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Fortune
Fortune
Ryan Hogg

Novo Nordisk Foundation CEO dismisses ‘Nokia risk’ to Denmark’s economy

Novo Nordisk Nokia Novo Economy Denmark Obesity Finland Eli Lilly Fortune
Mads Krogsgaard Thomsen, chief executive officer of Novo Nordisk Foundation, during a panel session on day two of the World Economic Forum (WEF) in Davos, Switzerland, on Tuesday, May 24, 2022. (Credit: Hollie Adams—Bloomberg/Getty Images)

The CEO of the Novo Nordisk Foundation (NNF), the philanthropic arm of the Danish Ozempic-making pharmaceutical giant, says Denmark is in a fundamentally different position in regard to the “Nokia risk,” which caused a significant economic downturn in Finland, thanks to its overreliance on one giant company.

Mads Krogsgaard Thomsen, the boss of the foundation, spoke with Fortune in London about how his philanthropic organization is using the success of Novo Nordisk to spearhead social and scientific causes while batting away fears that its influence over the Danish economy is a bad thing.

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