Weight Loss Competition Heats Up In Britain, Online Pharmacies Slash Prices for Wegovy and Mounjaro
Online pharmacies and slimming clinics in Britain are reducing prices for Novo Nordisk A/S’s (NYSE:NVO) Wegovy and Eli Lilly And Co (NYSE:LLY) Mounjaro as initial supply shortages ease, a move driven by growing competition among retailers.
The reduced prices at retailers like Simple Online Pharmacy, Mayfair Weight Loss Clinic, and London Slimming Clinic reflect the increasing demand for these weight-loss drugs.
Simple Online Pharmacy, for instance, slashed the price of Mounjaro starter doses from 179 pounds to 149 pounds, responding to unprecedented demand for the drugs.
Self-paying patients are a significant source of revenue for drug manufacturers like Novo Nordisk and Eli Lilly.
The competition among drug retailers to capture this market share is intensifying, prompting them to offer competitive deals to attract customers.
Citing a professor of health economics, Reuters noted that the industry is still exploring its profit margins with these drugs.
Pharmacies, particularly those with online platforms, are striving to entice customers with discounts and promotions. However, concerns arise regarding the continuity of patient care, especially if individuals frequently switch providers for better deals.
Despite the affordability offered by online pharmacies, concerns linger regarding consistent supervision and aftercare for patients.
Britain, where obesity rates rank high in Europe, is one of the few countries where Wegvoy and Mounjaro for weight loss are available.
Lilly maintains its prices, selling a four-week starter dose (2.5 mg) for 92 pounds, excluding VAT, with higher strengths (15 mg) priced at up to 122 pounds.
In Denmark, Novo Nordisk faces restrictions on subsidies for its diabetes medicine Ozempic, for diabetes, due to escalating public spending.
The Danish Medicines Agency plans to limit subsidies for GLP-1 analogs, including Ozempic, to patients who cannot be treated with cheaper alternatives.
Bloomberg noted that Novo Nordisk reduced the price of Ozempic in Denmark to $125 monthly from $188 following negotiations on public reimbursement for GLP-1 diabetes drugs.
The government committee decided to stop providing aid for Ozempic due to its high costs, following a recommendation. Denmark’s public health care system faced a significant financial burden due to the increasing use of Novo’s diabetes drug.
In 2023, Danish authorities spent $200 million on Ozempic, which accounted for 8% of all medicine expenses, doubling from the previous year. Officials cautioned that if costs kept rising, it would require budget reductions.
Read Next: Novo Nordisk’s Popular Diabetes Drug Ozempic Starter Kits Face Extended Shortages in Germany, Faces Biosimilar Threat In China.
Price Action: NVO shares are down 4.02% at $124.02 at last check Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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