For American and European drugmakers, the story of China today is one of a fast-developing market — one producing not only “me too” therapies but increasingly novel medications as well. And to understand what these shifts might mean for global pharmaceutical companies, look no further than the market for GLP-1 drugs, in particular.
Earlier this month, Novo Nordisk reported that it saw sales of its diabetes therapy Ozempic decline by 5% in China last year, the first time sales of the medication have fallen since it was approved there in 2021. It’s particularly notable given that sales in all other markets continued to increase — up 9% in the U.S., 17% in Europe and Canada, and 8% for the rest of the Asia-Pacific region.
“Pretty much all regions did well, with maybe the exception of China. We had higher hopes for China,” Novo CEO Mike Doustdar said in a same-day earnings call.
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