Health Canada has given approval to the second generic version of the well-known drug Ozempic, this time produced by the Canadian company Apotex. This approval follows closely behind the recent authorization of the first generic semaglutide, the active ingredient in Novo Nordisk’s Ozempic, which was manufactured by Dr. Reddy’s Laboratories in India.
While originally intended for treating Type 2 diabetes in adults, Ozempic is frequently used off-label for weight loss. Canada has taken the lead among G7 nations in approving generic semaglutide.
Apotex, a global pharmaceutical company based in Toronto, is gearing up to make their product available to Canadians within a few weeks. Catherine Thomas, the company’s vice president of global communications, stated that their team is dedicated to launching the new product promptly, with a goal of making it accessible in the coming weeks.
The approval of generic semaglutide has been eagerly awaited by many individuals without drug coverage, as the brand name version can be costly, ranging from around $300 to $400 per month. The precise cost savings of generic semaglutide compared to Ozempic will depend on the number of generic options approved and introduced to the market, as per experts.
Experts suggest that under the pricing structure of the pan-Canadian Pharmaceutical Alliance, the cost of the first generic medication could be between 75 to 85 percent of the brand name. Subsequently, with the introduction of a second generic medication, prices for both are anticipated to drop to 50 percent. Once three or more generic products are available in Canada, the cost is expected to decrease to approximately 35 percent of the price of brand-name Ozempic.
Apotex’s Thomas mentioned that the company is actively collaborating with health insurance providers to ensure coverage for the new drug. She emphasized that for most private plans, the inclusion of generics typically occurs shortly after the product launch.
Recent studies continue to highlight the wide-ranging benefits of semaglutide drugs, showing positive effects on inflammation, arthritis, and reducing the risk of major cardiac events, stroke, and premature death. Dr. Hertzel Gerstein, a diabetes specialist and researcher in Hamilton, praised the extensive research on these drugs but also advised caution in their usage, emphasizing the need for professional guidance before starting a weight loss treatment with these potent medications.