JPM2026｜诺和诺德与礼来CEO，会上互喷

Core Viewpoint - The article discusses the competitive dynamics between Novo Nordisk and Eli Lilly in the GLP-1 market, highlighting a public confrontation at the JPMorgan Healthcare Conference regarding their respective oral weight-loss drugs and clinical strategies [4][10]. Group 1: Clinical Design and Competition - Novo Nordisk's new CEO Mike Doustdar criticized Eli Lilly's oral GLP-1 receptor agonist orforglipron, claiming its clinical design is "extremely unfriendly" for patients on certain statins due to a required waiting period before taking the drug [6]. - Eli Lilly's CEO Dave Ricks responded by emphasizing that the research on drug interactions is ongoing and that the current design should not be interpreted as a definitive barrier to commercialization [7]. Group 2: Market Strategy and Product Positioning - Novo Nordisk is shifting its focus to target a potential beneficiary population of up to 2 billion people, concentrating resources on diabetes, obesity, and related complications [11]. - The company is transitioning from a traditional prescription model to a consumer-oriented approach, aiming to sell its newly approved oral Wegovy directly to patients at a price of $149 per month [12]. Group 3: Financial Implications and Long-term Strategy - Doustdar indicated that the previous pricing of over $1,000 per month for semaglutide was unsustainable for reaching a larger patient base, advocating for a "price for volume" strategy despite short-term profit pressures [13]. - Novo Nordisk has the capacity for significant acquisitions, signaling a willingness to invest $20 billion to $40 billion for valuable assets, while also preparing for the impact of generic competition as patents expire [16]. Group 4: Communication and Market Perception - Doustdar aims to change Novo Nordisk's communication style, moving away from excessive modesty to more assertively convey the company's competitive advantages [14]. - The article concludes that the confrontation at the JPMorgan stage reflects the transition of the GLP-1 industry from a "miracle drug" phase to a period of intense competition, with no room for complacency in pricing, experience, channels, and globalization [17].