Bosses of most drug companies must wish they had Novo Nordisk’s problems. Bigger rivals of the Danish drugmaker have launched a series of mega-mergers and branched out into new products such as vaccines and animal health in an attempt to fend off the impact of expiring patents. Meanwhile, Novo is growing sales at double-digit rates, and enjoys operating margins of around 30 per cent. The secret of its success? Novo produces drugs that treat diabetes.

There are few diseases a drugmaker would rather dominate. A chronic condition requiring lifetime treatment, diabetes afflicts some 180m people around the world. By 2030, the World Health Organisation expects that number to double due to the rising incidence of rich world diseases, such as obesity. Already the world’s biggest maker of insulin, Novo has moved in recent years to find new treatments for type 2 diabetes. This tends to come on in later years when out-of shape people become de-sensitised to the insulin their bodies naturally produce. It is also the most prevalent form of the disease.