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As of midnight on New Year’s Eve, Novo Nordisk’s Ozempic has once again claimed the title of Canada’s highest-grossing prescription medication, marking its fourth consecutive year at the top. The diabetes and weight-loss drug raked in a staggering $2.9 billion in 2025, far surpassing its closest competitor, a psoriasis treatment that earned just under a third of that amount. With combined sales of Ozempic and its counterpart Wegovy reaching $3.5 billion—an impressive 31 per cent increase from the previous year—Novo Nordisk’s success is undeniable. However, a significant shift is on the horizon that could reshape these figures dramatically.
The Expiry of Market Protections
On January 4, 2026, the final market protections for Ozempic and Wegovy in Canada lapsed, opening the floodgates for generic versions of semaglutide to enter the market. This change has drawn the attention of the global pharmaceutical sector, as Canada becomes the first major market to allow cheaper alternatives for these highly sought-after medications. Analysts predict that the annual global market for weight-loss and diabetes drugs could exceed $150 billion by the early 2030s, a prospect that has many players eager to participate.
“This is likely to be a very big market, it’s growing at a rapid lift,” remarked Evan Seigerman, managing director at BMO Capital Markets. “We’re going to see these products become more accessible and widely available.”
The easing of market restrictions not only presents an opportunity for pharmaceutical companies but also for pharmacies and virtual health startups, all of which are preparing for an anticipated influx of customers seeking more affordable options.
Implications for Patients and Providers
Per Bank, CEO of Loblaw Companies Ltd., which owns Shoppers Drug Mart, expressed optimism about the forthcoming changes. “Our prediction would be that we’re going to see, even though it’s going to be significantly cheaper, that we will sell more,” Bank noted during a November analyst call. He highlighted the benefits for consumers and the potential positive impact on healthcare in Canada.
Currently, over a million Canadians are prescribed semaglutide, but this figure represents only a fraction of the total potential market, as Statistics Canada indicates that roughly two-thirds of Canadians are classified as overweight or obese. With generics entering the fray, those who previously could not afford the medication may soon have access.
The market dynamics are shifting rapidly, and drugmakers must navigate regulatory and manufacturing challenges to capitalise on this emerging landscape.
The Rise of Telehealth and Virtual Pharmacies
As demand for Ozempic and similar medications surges, the manner in which patients procure these drugs is evolving. In Canada, virtual health platforms have seen a notable increase in demand for GLP-1 prescriptions. Felix Health, a telehealth service, reported a doubling of GLP-1 prescription requests over the past year, with around 85 per cent of clients paying out of pocket.
Brett Belchetz, co-founder of the Maple telehealth platform, noted that the decision to enter the GLP-1 market came after recognising the growing clinical evidence supporting these drugs as a standard treatment for obesity. “Weight loss is certainly our fastest growing category within the business,” said Kyle Zien, CEO of Felix Health.
Novo Nordisk is also adapting to these changes by collaborating with virtual pharmacy Pocketpills to enhance home delivery services for Ozempic and Wegovy in Canada.
Why it Matters
The entry of generic semaglutide into the Canadian market represents a pivotal moment not only for consumers seeking affordable options but also for the pharmaceutical industry as a whole. With the potential for significant price reductions and increased accessibility, this shift could alter the landscape of diabetes and obesity treatment. As the generics emerge and demand continues to rise, the Canadian market will likely serve as a blueprint for other nations considering similar pathways, ultimately shaping the future of healthcare in addressing the global obesity epidemic.