Novo Nordisk, reputed player in global pharmaceutical market, is reportedly eager to expand its business in Latin America. The Danish healthcare company headquartered in Bagsværd, Denmark aims to explore new growth avenues in the region by increasing the marketing scale of its obesity drug, Saxenda. The firm already has affiliates in more than 75 countries and production facilities in 8 countries across the globe.

Novo Nordisk had already introduced Saxenda, the firm’s novel anti-obesity injection that is known to effectively combat obesity issues and improve the overall health of a patient, across the Latin American belt. The introduction of the medication was met with a tremendous response, owing to which Saxenda has already become successful across the region. This novel product, which was launched in 2015 by Novo Nordisk, possesses the same content - GLP-1 amino acid, that is present in the diabetes medicine named Victoza. As per reliable reports, Saxenda, which contributes nearly 2% of the company’s total sales, is expected to collect a revenue of greater than USD 1 billion by 2023. Income accrued by the firm from the product sales across Latin America in the first quarter of 2017, was twice the revenue collected from the sales in the last quarter of 2016.

Mexico, the country infamous for housing the world’s most obese population, offers a bright future for the obesity sector and can be a lucrative business avenue for the firm. But, the U.S. obesity market, which is still the largest revenue pocket for Novo Nordisk, has accounted for nearly 70% of the overall revenue of the firm in the first quarter of 2017. This newly introduced obesity reducing & weight loss maintaining product has dominated obesity business in the U.S.  despite its low-cost amounting to nearly USD 1,000 per month. The growth is mainly attributed to the growing unfulfilled medical requirements of the U.S. population.

According to estimates, nearly 600 million people across the globe are obese, with U.S. population contributing to just under 100 million. Novo is trying to enhance its drug production capacity and aims to expand its business through product penetration in newer markets. It is seeking to introduce Saxenda in more than 190 countries outside North America to further facilitate its global expansion. The world’s largest insulin manufacturer thus, is looking forward to experience tremendous success in the future by means of adopting diversification strategies and penetrating new markets.