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Core Insights - The GLP-1 market is experiencing intense competition with new entrants, particularly from domestic Chinese companies, following the success of drugs like semaglutide and tirzepatide [1][2][3] - The approval of Pegbio's GLP-1 receptor agonist "PidaKang" marks a significant milestone for local firms in the GLP-1 sector, providing more treatment options for type 2 diabetes patients [1] - Morgan Stanley reports that Novo Nordisk and Eli Lilly dominate the GLP-1 market with a combined market share of 84% [3] Market Performance - Novo Nordisk's Q3 report indicates that its core products, including Ozempic and Rybelsus, generated approximately $25.4 billion in sales for the first three quarters of the year [2] - Eli Lilly's tirzepatide saw a 109% year-over-year increase in sales for its diabetes version, reaching $6.515 billion in Q3, while its weight loss version generated $3.588 billion, up 185% [2] Competitive Landscape - The GLP-1 market is described as a "red ocean," with numerous companies, including domestic players like Hengrui Medicine and Innovent Biologics, entering the field [2][3] - Experts emphasize that future GLP-1 drug development will focus on improving patient adherence and minimizing side effects, rather than solely maximizing weight loss [3] Clinical Research and Development - The high discontinuation rates of GLP-1 medications, with 65% after one year and 84% after two years, highlight the need for improved drug formulations [3] - Silverno's product, Supaglutide, has received FDA approval for clinical research targeting non-alcoholic steatohepatitis (NASH), indicating a potential expansion of GLP-1 applications beyond diabetes and obesity [4] Economic Impact - The financial burden of obesity-related complications in the U.S. is significant, with direct medical costs estimated at $37 billion and indirect costs exceeding $1 trillion annually [5]