Novo cuts Wegovy prices in some Chinese provinces, local media reports

Dec 29 (Reuters) - Danish drugmaker Novo Nordisk has nearly halved prices of its obesity drug Wegovy in some Chinese provinces, local media Yicai reported on Monday.

The list prices for the two highest dosages of Wegovy were cut by 48% to 987.48 yuan ($141) and 1,284.36 yuan per month respectively in the southwestern Chinese provinces of Yunnan and Sichuan, the report said, citing local procurement authorities.

Novo did not reply immediately to a request for comment.

The drugmaker faces intensifying competition from local rivals in China's obesity treatment market, as its patent on Wegovy's active ingredient semaglutide expires in 2026.

Chinese drugmakers such as CSPC Pharmaceutical Group and Hangzhou Jiuyuan Genetic Biopharmaceutical Co are developing their own versions of the drug.

The reported price cut in China comes after Novo slashed Wegovy prices by up to 37% in India last month, as it looks to gain ground in one of the world's fast growing markets for obesity treatments.

($1 = 7.0056 Chinese yuan renminbi)

(Reporting by Beijing newsroom; Additional reporting by Bhanvi Satija; Writing by Miyoung Kim; Editing by Susan Fenton)