Dr. Reddy’s Laboratories Ltd. (NYSE: RDY), shares stumbled Wednesday, despite the company receiving a Notice of Compliance (NOC) from Health Canada for its generic Semaglutide Injection.
Thus, Dr. Reddy’s becomes the first company to receive the market authorization for generic Semaglutide Injection* in Canada, ahead of Health Canada’s review target date. The market authorization covers the 2 mg / pen (1.34 mg / mL) and 4 mg / pen (1.34 mg / mL). With launch preparations underway, Dr. Reddy’s is well-positioned to bring this important treatment option available to Canadian patients.
As per Public Health Agency of Canada, around 3.9 million people (9.7% of the population) in Canada over a year old live with diagnosed diabetes. In addition, over 6% of adults in Canada live with prediabetes, which gives them a higher chance of developing type 2 diabetes.
The number of people living with diabetes is expected to continue to increase as Canada's population ages and grows . GLP 1 receptor agonist therapies, including Semaglutide, are supported by a substantial global clinical evidence base demonstrating improvements in glycemic control, as measured by HbA1c, in adults with type 2 diabetes when used as part of a comprehensive diabetes management strategy. Canada is recognized as the world's second-largest market for Semaglutide.
RDY shares dropped 24 cents, or 1.8%, to $13.79.
