Novo and Lilly cut prices of weight-loss drugs in China

Dec 29 (Reuters) - Novo Nordisk NOVOb.CO and Eli Lilly LLY.N are lowering prices of their top-selling obesity drugs Wegovy and Mounjaro in China, according to the Danish drugmaker and Chinese drug suppliers.

Novo did not give details on the new prices, but media outlet Yicai reported earlier that list prices for the two highest dosages of Wegovy were cut by 48% to 987 yuan ($141) and 1,284 yuan per month respectively in some Chinese provinces.

"We can confirm that we are adjusting our prices of Wegovy in China," the Danish firm told Reuters in a statement.

"We believe this pricing adjustment in China will further help alleviate the treatment burden for patients and improve their quality of life."

Lilly did not immediately respond to a request for comment.

Prices for Lilly's Mounjaro would also decrease from January 1, according to a WeChat account for a hospital in the eastern city of Nanjing posted late last week. It did not say how much prices would be slashed.

A platform for China's leading food delivery group Meituan listed a 10mg Mounjaro injector pen at a projected cost of around 445 yuan ($63), down from 2,180 yuan.

Over 65% of China's population of around 1.4 billion could be overweight or obese by 2030, making it a rapidly growing market for weight-loss drugs.

Both drugmakers are competing with rivals including Innovent Biologics 1801.HK and face the prospect of further competition after Novo's patent on Wegovy's active ingredient semaglutide expires in 2026 in China and some other important markets.

Chinese drugmakers, including CSPC Pharmaceutical Group 1093.HK and Hangzhou Jiuyuan Genetic Biopharmaceutical Co 2566.HK, are developing their own versions of the drug.

Yicai, citing local procurement authorities, had reported that the Novo price cuts would be made in the southwestern Chinese provinces of Yunnan and Sichuan.

Novo slashed Wegovy prices by up to 37% in India last month, as it looks to gain ground in another fast-emerging market for obesity treatments. Novo and U.S. rival Eli Lilly LLY.N - both shifting towards cash-paying consumers - also agreed to cut U.S. prices in November.