Ozempic maker Novo Nordisk's new anti-obesity drug aims to deliver the biggest weight loss yet

Novo Nordisk A/SThe appetite-stimulating shot semaglutide, sold under the brand names Ozempic and Wegovy, is likely to become the world's best-selling drug franchise next year. It opened a market that could reach $130 billion by 2030 and whose cultural reach is greater than any new drug since Viagra. But to maintain its lead in the red-hot obesity space, Novo has until December to prove it has something better.

The arch-rival of the Danish drugmaker Eli Lilly & Co. has introduced another shot – Zepbound, also known as Mounjaro – which has so far shown even more weight loss than Wegovy. A number of other companies are hot on their heels with next-generation drugs, including shots that could be more effective and simple pills that could be easier to take. And price negotiations for semaglutide are scheduled for next year in the USA and the European patent expires in 2031. In China, where the active ingredient will lose patent protection in 2026, potential generic challengers are already lining up to enter the market.