Injectable prescription drugs, sold as Ozempic and Wegovy, and the pill Rybelsus all contain the ingredient semaglutide. This class of medication, known as glucagon-like peptide-1 (GLP-1s), regulate blood sugar levels and appetite.

Health Canada previously approved Ozempic to treat diabetes and Wegovy for weight loss. Nearly 33 per cent of Canadians (10.6 million people) were obese in 2023, according to a recent study.

Novo Nordisk, maker of Ozempic and Wegovy, will effectively lose its price protection on those drugs in Canada in January, opening the door to generic versions.

Mina Tadrous, an associate professor who evaluates pharmaceutical prices at the University of Toronto, says three or four companies have them in development or are starting the paperwork.

Tadrous says the number of companies affects pricing.

"The classic framework is that if you only have one, it comes down from the list price to 75 per cent," Tadrous said. "If we have two, it goes down to 50 per cent and if we have three it hits 25 per cent."

Three manufacturers could bring the price down to $100 from $400 for the same strength of semaglutide product, Tadrous estimates.