Telehealth provider Hims & Hers plans Canadian market expansion as patent expiration enables affordable weight-loss medication access
Key Takeaways
- Hims & Hers expands to Canada in 2026 to offer generic semaglutide drugs as Novo Nordisk’s patent protection lapses, marking the company’s first international market entry.
- Stock rises up to 6% following the announcement as investors anticipate revenue growth in a Canadian market projected to reach $4.03 billion by 2035.
- Novo Nordisk’s patent lapse creates opportunity after the company missed a CA$450 maintenance fee in 2019, opening the door for generic competitors globally for the first time.
Introduction
Hims & Hers Health plans to launch generic versions of semaglutide weight loss drugs in Canada following Novo Nordisk’s patent expiration, creating the first global opportunity for affordable alternatives to Ozempic and Wegovy according to Bloomberg. The telehealth company targets a market where nearly two-thirds of adults are overweight or living with obesity.
The move capitalizes on Novo Nordisk’s missed patent maintenance fee in 2019, which allows generic drugmakers to enter a previously protected market. This represents a significant shift in the weight loss medication landscape, where branded semaglutide currently costs over C$200 monthly without clinical support.
Key Developments
According to CNBC, Novo Nordisk’s patents on Ozempic and Wegovy lapsed in Canada after the company failed to pay a maintenance fee in 2019. Documents from the Canadian Patent Database confirm the patent expired in 2020 and cannot be revived.
Hims & Hers aligns its Canadian expansion with the anticipated global availability of generic semaglutide in 2026. The company works with an approved partner to comply with local regulations, though it has not detailed its application status with Health Canada.
The announcement follows Hims’ acquisition of European telehealth platform Zava, expanding operations to Ireland, France, and Germany. This Canadian launch represents part of the company’s broader international growth strategy through its digital platform.
Market Impact
Hims & Hers stock responded positively to the news, rising between 2% and nearly 6% as investors expressed optimism about the company’s ability to capture market share in the emerging generic semaglutide segment.
The Canadian semaglutide market generated $1.18 billion in 2024 and is projected to grow to $4.03 billion by 2035, according to Grand View Research. This growth trajectory reflects increasing demand for weight loss treatments and expanding access through generic alternatives.
Generic versions are expected to offer substantial discounts compared to branded alternatives, potentially disrupting pricing across the weight loss medication market. The availability of lower-cost options could accelerate adoption rates and improve patient access.
Strategic Insights
The patent expiration creates opportunities for multiple generic drugmakers beyond Hims & Hers. Sandoz, a leader in generics, filed for approval with Health Canada earlier this year, while Apotex also positions itself as a potential competitor in the space.
Hims & Hers leverages its established telehealth infrastructure to differentiate from traditional providers through online consultations, licensed provider access, and personalized care plans. This digital-first approach reflects broader healthcare industry trends toward technology-enabled service delivery.
The company’s timing strategy capitalizes on dropping barriers to entry for generics while established players face increased competition. Early-mover advantage and strong digital infrastructure serve as key differentiators in this emerging market segment.
Expert Opinions and Data
“Canada is a major opportunity to show what affordable, high-quality weight loss care can look like,” stated Andrew Dudum, co-founder and CEO of Hims & Hers. “As generic semaglutide becomes available for the first time globally, we’re focused on making it truly accessible, by combining affordability with trusted, personalized care at scale.”
David Meinertz, Hims & Hers’ international business general manager, emphasized the broader healthcare implications: “Making affordable, holistic obesity treatment accessible has the potential to help strengthen the local healthcare system.”
A Novo Nordisk spokesperson noted that intellectual property decisions are “carefully considered” and exclusivity periods naturally conclude, allowing generics to emerge. The company faces intensified competition as Wegovy competes with Eli Lilly’s Zepbound in the U.S. market.
Industry analysts express widespread expectation that generic entry will disrupt pricing and access, benefiting patients and innovative health-tech platforms capable of scaling quickly. However, skepticism exists about maintaining competitive advantages in an increasingly crowded market.
Conclusion
Hims & Hers’ Canadian expansion represents a strategic entry into the first global market for generic semaglutide, leveraging Novo Nordisk’s patent lapse to offer affordable weight loss treatments. The company’s digital platform positions it to compete effectively against traditional providers while serving a growing market projected to reach $4.03 billion by 2035.
The move signals broader shifts in healthcare delivery toward technology-enabled, cost-effective solutions that improve patient access to chronic disease management. Hims & Hers’ international expansion strategy, combined with its telehealth infrastructure, creates opportunities for sustainable growth in emerging generic medication markets.
