Novo Nordisk changes brand to Novo amid competition in the obesity drug market
In Denmark, pharmaceutical company Novo Nordisk announced a rebrand to Novo and an update to its corporate culture amid a battle for market share in obesity treatment drugs. The company’s legal name — Novo Nordisk — will remain unchanged, CNBC reports.
The company called the changes the beginning of a new stage. Novo faces fierce competition from Eli Lilly and pressure from investors expecting new blockbuster drugs and a long-term growth strategy. The company plans to provide more details about changes to its business strategy on September 21 during its Capital Markets Day event.
New name and operating principles
The rebranding also includes new positioning around the slogan “Lasting Health Starts Now.” According to the company, this concept is intended to emphasize that patients should begin their journey toward long-term well-being immediately, as well as strengthen the trust of the public and other stakeholders and bring scientific developments closer to people’s everyday lives.
Novo’s corporate culture will be based on four principles: innovation that prioritizes patient needs, improving performance to create greater value for all stakeholders, clearer priorities and simpler work processes, and uncompromising adherence to patient safety and ethical standards.
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Position in the obesity drug market
Since the start of the year, Novo shares have fallen by approximately 15%, despite the successful launch of a tablet version of Wegovy. As of June, the number of prescriptions for the drug exceeded 3 million. The company also recently discontinued three trials of an experimental cardiovascular disease treatment.
In the second quarter, Novo’s share of the obesity drug market was 38.8%, while Eli Lilly held 60.9%, according to an Eli Lilly investor presentation citing IQVIA data. At the same time, oral Wegovy entered the market ahead of Eli Lilly’s competing weight-loss pill called Foundayo.
The legal name Novo Nordisk dates back to the 1989 merger of two Danish pharmaceutical companies — Novo Terapeutisk Laboratorium and Nordisk Insulinlaboratorium.
