It’s been hailed as a miracle cure for obesity, name-dropped by Elon Musk, and whispered about behind the velvet ropes of Hollywood. Now, Ozempic is at the centre of a €60 billion market shock that’s shaken not just the pharmaceutical world but the wider economy. 

In today’s podcast, Ciara Doherty is joined by economist and broadcaster Susan Hayes Culleton, host of Taking Stock, to unpack the extraordinary rise of Ozempic - and what the crash in the share price of its manufacturer, Novo Nordisk, tells us about hype, health and high finance in 2025. 

From its roots as a diabetes drug to becoming the go-to injection for rapid weight loss, Ozempic’s journey has captured the imagination of social media and Silicon Valley alike. But behind the celebrity endorsements and TikTok trends lies a much bigger story about economic risk, national dependence on pharma exports, and shifting public attitudes toward obesity, body image and medical intervention. 

Susan and Ciara explore how Denmark, now heavily reliant on one company for a chunk of its GDP, may be facing a post-Covid Belgium-style reckoning. They examine the fierce rivalry with Eli Lilly — whose own blockbuster drug, Mounjaro, is being manufactured in Ireland — and what it all means for our own pharma-heavy economy. With Donald Trump occasionally threatening tariffs of up to 200% on medicines made in Europe, the conversation also turns to trade, investment and the future of Irish jobs in the pharmaceutical sector. 

And with innovation in GLP-1 drugs accelerating, a growing black market for weight-loss medication, and global health systems bracing for the long-term impact, one thing is clear: the Ozempic economy is only just getting started. 

To hear more from Susan on the intersection of global markets, policy, business and innovation, listen back to Taking Stock every Sunday morning at 9am on Newstalk, or catch up anytime on the GoLoud player.