The European Union's CHMP -- the regulatory body that helps the European Medicines Agency decide whether or not a drug should be approved -- issued a slew of decisions this week, including a positive opinion for Johnson & Johnson's (NYSE:JNJ) type 2 diabetes drug Inokana on Friday. This therapeutic, which belongs to the growing SGLT2 inhibitor drug class and already received approval in the U.S., will face competition from Bristol-Myers Squibb (NYSE:BMY) and AstraZeneca's (NYSE:AZN) drug Forxiga if it gets on the EU market. In the following video, analysts David Williamson and Max Macaluso discuss the CHMP's decision, and competitors in this space, including Merck's (NYSE:MRK) top-selling medication Januvia.

The relevant video segment can be found between 0:00-2:33.

David Williamson has no position in any stocks mentioned. Max Macaluso, Ph.D. has no position in any stocks mentioned. The Motley Fool recommends Johnson & Johnson. The Motley Fool owns shares of Johnson & Johnson. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.