Ozempic: The Heavyweight Champion in the Weight-Loss Medications Market
New reports from Novo Nordisk and Eli Lilly have solidified their positions as leaders in the rapidly growing weight-loss medications market. With impressive sales figures for Novo’s Ozempic and Wegovy, and Lilly’s Mounjaro, these pharmaceutical giants are dominating the competition. Additionally, a recent study has shown that Wegovy can reduce the risk of heart disease, further strengthening their dominance. But their competitors are not backing down, as Pfizer, Amgen, and others rush to develop their own weight-loss drugs.
According to Emily Field from Barclays, “It’s Novo and Lilly, and everyone else is just scrambling to keep up.” Barclays predicts a $100 billion global market for this class of drugs by 2030. However, both Novo and Lilly are struggling to meet the overwhelming demand for their products. Lilly’s CEO, David Ricks, has emphasized the importance of expanding their production capacity to keep up with the market’s needs.
Ozempic and Wegovy are both GLP-1 agonists initially developed by Novo to treat type 2 diabetes. These drugs not only control blood sugar but also affect hunger signals, making patients feel full and slowing down stomach emptying. The sales growth has been so significant that Novo Nordisk has contributed most of Denmark’s recent economic growth.
The FDA approved Ozempic in 2017 for diabetes and Wegovy in 2021 for obesity. Both drugs can reduce body weight by approximately 15%. Mounjaro, introduced in 2022, contains GLP-1 and GIP, an appetite suppressor that leads to weight loss. All three drugs are self-administered through weekly injections.
Lilly reported an 85% increase in income for the second quarter, driven primarily by Mounjaro. Analysts project that Mounjaro sales could reach $26.4 billion by 2030. On the other hand, Novo saw a 344% increase in sales of Wegovy in the US alone, and sales of Ozempic increased by 50%. Saxenda, another weight-loss injectable by Novo, is also expected to generate significant revenue.
In a significant development, Novo announced that Wegovy reduced the risk of major cardiovascular events by 20% compared to a placebo in the SELECT trial. These findings highlight the importance of recognizing obesity as a serious chronic disease. Novo expects to file for regulatory approvals to expand Wegovy’s label indications to include its cardiovascular benefits.
The potential benefits of these weight-loss drugs are being explored in various healthcare issues, including dementia and addiction.
As the drugs demonstrate heart benefits and with growing pressure from physicians, Medicare may be compelled to cover the cost of weight-loss prescriptions. Medicaid programs in nine states already cover Wegovy, which has a significant monthly cost.
To drive the inclusion of these obesity drugs under Medicare coverage, a bipartisan group of senators and representatives reintroduced the Treat and Reduce Obesity Act. Both Novo and Lilly have supported this legislation and have lobbied Congress in favor of it.
Attitudes about obesity are changing, with a greater understanding of it as a disease. This shift has paved the way for the development of new and more effective weight-loss drugs. With obesity affecting millions of adults and children in the US and incurring significant healthcare costs, there is a pressing need for innovative solutions like Ozempic.
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