Crypto News: The Ozempic effect

Wednesday, May 1, 2024

The Ozempic effect

Novo's factory expansion is transforming Danish town Kalundborg. Photographer: Carsten Snejbjerg/Bloomberg

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Blockbuster weight-loss drugs have transformed Novo Nordisk into Europe's most valuable company and an icon in its home country, Denmark. The drugmaker's meteoric rise has also been a boon for the economy, which would have stagnated last year without Novo's massive investments, expanding production and $2.3 billion corporate tax injection.

But its enormous scale and influence also comes with risks for the company and country, making it particularly vulnerable to public backlash or regulatory shifts. CEO Lars Fruergaard Jorgensen says he's realistic about these delicate dynamics: "When you have superpowers, you have super responsibility."

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After delivering a dovish surprise in December, Federal Reserve Chair Jerome Powell is poised for a further hawkish tilt at today's Fed meeting as demand holds up and inflation hovers above target. On today's Big Take podcast, host David Gura talks with Fed editor Kate Davidson and Bloomberg Economics' Anna Wong about what to expect.

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