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More than a century after Canadians revolutionized diabetes treatment with the discovery of insulin, another homegrown effort is taking shape in the field of metabolic health. Toronto-based Vimy Pharma plans to manufacture a generic version of the blockbuster drug Ozempic to make it more affordable and accessible to Canadians.
The company was founded by Dave Suchon and Farris Smith, former Novo Nordisk Canada executives who helped introduce Ozempic to the Canadian market. With patent exclusivity for the drug set to expire early next year, they are preparing to produce a Canadian-made alternative.
Ozempic and its sister product Wegovy, both made by Novo Nordisk, contain semaglutide, a compound that mimics a natural hormone to help regulate blood sugar and support weight loss. The medications have become global bestsellers, used to treat type 2 diabetes, obesity, and related conditions.
Suchon said the drugs offer benefits for blood glucose control, weight management, and cardiovascular health, and that researchers continue to study other potential uses. He estimated nearly one million Canadians currently use Ozempic or Wegovy, generating about three billion dollars in annual retail sales. With the introduction of generics, he expects the number of users to grow significantly, noting that as many as nine million Canadians with type 2 diabetes or obesity could benefit.
Vimy Pharma has raised investment from K2 & Associates Investment Management Inc. and plans to manufacture its version in partnership with Applied Pharmaceutical Innovation in Edmonton, which recently received 98 million dollars in government funding.
The company’s name pays tribute to the Battle of Vimy Ridge, reflecting a sense of national pride and connection to Canada’s scientific heritage. Suchon and Smith said they were inspired by Frederick Banting and Charles Best, who, along with John Macleod and James Collip, discovered insulin in 1921, a breakthrough that transformed diabetes care worldwide.
More than 100 years later, Vimy Pharma hopes to mark the next chapter in Canada’s long history of leadership in diabetes research.
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