America’s Obsession With Weight-Loss Drugs Is Affecting the Economy of Denmark
Huge sales of Ozempic and Wegovy have driven up Novo Nordisk’s revenue and market cap, leading to lower interest rates in its home country.
“Novo Nordisk’s U.S. sales of Ozempic and Wegovy have been so strong that it has had to convert dollars into kroner in unusually large quantities, raising the krone’s value relative to the euro, said Danske Bank director Jens Naervig Pedersen.
“Because the pharmaceutical industry’s exports have grown so much, it’s creating a big influx of currency into the Danish economy,” he said.
Denmark’s central bankers have responded by keeping interest rates below the European Central Bank’s, weakening the krone, said Pedersen. “Posted on 2023-08-18T06:13:24+0000