Danish pharmaceuticals giant Novo Nordisk, maker of the Ozempic and Wegovy anti-obesity drugs, announced Tuesday a "strategic partnership" with ChatGPT developer OpenAI to accelerate the development of new medications and bring them to patients faster.

Like other drugmakers, Novo Nordisk is banking heavily on artificial intelligence to test new treatments and vaccines and bring them to market faster for less money.

Novo Nordisk said the partnership would place it "at the forefront of AI transformation in health care and help the company bring new and better treatment options to patients faster."

No financial details of the partnership were disclosed.

"This collaboration with Novo Nordisk will help them accelerate scientific discovery, run smarter global operations, and redefine the future of patient care," OpenAI CEO Sam Altman said.

Pilot programs will be launched across several business areas "with full integration by the end of 2026," the statement added.

Novo Nordisk has seen its share price slide as it has slashed prices to meet rising competition, particularly from its U.S. rival Eli Lilly.

It has also faced competition from copycat versions of Ozempic and Wegovy, and last month it took legal action against the U.S. telehealth chain Hims & Hers after it began selling so-called compounded versions of the injectable.

Currently, it can take more than a decade to develop a drug, and out of ten candidates, only one manages to reach the market.

According to industry analysts, the average research and development cost to bring a new drug to market is around $2 billion.