Millions of Canadians could soon access affordable semaglutide as exclusivity ends and generics arrive
A wave of change is coming to Canada’s diabetes and obesity drug market, as Vimy Pharma prepares to launch a domestically produced generic version of Ozempic—potentially expanding access for millions of Canadians, according to BNN Bloomberg.
Vimy Pharma, a Toronto-based company founded by former Novo Nordisk Canada executives Dave Suchon and Farris Smith, is positioning itself to serve the growing demand for affordable treatments for type 2 diabetes and obesity.
“We’re going to be making it here in Canada,” Suchon told BNN Bloomberg, emphasizing that both research and development are taking place domestically.
The company has secured millions in investment and will manufacture the drug in partnership with Edmonton’s Applied Pharmaceutical Innovation, which recently received $98m in government funding.
The market for weight loss and diabetes drugs is significant, with retail sales of Ozempic and Wegovy nearing $3bn in Canada and nearly a million Canadians already using these products, as noted by Suchon.
He highlighted the broader potential, stating that as exclusivity lapses and generics enter the market, “you can see a product that’s used by maybe a million Canadians suddenly being used by millions more.”
According to Suchon, as many as eight to nine million Canadians with type 2 diabetes or obesity could benefit from these drugs.
Ozempic and Wegovy, both containing semaglutide, have gained popularity for their efficacy in blood glucose control, weight loss, and cardiovascular health, with ongoing studies exploring additional indications.
While side effects such as nausea can occur, Suchon described the drugs as generally safe and effective.
Meanwhile, the US market is also experiencing pressure for lower prices.
As reported by Bloomberg, US President Donald Trump announced that Ozempic’s price could drop to $150 a month, a significant reduction from the current list price of about $1,000.
Shares of Novo Nordisk and Eli Lilly fell following the announcement, though US officials clarified that negotiations are ongoing and no final agreements have been reached.
With exclusivity for Ozempic and similar drugs ending soon, Vimy Pharma’s entry could mark a turning point for Canadian patients and plan sponsors seeking cost-effective solutions for chronic conditions.
