Pharmaceutical industry copies Wegovy
Chinese develop their own weight loss injection
08/17/2023 2:02 p.m
According to analysts, the global market for obesity drugs is huge. The Danish manufacturer of the drug Wegovy has recently doubled its sales. The Chinese don’t want to miss out on this billion dollar business either.
The hype surrounding the Wegovy weight loss injection has made the Danish manufacturer Novo Nordisk the second most valuable listed company in Europe after the luxury group LVMH. Analysts are assuming that the market for diabetes and new drugs for weight loss could reach sales of 130 to 140 billion US dollars worldwide – and the Chinese don’t want to miss that either.
According to a report in the Financial Times, Chinese pharmaceutical manufacturers are developing their own version of the “magic bullet” for weight loss. Accordingly, clinical trials are currently testing how the drug could be imitated. “By 2026 at the latest, there will be an explosion in supply,” the portal quoted Beijing-based UBS pharmaceutical analyst Chen Chen as saying. If the Chinese are successful with their product, they might also be able to offer a cheaper alternative in the West.
Many medical professionals believe Wegovy could help stem a tide of weight-related diseases. The remedy offers a good chance of reducing weight and thus preventing diabetes and joint diseases. The Chinese health authority has given the fight against diabetes and obesity top priority. About 89 million people in China have diabetes. Projections are that the number will rise to 108 million by the end of the decade. So far, Chinese regulators have only approved Novo Nordisk’s drug for the treatment of diabetes.
Last month, Beijing granted the first approval for so-called GLP-1 drugs for weight loss. They are manufactured by Chinese companies Huadong Medicine and Shanghai Benemae Pharmaceutical. According to analysts, however, Novo Nordisk should soon receive approval for its weight-loss drug Wegovy in China. The advantages of the preparation are obvious: compared to Chinese suppliers, Wegovy only requires one injection per week.
According to the Financial Times, analysts expect sales of GLP-1 drugs to increase eight-fold and reach $4.2 billion in 2031. They also predict that despite Chinese competition securing a share of global demand, Novo Nordisk will remain the world market leader.