Hanmi Pharmaceutical(128940) is expected to ignite a sales battle by unveiling the obesity drug Efpeglenatide within the year. Following the two-strong structure of Wegovy and Mounjaro, Hanmi Pharmaceutical has joined in, setting the stage for a three-way fight in Korea's obesity drug market.
◇Hanmi Pharmaceutical pulls the direct-sales card for K-obesity drug
On the 23rd, the pharmaceutical industry said Hanmi Pharmaceutical is aiming to launch Efpeglenatide within the year and sell it directly. Hanmi Pharmaceutical is known for aggressive sales to the point of being called "Hanmi of sales." Its sales force alone is said to number around 600. The company plans to leverage its existing sales network to target the obesity drug market.
Hanmi Pharmaceutical has chronic-disease drugs such as the hypertension drug Amozaltan and the hyperlipidemia (dyslipidemia) treatment Rosuzet. Obesity is a major cause that raises the risk of hypertension and hyperlipidemia. Because obesity is related to chronic diseases, a strategy linking to existing products is expected to be feasible. A Hanmi Pharmaceutical official said, "A synergy effect is expected."
Efpeglenatide is an obesity drug tailored to Koreans, whose body mass index (BMI) is lower than that of Westerners. It is known to have relatively fewer side effects such as vomiting. The company applied for product approval with the Ministery of Food and Drug Safety at the end of last year. Once it obtains approval and launches the product, it is expected to leverage these points to penetrate medical institutions.
As shortages of obesity drugs are occurring in various places, ensuring a stable supply has also become a key task. Hanmi Pharmaceutical can produce 3 million doses of obesity drugs annually at its Pyeongtaek bio plant in Gyeonggi Province. Based on its own supply, it is expected to achieve annual sales of 100 billion won from obesity drugs.
◇Chong Kun Dang pharmaceutical posts 50 billion won in quarterly sales from Wegovy… competition set to intensify
Novo Nordisk's Wegovy and Eli Lilly and Company's Mounjaro are also each rolling out sales strategies to reach domestic patients. Since Oct. last year, Chong Kun Dang pharmaceutical(185750) and Wegovy have been co-promoted. Chong Kun Dang pharmaceutical recorded sales from Wegovy of 9.2 billion won in the fourth quarter of last year and 48.8 billion won in the first quarter of this year. The industry expects a similar trend to have continued in the second quarter.
For Mounjaro, GC Wellbeing(234690) has entered the sales push. Although it has not signed a direct contract with Lilly Korea, GC Wellbeing is distributing some of the Mounjaro supplied by Lilly to clients through certain wholesalers. The sales increase at GC Wellbeing attributable to Mounjaro in the first quarter of this year is estimated at about 10 billion won.
As the range of obesity drugs launched in Korea widens, price is also expected to become a variable. For Wegovy and Mounjaro, prices range from 200,000 to 700,000 won depending on dose. National health insurance does not apply. Hanmi Pharmaceutical says the price of its obesity drug has not yet been set.
A pharmaceutical industry official said, "If a domestically made obesity drug is launched, patients will have that much wider choices," adding, "Sales competition is expected to intensify."