The rivalry between U.S. pharmaceutical giant Eli Lilly and Denmark’s Novo Nordisk in the weight loss drug market is entering a new phase in South Korea. With a local drugmaker preparing to introduce a cheaper alternative, Novo Nordisk is seeking national health insurance coverage for Wegovy to make its treatment more affordable to patients.
Novo Nordisk already slashed Wegovy’s price when Eli Lilly introduced Mounjaro to South Korea in August 2025. Now, Hanmi Pharmaceutical, a South Korean drugmaker, is preparing to launch its domestically developed obesity treatment Eppe, potentially adding further pressure on the two international competitors.
The latest development highlights how price competition is intensifying in the market for GLP-1 weight loss medications. Hanmi is preparing to challenge imported treatments with lower prices, while Novo Nordisk’s insurance application could reduce patients’ treatment expenses if approved.
Novo Nordisk’s Korean subsidiary has submitted an application for Wegovy reimbursement to South Korea’s Health Insurance Review and Assessment Service, the government agency responsible for evaluating medications for coverage under the country’s national health insurance system, according to pharmaceutical industry officials on October 12.
The company is seeking coverage to improve treatment access for patients with severe obesity and related medical conditions. Approval could reduce patients’ out-of-pocket costs, although whether Wegovy will qualify for reimbursement remains uncertain.
Wegovy is prescribed for weight management in patients with severe obesity or those who are overweight and have associated conditions such as diabetes, hypertension, abnormal cholesterol levels or cardiovascular disease. The medication can also be used in eligible adolescents aged 12 and older.
Novo Nordisk said it has worked to improve access to appropriate obesity treatment since Wegovy’s launch. The company described its reimbursement application as part of those efforts and pledged to cooperate with the review process.
The application comes as Hanmi prepares to introduce Eppe as early as October, bringing another competitor into a market where Wegovy and Mounjaro are already competing.
Hanmi is finalizing Eppe’s wholesale price, with affordability expected to play an important role in its market entry.
Pharmaceutical industry estimates suggest that a four-week supply of Eppe at its lowest dosage could be priced in the 100,000 won range, compared with the 200,000 won range for Wegovy and Mounjaro.
The expected price difference could give Hanmi an advantage in attracting cost-conscious patients, although the company has not announced Eppe’s final wholesale price.
Hanmi said it intends to improve patient access to treatment but is weighing market conditions, the drug’s clinical value and supply considerations before making a final pricing decision.
A company representative said widespread speculation about Eppe’s price in the media and online had made the decision more difficult.
Novo Nordisk’s insurance application follows its earlier decision to cut Wegovy’s price after Mounjaro entered the Korean market. With Hanmi preparing a potentially cheaper treatment, the Danish drugmaker is now seeking another way to reduce costs for patients.
The outcome of Wegovy’s insurance review and Hanmi’s final pricing decision could influence how the three treatments compete in South Korea, where the cost of obesity medication is becoming an increasingly important factor in patients’ treatment choices.
