$1,159 million) and keep increasing mainly in the North America market. Moreover, the growth hormone therapy is mostly used in developed countries and there are estimated more than 2 million people have the medical needs (Novo Nordisk A/S, 2015). The global market for growth disorder treatment is about DKK16 billion (approximately $3 billion) and increases more than 2% annually (Annual Report 2013, Novo Nordisk). Norditropin® has a leading market share of 34%, in addition, the company has developed a new once-weekly growth hormone, NN8640, which is already in phase 3 clinical trial and hopefully be launched to the market shortly.
Expanding in North America markets
Since Novo Nordisk is a Danish origin company, majority of its revenues comes …show more content…
In the year 2013, the company recalled certain products six times, five of the recalled due to the defects of manufacturing and one recall due to the heat exposure in distribution chain (Annual Report 2013, Novo Nordisk).
In 2013, certain batches of NovoMix 30 were recalled from several European countries due to the deficiency of the product. Patients’ blood sugar turned out to be unstable after using the product (Annual Report 2013, Novo Nordisk). Therefore, to ensure the safety for the patients, Novo Nordisk recalled nearly three million of the products from the market. Such product recalls could affect the company’s brand name.
Opportunities
Maintaining leadership in diabetes …show more content…
The global market for diabetes products amounts to DKK283 billion (approximately $50 billion), which Novo Nordisk has a market share of 27% and keep growing by about 12% annually (Novo Nordisk A/S, 2015). Diabetes products and devices are the biggest business areas of Novo Nordisk. The company keeps launching new products in order to keep its leading position. In January 2015, Xultophy® was launched in Switzerland, which is a product with a combination of insulin degludec and liraglutide, and Xultophy® filled the unmet needs of people with type 2 diabetes in Switzerland (Annual Report 2014, Novo Nordisk). The company is also developing a new fast-acting insulin formulation that can be taken with meals, if successful, could be a novel insulin product in tablets form (Novo Nordisk A/S, 2015). Furthermore, Novo Nordisk expanding the manufacturing facilities for diabetes care product in different parts of the world. In April 2015, the company opened a new manufacturing facility in Kaluga, Russia for the production of Penfill cartridges and FlexPen® prefilled insulin injection pens for the Russian market (Annual Report 2014, Novo Nordisk). There are about 10 million people with diabetes in Russia, by opening the new facility, Novo Nordisk would be able to penetrate Russian market
Expanding in North America markets
Since Novo Nordisk is a Danish origin company, majority of its revenues comes …show more content…
In the year 2013, the company recalled certain products six times, five of the recalled due to the defects of manufacturing and one recall due to the heat exposure in distribution chain (Annual Report 2013, Novo Nordisk).
In 2013, certain batches of NovoMix 30 were recalled from several European countries due to the deficiency of the product. Patients’ blood sugar turned out to be unstable after using the product (Annual Report 2013, Novo Nordisk). Therefore, to ensure the safety for the patients, Novo Nordisk recalled nearly three million of the products from the market. Such product recalls could affect the company’s brand name.
Opportunities
Maintaining leadership in diabetes …show more content…
The global market for diabetes products amounts to DKK283 billion (approximately $50 billion), which Novo Nordisk has a market share of 27% and keep growing by about 12% annually (Novo Nordisk A/S, 2015). Diabetes products and devices are the biggest business areas of Novo Nordisk. The company keeps launching new products in order to keep its leading position. In January 2015, Xultophy® was launched in Switzerland, which is a product with a combination of insulin degludec and liraglutide, and Xultophy® filled the unmet needs of people with type 2 diabetes in Switzerland (Annual Report 2014, Novo Nordisk). The company is also developing a new fast-acting insulin formulation that can be taken with meals, if successful, could be a novel insulin product in tablets form (Novo Nordisk A/S, 2015). Furthermore, Novo Nordisk expanding the manufacturing facilities for diabetes care product in different parts of the world. In April 2015, the company opened a new manufacturing facility in Kaluga, Russia for the production of Penfill cartridges and FlexPen® prefilled insulin injection pens for the Russian market (Annual Report 2014, Novo Nordisk). There are about 10 million people with diabetes in Russia, by opening the new facility, Novo Nordisk would be able to penetrate Russian market