'Wegovy' Storm, Domestic Obesity Drug Market Surpasses 100 Billion Won in a Quarter

[Financial News] The storm of the obesity treatment 'Wegovy' has created a ripple in the domestic market, with the size of the domestic obesity treatment market surpassing 100 billion won per quarter.
According to the pharmaceutical and bio industry on the 27th, the size of the domestic obesity treatment market in the first quarter of this year was 108.6 billion won, a sharp increase of about 170% compared to the same period last year (40.3 billion won). Thus, the domestic obesity treatment market surpassed 100 billion won per quarter for the first time.
At the center of the explosive market growth is undoubtedly Novo Nordisk's 'Wegovy'. First launched in Korea in October last year, Wegovy recorded 79.4 billion won in sales in the first quarter alone, accounting for 73.1% of the market. This figure is an 8.8 percentage point increase from the market share (64.3%) in the first quarter of last year. Cumulative sales reached 139.8 billion won in just six months.
Despite being a high-priced GLP-1 class obesity treatment not covered by health insurance, priced at 420,000 to 800,000 won per pen, Wegovy has attracted high demand due to its excellent weight loss effects, leading to temporary shortages.
On the other hand, with the advent of Wegovy, existing strong players are rapidly losing their footing. 'Saxenda', which once led the domestic obesity treatment market, saw its first-quarter sales plummet by 70% year-on-year to 4.2 billion won, with a market share of only 3.8%.
An industry official explained, "The success of Wegovy is not solely reliant on product power," adding, "The use experiences of famous overseas figures spread by word of mouth, raising pre-launch expectations, and the high demand immediately after launch led to shortages, further strengthening brand power."


vrdw88@fnnews.com Kang Jung-mo Reporter