warning that earnings will fall as extra “knock-off” weight-loss medicine emerge.The redundancies make up 11% of the Danish firm’s workforce and mark the primary main step by new chief govt Mike Doustdar as Novo Nordisk faces mounting pressures within the quickly increasing weight-loss sector.Demand for weight-loss medicine has elevated in recent times, particularly after Covid-related lockdowns compelled folks to remain of their houses.Mr Doustdar mentioned: “Our markets are evolving, notably in weight problems, because it has change into extra aggressive and consumer-driven. Our firm should evolve as nicely.”Novo Nordisk has confronted elevated competitors from rivals akin to Eli Lilly which makes Mounjaro.Eli Lilly not too long ago hiked the worth of Mounjaro within the UK, resulting in some sufferers warning they have been unable to pay money for the drugs as pharmacies stockpiled the drug earlier than the rise got here into pressure.The corporate introduced Mounjaro’s value will rise by as much as 170%, which means a month’s provide of the best dose will go up from £122 to £330.At Novo Nordisk, the agency warned in July that its full-year gross sales and earnings wouldn’t develop as rapidly as anticipated.The corporate goals to chop prices by 8 billion Danish kroner (£927m) by the tip of subsequent yr.In July, Novo Nordisk warned that its full-year gross sales and earnings wouldn’t develop as rapidly as anticipated.Mr Doustdar mentioned that whereas “it’s at all times tough to see proficient and valued colleagues go, however we’re satisfied that that is the correct factor to do for the long-term success of Novo Nordisk”.The corporate says it should start discussions with workers within the coming months, in step with native labour legal guidelines.It’ll share extra particulars when it experiences its monetary outcomes on 5 November.How do weight reduction jabs work?There are two medicine available on the market – semaglutide, marketed beneath the model title Wegovy, and tirzepatide, offered as Mounjaro.Semaglutide injections are used to deal with diabetes however, in recent times, have change into wildly in style with folks seeking to reduce weight.They’re given as weekly injections through pre-filled pens that may be self-administered into the higher arm, thigh or abdomen.Each medicine work as an urge for food suppressant by mimicking a hormone which makes folks really feel fuller. Mounjaro additionally impacts metabolism and helps regulate power stability.Sufferers typically begin on a low degree dose, which is steadily elevated till they attain a upkeep dose.The medicine usually include uncomfortable side effects, generally together with nausea, constipation and diarrhoea.