Novo Nordisk’s (NVO) weight loss drug “Wegovy” has been approved in China, opening a huge new market for the blockbuster medication.
China is the world’s second largest economy and has 1.4 billion citizens.
The country’s National Medical Products Administration has approved the weekly injectable drug Wegovy to help with weight management.
Wegovy will initially be available to patients with a body mass index (BMI) that indicates obesity and to people who have medical conditions related to being overweight.
More than half of China’s population is considered overweight, according to data from the country’s National Health Commission.
Novo Nordisk’s Ozempic diabetes medication was approved for use in China in 2021, and that drug’s sales doubled in the country last year.
Management at Novo Nordisk says the company is struggling to keep up with surging demand for its weight loss treatments.
At the same time that Wegovy was approved for use in China, Novo Nordisk announced that it is spending $4.1 billion U.S. to expand its manufacturing capacity in America.
Specifically, Novo Nordisk is building a new manufacturing plant in Clayton, North Carolina that will be completed in 2027.
The stock of Novo Nordisk has increased 80% over the last 12 months and currently trades at $142.28 U.S. per share.
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