Eli Lilly (LLY) and Novo Nordisk (NVO) are slashing prices of their GLP-1 products in China as the rivalry in the booming obesity drug market there intensifies amid local competition, according to media reports.
Shanghai-based business news outlet Yicai reported on Monday that Novo (NVO) slashed list prices of the two highest dosages of Wegovy by as much as half in some Chinese provinces amid an upcoming patent cliff for the popular GLP-1 therapy.
CSPC Pharmaceutical Group (CSPCY) (CHJTF) and Hangzhou Jiuyuan Genetic Biopharmaceutical Co. are among the leading Chinese drugmakers looking to launch their own versions of Wegovy, as the patent for semaglutide, the active ingredient of the injectable, is set to expire in March.
Meanwhile, citing a WeChat account for a hospital in the eastern Chinese city of Nanjing, Reuters reported that from Jan. 1, Lilly (LLY) would also decrease the price of its GLP-1 medicine Mounjaro, which is used off-label for weight loss.
On a platform for Meituan, a Chinese food delivery group, a 10mg Mounjaro injector pen is listed at a projected cost of approximately ¥445 ($63), down from ¥2,180.
LLY and NVO’s pricing moves come as Hong Kong-listed Innovent Biologics (IVBIY) (IVBXF) makes market inroads with its obesity therapy Xinermei, which launched in July as the third once-weekly GLP-1 injectable available for weight management in China after Wegovy and Mounjaro.