The Globe and Mail reports in its Tuesday edition that Novo Nordisk's success with its diabetes and weight-loss drug Ozempic has been a major economic force for Denmark. A New York Times dispatch to The Globe reports that fuelled by U.S. prescriptions, the pharmaceutical industry's exports helped the Danish economy outperform its European neighbours and avoided recession for two years. Now, however, Novo Nordisk is retrenching and cutting jobs after a big profit warning -- and it is casting a shadow over Denmark's economy. Danske Bank's Jens Naervig Pedersen says: "They are growing at a much slower pace. And given their size, it's something that means the Danish economy will grow at a slower pace." The Danish pharmaceutical industry, dominated by Novo Nordisk, accounted for 11 per cent of the economy's growth by the end of last year, up from 4 per cent in 2019. Hiring by Novo Nordisk also represented one-fifth of employment growth in 2023, while it was the largest single contributor to corporate tax revenue. Last month, Novo Nordisk cautioned that sales growth would slow in the latter half of the year due to increased competition, prompting the Danish Economy Ministry to halve its 2025 growth forecast to 1.4 per cent.