Denmark’s world-leading success in commercializing research should not be written off as a one-off confined to the country’s booming weight loss drug industry, a Nobel-winning scientist has argued.
Since Novo Nordisk’s diabetes treatment Ozempic was sold as weight-loss drug Wegovy, the Danish biotech company has quickly grown into one of the world’s biggest companies and Denmark’s largest single corporate taxpayer, contributing almost $4 billion in corporate taxes in the year ending March 2025—about half of the country’s total corporate take.
A further $3.8 billion in income taxes—which can reach up to 56 percent for higher earners—was also collected from Novo Nordisk staff in 2024.
That success has led to major interest in how Denmark’s model of combined strong fundamental and applied research paid off so spectacularly and whether it can be replicated, although some pundits have wondered whether the serendipitous discovery of Ozempic—whose roots lie in research on snake venom—represents a one-shot for its industrial science sector.
Speaking to Times Higher Education, however, the Nobel laureate Morten Meldal, who is professor of chemistry at the University of Copenhagen, said Novo Nordisk’s story should not be seen as an outlier in Danish research but one of many prosperous science-based companies based in the country of just six million people.
“Novo Nordisk is the result of Denmark’s system—its success is directly attributable to how our society operates: We have high taxes, but those taxes result in huge tax-exempt industrial foundations funding science and creating opportunities for both academic and industrial success. That is why Novo Nordisk happened in Denmark,” said Meldal, who won the Nobel Prize for chemistry in 2022.
While Novo Nordisk—whose $570 billion valuation last year was famously larger than Denmark’s entire GDP—has captured the interest of research policymakers, it should be understood in a wider context of sustained investment in research from industry, he added.
“Look at Novozymes, Maersk, Carlsberg—if you consider how much our companies invest in research, it is far more than the government. Novo Nordisk has the blockbuster product now, but it arrived within the context of our system—there are lots of companies doing well by commercializing research.”
Noting the advances made by U.S.-based Eli Lilly, which has two medications—Mounjaro and Zepbound—approved for use by American regulators, Meldal predicted that Novo Nordisk’s undisputed advantage in this area will eventually be eroded. But Denmark’s system will produce other big science success stories, said the biochemist, who leads the synthesis group in the chemistry department at the Carlsberg Laboratory.
“We have won so much with Novo Nordisk, but its scientific success is the rule, not the exception,” he said, underlining the importance of basic research to create the opportunities of tomorrow.
Denmark’s success in research has an even simpler root, continued Meldal, who was speaking at the annual Lindau Nobel Laureate Meeting held in southern Germany last month.
“The best investment that any country can make is education; the payback on this is huge, and that allows for other investments, such as science. To do this you need our high-tax system and a government dedicated to long-term success of the entire society,” he said.
“My advice to any country who wants Denmark’s system of science is simple: Pay your taxes with joy and ask for return on investment for the community.”
