The maker of Ozempic and Wegovy has announced it is cutting 9000 jobs as the impact of copycat weight loss drugs drags down profits.

Novo Nordisk announced the move amid the debate in Australia about adding weight loss drugs to the Pharmaceutical Benefits Scheme (PBS).

The Danish company has been battling an explosion in competition in the obesity market, particularly US rival Eli Lilly.

The pharmaceutical giants have each been developing newer medicines to turbocharge weight loss and diabetes results since the approval by US regulators of Novo Nordisk's Ozempic in 2017.

The company said on Wednesday it expects the job cuts to deliver annual savings of about $US1.25 billion by the end of next year, which will be redirected to "growth opportunities" in diabetes and obesity, including r

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