Novo Nordisk announced on Monday that it is rebranding itself as 'Novo' and implementing changes to its corporate culture to better compete in the obesity drug market. This decision comes as the company struggles with significant competition from Eli Lilly, which currently holds a 60.9% market share compared to Novo's 38.8%.
Despite the successful launch of the oral version of Wegovy, which has surpassed 3 million prescriptions, Novo's shares have declined by about 15% this year. The company is set to outline its new business strategy during its Capital Markets Day on September 21. The rebranding includes a new slogan, 'Lasting Health Starts Now,' aimed at fostering trust and relevance with patients and stakeholders.
Novo's updated corporate culture will focus on four key principles: prioritizing patient innovation, enhancing performance for stakeholder value, simplifying workflows, and maintaining a commitment to patient safety and ethics. These changes are intended to position Novo more favorably in a market where direct-to-consumer sales are becoming increasingly important