Aspen Pharmacare, a South African drugmaker, plans to enter the Canadian market with a generic version of Novo Nordisk’s blockbuster diabetes and weight-loss drug Ozempic by the third quarter of 2026. The move aims to capitalize on the soaring demand for GLP-1 receptor agonists amid a global shortage of the branded medication.
The company is working through regulatory pathways to secure approval from Health Canada, focusing on ensuring its generic semaglutide matches the safety and efficacy profile of Ozempic. Aspen’s strategy hinges on addressing supply constraints that have left patients and healthcare providers scrambling, with Canadian pharmacies often unable to meet prescriptions for the drug. The generic could offer a lower-cost alternative, potentially reshaping access to this class of treatments.
Demand for Ozempic and similar drugs like Mounjaro has exploded in Canada, driven by their effectiveness in managing type 2 diabetes and off-label use for weight loss. Novo Nordisk has struggled to keep up with production, leading to intermittent shortages that have frustrated patients and prompted rationing in some regions. Aspen sees an opportunity to fill this gap, leveraging its experience in generic and branded drug manufacturing across multiple markets.
Pricing details for the generic remain undisclosed, but analysts expect it to undercut Ozempic’s current cost, which can exceed $300 per month for Canadian patients without insurance coverage. Aspen’s entry could pressure Novo Nordisk to adjust its pricing or ramp up supply to maintain market share.
Some experts are predicting the cost of the generic drug could cost as little as $3 per month.
If successful, the company’s launch by mid-2026 could mark a turning point for affordability and availability of GLP-1 drugs in Canada, where over 3 million people live with type 2 diabetes.
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