Danish drugmaker Novo Nordisk on Tuesday cut the price of its blockbuster weight-loss drug, Wegovy, by up to 33% in India, according to a document seen by Reuters, as it looks to gain ground in one of the world’s fast-growing markets for obesity treatments.
U.S.-listed shares of Novo Nordisk rose 3.8% to $47.67, while Lilly shares were marginally up in morning trade.
India is turning out to be a key battleground for Novo Nordisk and U.S. drugmaker Eli Lilly (LLY.N) as they compete fiercely for a bigger share of the global market for weight-loss drugs that analysts estimate could be worth $150 billion annually by the end of the decade.
Wegovy’s highest dose of 2.4 mg will now cost 16,400 rupees ($186.59), compared with its earlier price of 24,389.06 rupees, the document sent by Novo to drug distributors showed. Its lowest dose of 0.25 mg will sell at 10,850 rupees, compared with 16,260.94 rupees earlier.
Wegovy entered the market in June and is playing catch-up to Lilly’s Mounjaro, whose sales have doubled within months of its launch in India in March.
Both drugs are part of a class of treatments called GLP-1 receptor agonists, which promote a longer-lasting feeling of fullness and are prescribed for obesity and diabetes.
