Novo Nordisk to cut 1,000 jobs

The world's largest maker of diabetes treatments, Novo Nordisk, said Thursday it was cutting 1,000 jobs worldwide to cut costs as it faces price pressure in the United States.

"This is one of several actions taken to reduce operating costs as the company faces a challenging competitive environment in 2017, especially in its large US market," the Denmark-based company said in a statement.

Novo Nordisk's shares plunged last month when the firm, which controls nearly half of the global insulin market, announced it was facing intense pressure from firms that manage prescription drug services between health insurers and insured patients in the United States and lowered its growth forecast.

The company's shares have fallen by more than 20 percent since the start of August.