Is it the end of the Ozempic era? Trump's first effective tariff victory

Never in an entire generation has there been so much talk about tariffs as in these first six months of the Trump administration in the United States. Following the recent (semi-)confirmation of the President of the European Commission, Ursula Von Der Leyen, the new trade agreement on European exports will include a unilateral 15% tariff. Certain sectors are being hit harder than others by the tensions generated by the Trump administration, particularly the automotive industry, the film industry, and above all, the pharmaceutical sector. During his electoral campaign, Trump had repeatedly declared his intention to bring the entire drug manufacturing process back to the United States, thereby reducing dependence on other nations—especially on the European Union, which counts the pharmaceutical sector as its top export to the U.S. Among the major European pharmaceutical companies, the first to feel the concrete impact of the new tariffs was Novo Nordisk, the manufacturer of Ozempic, the weight-loss drug that has revolutionized the market in recent years. Things have only worsened for the company in recent days—as reported by Wired, on Tuesday, July 29, Novo Nordisk shares suffered a drastic 26% drop. The company was forced to sharply revise its growth forecasts for 2025, largely due to growing competition in the United States from its direct rival Eli Lilly, as well as the increasingly worrying spread of illegal versions of the drug.

Pharmaceutical “dupes”, also known as compounded drugs, are unauthorized versions of medications like Ozempic and Wegovy, prepared by specialized pharmacies and sold at significantly lower prices than the originals, which can cost up to a thousand dollars per month. This phenomenon spread beginning in 2022, when global demand far exceeded Novo Nordisk's production capacity, creating a void that paved the way for these alternative products. Initially, the U.S. Food and Drug Administration (FDA) had granted a grace period allowing the sale of compounded versions as an emergency measure. However, even after this period ended on May 22, the black market for compounded formulations continues to thrive, as highlighted by the Sydney Morning Herald. Novo Nordisk itself has acknowledged that, despite the end of the regulatory window, illegal distribution of these drugs continues under the false pretense of “personalization,” leading to a significant reduction in growth forecasts for 2025, now estimated between 8% and 14%, well below the previous range of 13% to 21%. Several publications point out how, paradoxically, it was the drug’s own runaway success that became the company’s downfall, as Novo Nordisk was unable to scale Ozempic production to match its popularity.

But the implications of the Ozempic crisis go beyond the economic or commercial dimension. The drug’s popularity has coincided with a clear return to thinness as an aesthetic ideal in the fashion world, marking a reversal from the body positivity and inclusivity values that had gained ground in recent years, both on and off the runway. On social media throughout 2024, its popularity reached such levels that it became a full-blown cultural phenomenon: on TikTok, the hashtag #Ozempic surpassed one billion views, and the implicit accusation of using it—playfully dubbed ozempic allegation—was at times perceived as a compliment. The drug’s influence transformed Ozempic from a medical treatment into a symbol of a cultural zeitgeist that revived an obsessively thin aesthetic, increasingly tied to ideals of control, efficiency, and discipline. This shift was further fueled by the rise of a growing conservatism, accompanied by the psychological toll of the economic recession, which historically pushes society toward more traditional and rigid beauty standards. In a new guise, the toxic diet culture we thought we had left behind has resurfaced. In this context, the open question remains: what will happen to Ozempic after the introduction of tariffs and in a socioeconomic climate increasingly geared toward restrictive beauty norms? And if we are truly nearing the end of the Ozempic era, will there be a return to “normality” when it comes to bodies?