Danish health care giant Novo Nordisk, a world leader in diabetes care, has great expectations for the future from the North American insulin market. Over the last seven years, Novo Nordisk has achieved growth at an average annual rate of around 25%, and now has a 42% share of the North American insulin market. The percentage contribution of the North American insulin market to the company's turnover has risen from 17% in 2000 to 33% today. Martin Soeters, Novo Nordisk's US chief for the whole of this period, expects that in some years' time half of Novo Nordisk's sales will come from this market, of which it aims to have 50-55% share.
Novo Nordisk sees potential for further growth in the US in a number of areas. Many patients still use insulin products and delivery systems which have been surpassed by more modern insulin formulations and more convenient all-in-one administration devices like the NovoPen, which looks more like a modern ballpoint pen than a syringe. The insulin is contained within the NovoPen in a replaceable cartridge, just like ballpoint pen refill.
The company also suspects that there is a considerable number of diabetes patients in the US who are going undiagnosed. According to Novo Nordisk's annual report there are 30 million diabetes patients in Europe, while in the US there are only 21 million - a figure which the company believes should be considerably higher. Novo Nordisk sees doctor training as a key focus area for the future, and is working to improve diagnostic capability by providing financial support to train doctors in diabetes.
Novo Nordisk is a healthcare company and a world leader in diabetes care. It also has a leading position in haemostasis management, growth hormone therapy and hormone replacement therapy. Headquartered in Denmark, Novo Nordisk employs more than 25,800 people in 79 countries, and markets its products in 179 countries. Novo Nordisk’s B shares are listed on the stock exchanges in Copenhagen and London.
The news was reported by financial daily newspaper Berlingske Tidende.