彭博Bloomberg·2025-04-24 01:27Core Viewpoint - Chinese pharmaceutical companies are focusing on developing treatments for obesity, with significant interest from international giants like Novo Nordisk and Merck in their pipelines [3][4]. Group 1: Market Overview - The obesity rate in China is rising, with projections indicating that by 2030, up to 140 million adults may be affected [4]. - Novo Nordisk's Wegovy and Eli Lilly's Zepbound are expected to be approved in China in Q2 and Q3 of 2024, respectively [5]. - The Chinese market is becoming a battleground for both international and local pharmaceutical companies due to the increasing prevalence of obesity [4]. Group 2: Key Players and Products - Innovators like Innovent Biologics, Hengrui Medicine, and United Pharmaceuticals are leading the development of GLP-1 class drugs, with promising assets such as IBI362, HRS9531, UBT251, and GZR18 [4][5]. - Hengrui's HRS9531 shows a weight reduction of 16.7% in mid-stage studies, outperforming competitors [8]. - United Pharmaceuticals' UBT251 has demonstrated a 16.6% weight loss in early trials, indicating strong potential in the competitive GLP-1 market [9]. Group 3: Competitive Landscape - Over 100 companies globally are developing obesity treatments, with about one-third being Chinese firms, focusing primarily on GLP-1 based therapies [6]. - The competition in the GLP-1 space is intense, with a need for continuous innovation to maintain interest from Western pharmaceutical companies [6]. - The emergence of new therapies, such as triple agonists, may provide opportunities for long-term partnerships with Western firms [6].