The battle for dominance in the weight loss pharmaceutical market has intensified as Eli Lilly’s injectable drug Mounjaro gains significant ground against rival Novo Nordisk’s Wegovy, causing the latter’s stock prices to decline substantially.
The frenzy surrounding Novo Nordisk’s diabetes injection Ozempic, which had been marketed as a miracle weight loss solution by celebrities worldwide, appears to be waning this year.
The widespread misuse of Ozempic internationally had led the manufacturer to develop another drug, Wegovy, specifically indicated for obesity, pharmaceutical experts said, explaining that this move aimed to preserve supplies of diabetes medications for their intended patients.
However, Wegovy’s market dominance appears short-lived as Eli Lilly and other international pharmaceutical companies have simultaneously entered the competition to manufacture drugs targeting obese and overweight individuals.
The release of new formulations specifically indicated for obesity treatment has begun to stabilise global supplies.
Similar trends are being observed across all available products in Cyprus.
The misuse of diabetes medications for cosmetic weight loss previously caused issues for the General Health System, with the Health Insurance Organisation announcing in April 2024 that none of the companies importing drugs in this category wished to include their drugs in the public system.
At that time, the private market was considered significantly more profitable with significantly reduced available stock.
Eli Lilly’s drug licensing appears to be gaining traction, at least in Europe, with Cyprus being particularly indicative. Within the first months of the new drug’s circulation in Cyprus’s private market, sales of several hundred packages were recorded.
The retail price of Mounjaro, while generally not prohibitive, remains beyond some budgets, ranging between €230-€340 per package depending on dosage strength.
Regarding Ozempic, sources told philenews that the Health Insurance Organisation intends to incorporate it into the General Health System, and will be available to patients based on specific criteria and indications.
