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Aspen Pharma Eyes Early GLP-1 Generic Entry in Canada
4 Mar
Summary
- Aspen expects Canadian approval for its generic GLP-1 by September.
- Company aims to be among the first to market its semaglutide copycat.
- Emerging markets offer significant potential for lower-priced generics.
Aspen Pharmacare is poised to enter the Canadian market with its generic GLP-1 obesity treatment, aiming for regulatory approval between May and September of 2026. This strategic move seeks to establish an early presence in a significant market following the patent expiry of Novo Nordisk's Ozempic.
CEO Stephen Saad expressed confidence that Aspen's semaglutide copycat could achieve swift uptake in Canada, potentially serving as a benchmark for launches in Latin American and Middle Eastern countries. While acknowledging the increased competition expected in the generics market, Saad anticipates substantial volumes and profitability.
The company also foresees greater opportunities in emerging markets, where a more accessible price point for generic GLP-1s could unlock demand for a vast population unable to afford branded medications.
Aspen has invested heavily in GLP-1 manufacturing and debt reduction. The company reported a 4.1% decrease in first-half revenue to 21.1 billion rand. Shares saw a 0.5% increase, contributing to a 16% gain this year.
