3 6 Ke·2026-01-16 11:20Core Insights - The J.P. Morgan Healthcare Conference highlighted the weight loss market as a key focus, with major pharmaceutical companies like Eli Lilly, Novo Nordisk, and Pfizer emphasizing their commitment to this sector [1] - Pfizer plans to launch weight loss assets acquired from Metzera by mid-2028, indicating a long-term strategy in the weight loss market [1] - Eli Lilly's Orforglipron has been submitted for approval in China, following its inclusion in the FDA's expedited approval list in November 2025 [1] Pricing Strategies - Novo Nordisk announced a significantly lower price for its oral version of semaglutide (Wegovy) compared to its injectable counterpart, with monthly costs starting at approximately $149 for self-paying patients [2] - The price of injectable semaglutide (Ozempic) was previously set at $969 per month, while Wegovy was priced at $1,349 per month [2] - Agreements with the U.S. government will lead to price reductions for semaglutide and Orforglipron starting in 2026, with some products capped at $50 per month [3] Market Competition - The GLP-1 market is experiencing intense competition, with 88 small molecule GLP-1 drugs currently in development, including six in Phase III trials [3] - A price war has erupted in the GLP-1 injection market, driven by increased supply and the expiration of patents for key products [4] - The introduction of new competitors and the expansion of indications for GLP-1 drugs are reshaping the market landscape [5] Domestic Market Dynamics - The new national medical insurance directory in China has initiated a price competition era for GLP-1 products, with significant discounts being offered on e-commerce platforms [4][6] - The price of semaglutide and other competing products has seen drastic reductions, with some prices dropping to as low as 20% of their original costs [5][6] - The entry of multiple domestic companies into the GLP-1 market is intensifying the price competition, particularly as patents expire [9][19] Future Outlook - The GLP-1 market is expected to grow significantly, with projections indicating a potential market size exceeding $100 billion by 2030 [16] - The competition is shifting from price-based to innovation-based, focusing on multi-target therapies and expanded indications [16] - The expiration of key patents is likely to lead to an influx of generic competitors, further intensifying the price competition [17][19]