Obesity Drugs: Beyond Weight Loss – Pills, Combos & Access to $100B Market

The burgeoning market for obesity drugs is poised for a significant shift, moving beyond a “one-size-fits-all” approach toward a more personalized landscape of treatment options. Executives from leading pharmaceutical companies—including Eli Lilly, Novo Nordisk, and Pfizer—indicated at the recent JPMorgan Healthcare Conference that expanded access and a wider range of therapies will define the next phase of growth in this sector.

The Pill Potential

While injectable medications have driven initial success, the development of oral options is expected to broaden the appeal and reach of these drugs. Novo Nordisk has already launched the first GLP-1 pill for obesity, and Eli Lilly plans to follow suit later this year. These pills may appeal to patients hesitant about injections, those who travel frequently, or those who view their condition as less severe.

Did You Know? Novo Nordisk and Eli Lilly currently have around 15 million people combined who have obesity taking GLP-1s.

Executives anticipate that primary care physicians, who typically prefer prescribing pills, will drive increased uptake of oral medications. Furthermore, pills could allow patients to “deescalate” their therapy after achieving weight loss with injections, transitioning to a less potent maintenance regimen.

Mixing and Matching Drugs

The future of obesity treatment may also involve combination therapies, pairing different drugs to achieve enhanced results and address co-existing health conditions. Structure Therapeutics is developing a GLP-1 pill and exploring combinations with amylin-targeting drugs, aiming for improved efficacy and tolerability. Pfizer is also pursuing oral drugs that could reduce side effects when combined with GLP-1s.

Combining treatments could also allow for more targeted approaches, addressing specific conditions like fatty liver disease alongside obesity. Lilly is also exploring combining GLP-1 with GIP, a formulation already proven effective in its tirzepatide injection.

Different Weight Loss Methods

Beyond GLP-1s, companies like Wave Life Sciences are pursuing novel approaches, focusing on how the body burns fat rather than simply suppressing appetite. Wave’s experimental injection aims to reduce muscle loss—a concern with some GLP-1 treatments—and could offer less frequent dosing, potentially once or twice a year. This approach targets a protein called activin E, which slows fat burning.

Expert Insight: The shift toward combination therapies and alternative mechanisms of action suggests a growing recognition that obesity is a complex condition requiring individualized treatment strategies, rather than a single solution.

Lilly’s retatrutide, dubbed the “triple G” drug, mimics three hunger-regulating hormones and has demonstrated significant weight loss in clinical trials. Novo Nordisk is also investing in similar multi-hormone approaches, acquiring rights to an experimental drug from a Chinese pharmaceutical company.

Patient Access to Drugs

Improving patient access remains a key priority. Novo Nordisk has lowered the cash price of its pill, and both Novo and Lilly have struck deals that will introduce Medicare coverage for obesity drugs later this year. Executives believe increased coverage and consumer demand will further expand access to these treatments.

The direct-to-consumer market is also growing, with Lilly and Novo launching platforms offering discounts on their medications. Pfizer estimates this channel already accounts for 30% of the U.S. market and could reach 90% or more internationally.

Frequently Asked Questions

What is driving the shift away from a “one-size-fits-all” approach to obesity treatment?

Executives believe that presenting patients with a broader range of options, tailored to their individual needs, will lead to better outcomes and wider adoption of these therapies.

What role will pills play in the future of obesity treatment?

Pills are expected to expand the market by appealing to patients who are afraid of needles, travel frequently, or don’t view their condition as severe enough to warrant injections.

Are combination therapies likely to become common?

Yes, executives anticipate that combining different drugs will be “the next phase of the field,” potentially achieving greater weight loss and addressing co-existing health conditions.

As the obesity drug market evolves, will affordability and access become less of a barrier for patients seeking treatment?