Drugmakers are closing out a year when they achieved several historic firsts , including weight loss drug, that will shape the pharmaceutical industry in 2024 and beyond.
.The weight loss drug market transformed into the pharmaceutical industry's newest gold rush 2023, as demand for costly but highly effective treatments from Novo Nordisk and Eli Lilly surged. Patients and investors also saw that the benefits of the medicines could extend beyond their original purposes.
For years, the weight loss market was stagnant with products that were ineffective or carried unpleasant side effects. Newer obesity and diabetes drugs such as Wegovy and Ozempic from Novo Nordisk and Mounjaro from Eli Lilly changed that, raking in billions for the drugmakers and catapulting them to the center stage of the pharmaceutical industry.
Shares of Eli Lilly are up about 58% in 2023, making it the largest U.S. pharmaceutical company based on its market cap of more than half a trillion dollars. Novo Nordisk's stock is up about 47% for 2023, and the drugmaker briefly became Europe's most valuable company in September,2023.
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by- ANDREW SMITH
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