New Delhi, Sept. 10 -- Danish pharmaceutical giant Novo Nordisk announced on Wednesday that it will cut 11% of its workforce, roughly 9,000 jobs globally, including 5,000 in Denmark, as part of a major restructuring plan.

The announcement comes as the maker of Ozempic and Wegovy faces rising competition in the anti-obesity drug market. The company said the job cuts will save 8 billion kroner ($1.3 billion) by the end of 2026.

Novo Nordisk said the job cuts were part of a "company-wide transformation to simplify its organisation, improve the speed of decision-making, and reallocate resources towards the company's growth opportunities in diabetes and obesity," AFP reported.

Ozempic is an injectable treatment for type 2 diabetes that beca...