For 100 years, Novo Nordisk was a quiet, reliable leader in the insulin market. But almost overnight, they transformed into Europe’s most valuable company. How did a century-old “boring” pharmaceutical firm build a monopoly over the most high-demand drug in history?

In this The Case HQ strategy autopsy, we reveal the blueprint of the GLP-1 revolution. We break down the “Patent Fortress” that blocks competitors, the “Supply Chain Stranglehold” on specialized manufacturing, and why Novo Nordisk’s 100-year history with insulin was the perfect training ground for the Ozempic and Wegovy era.

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