epa10538868 A package of prescribtion drug Wegovy by Novo Nordisk sits on a table in Copenhagen, Denmark, 23 March 2023. US celebrities have credited their weight loss to the FDA-approved medications that are prescribed to treat Type 2 diabetes. EPA-EFE/Ida Marie Odgaard DENMARK OUT
The Hims & Hers wellness platform announced Wednesday it will soon offer a generic version of the weight loss drug semaglutide in Canada as Novo Nordisk’s patent on its branded version, known as Wegovy, will soon expire.
Hims & Hers also said in a press release Wednesday that it acquired the European digital health platform ZAVA, which carries Wegovy.
Novo Nordisk declared last month it had stopped allowing Hims & Hers to sell Wegovy in its pharmacy due to allegations of “disseminating deceptive marketing” and mass sales of compounded drugs under the pretense of “personalization.”
However, with ZAVA, Hims & Hers can better reach across markets, and reports it plans to bring semaglutides in Canada.
“Our planned expansion into Canada proves our commitment to bringing modern, effective care to those who need it most,” said Hims & Hers GM International David Meinertz. “Making affordable, holistic obesity treatment accessible has the potential to help strengthen the local healthcare system and unlock the potential for millions of Canadians to live healthier, more fulfilling lives.”
There is currently no generic version of semaglutide approved by the Canadian health agency for sale, but the approval process for companies is underway.
As for why Novo would allow its patents to expire, a spokesperson told CNBC that all intellectual property decisions are “carefully considered,” and that “periods of exclusivity for pharmaceutical products end as part of their normal life cycle and generic treatments may become available over time.”
Novo lost its Canadian patent after its lawyers requested a refund for the 2017 patent maintenance fee because the company wanted more time to see if it wanted to pay the required $185. Two years later, Novo had still failed to pay and the Canadian government let the patent lapse in 2020.
The 2024 Canadian semaglutide market generated $1.18 billion in revenue, and is expected to surpass $4 billion by 2035, according to market research firm Grand View Research.
