Health Canada has given the green light to the second generic form of Ozempic, developed by Apotex, a Canadian company. This approval follows closely behind the recent authorization of the initial generic semaglutide, the active ingredient in Novo Nordisk’s Ozempic, produced by Dr. Reddy’s Laboratories in India.
These injectable medicines are specifically intended for treating Type 2 diabetes in adults, although Ozempic is frequently prescribed off-label for weight management. Canada stands out as the first G7 nation to approve generic semaglutide.
Apotex, a global pharmaceutical firm based in Toronto, is set to make its new product accessible to Canadians within a few weeks. Catherine Thomas, the company’s vice president of global communications, expressed the company’s commitment to launching the product imminently.
The introduction of generic semaglutide is eagerly anticipated by individuals lacking drug coverage due to the high monthly costs associated with the brand-name original, which can reach hundreds of dollars. The potential cost savings from generic semaglutide compared to Ozempic will depend on the number of approved generic alternatives on the market, as per experts.
Experts suggest that under the pricing structure of the pan-Canadian Pharmaceutical Alliance, the initial generic version could be priced at 75 to 85 percent of the brand-name drug. Subsequently, with the entry of a second generic, pricing for both drops to 50 percent. When three or more generic products become available in Canada, the cost is expected to decrease to approximately 35 percent of the brand-name Ozempic.
Apotex is collaborating with health insurance companies to ensure coverage for the new drug. Thomas noted that most private plans typically include generics shortly after their launch.
While recent studies highlight the extensive benefits of semaglutide drugs, such as reducing inflammation, arthritis, and the risk of major cardiac events, stroke, and premature death, experts caution against their indiscriminate use. Dr. Hertzel Gerstein, a diabetes specialist and researcher, emphasizes the importance of consulting with healthcare professionals before starting a weight loss medication due to the potent nature of these drugs.