Canadian company Vimy Pharma aims to produce a generic version of blockbuster drug Ozempic to provide an affordable option for health-conscious consumers in the country.
The Toronto-based corporation was founded by Dave Suchon and Farris Smith, two former executives with Novo Nordisk Canada.
‘We’re going to be making it here in Canada,” Dave Suchon, co-founder of Vimy Pharma told BNN Bloomberg in a Friday interview. “We’ve done our research and development here in Canada as well.”
Popular weight loss drugs, like Ozempic and Wegovy, sold by Novo Nordisk, have been flying off the shelves as millions of users look for an option to treat type 2 diabetes, weight loss, obesity and other health concerns.
“We see benefits to blood glucose lowering, weight loss, of course, cardiovascular health, and they’re being studied for really, a myriad of other amazing, potential indications,” said Suchon.
Suchon and Smith oversaw Canadian operations for the Danish manufacture working with the company to bring Ozempic to Canada. Suchon said the market is big in terms of dollars and said the products are used by almost a million Canadians now.
“We’re talking between Ozempic and Wegovy closing in on about $3 billion in retail sales in Canada,” said Suchon.
Ozempic and Wegovy contains semaglutide, an active ingredient used for diabetes and weight loss, respectively. Semaglutide mimics a natural hormone to aid in blood glucose control and weight loss. It can cause side effects like nausea but Suchon said it is generally safe and effective.
“These drugs are all basically versions that last a lot longer than the typical hormone would in your body,” said Suchon. “The typical hormone would disappear in a matter of minutes, I believe, whereas these drugs persist for a longer period of time.”
Exclusivity of the products ends in the New Year, clearing the way for manufacturers to provide their own generic versions. Suchon sees that opening the door to more Canadians.
“As the exclusivity starts to lapse around this product and generics start to enter the market, you can see a product that’s used by maybe a million Canadians suddenly being used by millions more,” said Suchon. “There’s actually, if you believe, eight to nine million Canadians who could benefit from this product that have type 2 diabetes and or obesity… I think that the potential is phenomenal.”
Vimy Pharma has raised millions from investors, including K2 & Associates Investment Management Inc. and plans to manufacture the drug domestically, partnering with Applied Pharmaceutical Innovation API in Edmonton, which received $98 million in government investment.
The company, whose name was inspired by the famous Battle of Vimy Ridge in the First World War, connects to Canada’s historical medical achievements. They were particularly drawn to the work of Frederick Banting and Charles Best, who isolated insulin in 1921 with John Macleod and James B. Colli.
