Hims & Hers to bring generic semaglutide to Canada
July 9 (UPI) -- The Hims & Hers wellness platform announced Wednesday it will soon offer a generic version of the weight loss drug semaglutide in Canada as Novo Nordisk's patent on its branded version, known as Wegovy, will soon expire.
Hims & Hers also said in a press release Wednesday that it acquired the European digital health platform ZAVA, which carries Wegovy.
Novo Nordisk declared last month it had stopped allowing Hims & Hers to sell Wegovy in its pharmacy due to allegations of "disseminating deceptive marketing" and mass sales of compounded drugs under the pretense of "personalization."
However, with ZAVA, Hims & Hers can better reach across markets, and reports it plans to bring semaglutides in Canada.
"Our planned expansion into Canada proves our commitment to bringing modern, effective care to those who need it most," said Hims & Hers GM International David Meinertz. "Making affordable, holistic obesity treatment accessible has the potential to help strengthen the local healthcare system and unlock the potential for millions of Canadians to live healthier, more fulfilling lives."
There is currently no generic version of semaglutide approved by the Canadian health agency for sale, but the approval process for companies is underway.
As for why Novo would allow its patents to expire, a spokesperson told CNBC that all intellectual property decisions are "carefully considered," and that "periods of exclusivity for pharmaceutical products end as part of their normal life cycle and generic treatments may become available over time."
Novo lost its Canadian patent after its lawyers requested a refund for the 2017 patent maintenance fee because the company wanted more time to see if it wanted to pay the required $185. Two years later, Novo had still failed to pay and the Canadian government let the patent lapse in 2020.
The 2024 Canadian semaglutide market generated $1.18 billion in revenue, and is expected to surpass $4 billion by 2035, according to market research firm Grand View Research.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Insider
34 minutes ago
- Business Insider
Why European Leaders Are Demanding Action Against Elon Musk's AI Chatbot
Tensions between Elon Musk's xAI and European leaders are escalating after offensive comments were made by the company's chatbot, Grok, on the social media platform X. German politician Ralf Stegner called the antisemitic posts 'unacceptable' and pushed for sanctions, according to Handelsblatt. In Poland, the government urged the European Union to investigate xAI and consider issuing fines after Grok made crude remarks about Polish politicians. The EU is already reviewing X under its Digital Services Act and is reportedly considering calculating penalties based on revenue from Musk's other businesses, which could significantly raise the potential fine, according to Bloomberg. Don't Miss TipRanks' Half-Year Sale Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week. The situation could become more serious if the EU opens a separate investigation focused on Grok. xAI responded to the backlash by saying that it had started removing harmful posts and was working to stop hate speech before it appears on X. Thomas Regnier, a spokesperson for EU digital policy, said that platforms like X are required to monitor and manage risks from AI tools like Grok. In addition, Germany's Johannes Schätzl called for the EU to move quickly on its investigation after accusing Musk of using Grok to spread extreme content. At the same time, Poland's Deputy Prime Minister, Krzysztof Gawkowski, said that if Grok's hate speech continues, the EU should consider blocking access to X altogether. In Poland, Grok came under fire for insulting politicians' looks and personal lives. Similar concerns surfaced in Turkey after Grok made controversial comments about President Erdogan. Turkey's infrastructure minister warned that X could be banned unless steps are taken to control such content. Interestingly, it is worth noting that this wouldn't be unprecedented, as Brazil briefly banned X last year. What Is the Prediction for Tesla Stock? When it comes to Elon Musk's companies, most of them are privately held. However, retail investors can invest in his most popular company, Tesla (TSLA). Turning to Wall Street, analysts have a Hold consensus rating on TSLA stock based on 13 Buys, 13 Holds, and nine Sells assigned in the past three months, as indicated by the graphic below. Furthermore, the average TSLA price target of $294.42 per share implies that shares are trading near fair value.
Business Upturn
an hour ago
- Business Upturn
Tottenham agree a deal to sign Mohammed Kudus from West Ham
Tottenham Hotspur have agreed a deal to sign Mohammed Kudus from West Ham United. By Ravi Kumar Jha Published on July 10, 2025, 08:24 IST Tottenham Hotspur have agreed a deal to sign Mohammed Kudus from West Ham United. The agreement has been reached and the transfer fee to be paid is – 55 million pounds. Kudus only wanted Spurs this summer despite offers from few other clubs. The player is set to sign a 6-year contract (until 2031) and the official announcement will then be made. Tottenham Hotspur have reached a full agreement to sign Ghanaian star Mohammed Kudus from West Ham United in a deal worth £55 million. The North London club have beaten competition from several other teams, with Kudus making it clear that Spurs were his sole priority this summer. The 23-year-old attacking midfielder is set to sign a six-year contract that will keep him at the Tottenham Hotspur Stadium until 2031. Kudus enjoyed an impressive debut season with West Ham, showcasing his flair, creativity, and goal-scoring ability in the Premier League and European competition. Final formalities are expected to be completed soon, with an official announcement to follow. Spurs view Kudus as a key piece in Thomas Frank's new project as they aim to push for major honours in the coming seasons. Ahmedabad Plane Crash Ravi kumar jha is an undergraduate student in Bachelor of Arts in Multimedia and Mass Communication. A media enthusiast who has a strong hold on communication and he also has a genuine interest in sports. Ravi is currently working as a journalist at
Business Insider
an hour ago
- Business Insider
RioCan REIT initiated with an Outperform at Raymond James
Raymond James analyst Brad Sturges initiated coverage of RioCan REIT (RIOCF) with an Outperform rating and C$20.50 price target RioCan's identified ongoing and future development pipeline as of Q1-end ranked as the 2nd-largest underutilized urban land-banks among the Canadian retail REIT sector, and the firm believes that the underutilized urban land bank provides long-term mixed-use residential intensification development opportunities, the analyst tells investors in a research note. The REIT also offers a stable average economic occupancy rate of 95%-96%, the firm added. Don't Miss TipRanks' Half-Year Sale Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
