Novo CEO tells CNBC why drugmaker is rebranding, needs to 'rethink' obesity strategy
The Danish drugmaker called the changes the beginning of a new chapter for the company, which faces stiff competition from Eli Lilly.
TL;DR
- Novo Nordisk is rebranding to 'Novo' and updating its corporate culture.
- The changes aim to win back market share in the obesity drug space against rivals like Eli Lilly.
- CEO Mike Doustdar highlighted the need to 'rethink' strategy and improve R&D, manufacturing, sales, and marketing.
- The company is adopting new principles focused on patient-centric innovation, clear priorities, simplified workflows, and ethical practices.
- A new marketing phrase, 'Lasting Health Starts Now,' aims to build relevance and trust.
- Despite challenges, Novo's oral version of Wegovy has seen a successful launch, maintaining a strong position in the oral market.
- Novo's market share in obesity drugs is 38.8%, trailing behind Eli Lilly's 60.9% in the second quarter.