Saxenda and Qsymia tops the growing obesity market

Obesity treatment market records ₩143.6 billion… breaks largest-ever record for 3 consecutive years

Saxenda in the lead for 15 consecutive quarters… Qsymia and Saxenda takes 44% of market

The obesity treatment market has grown to break its own record for 3 consecutive years.

 

The introduction of a new type of obesity treatment such as ‘Saxenda’ and ‘Qsymia’ had also led to market expansion.’ The two drugs have dominated the share of existing products and have occupied about half of the total market.

 

According to market research institution IQVIA on the 3rd, the obesity treatment market size recorded ₩143.6 billion last year, a 0.4% increase from the previous year.

 

The obesity treatment market has been breaking new records every year since 2019.

 

Total sales in 2019 amounted to ₩134.1 billion won, up 38.6% from the previous year, and exceeded 100 billion won for the first time in a decade since 2009 immediately before sibutramine was withdrawn from the market.

 

In 2020, the market showed YoY growth of 6.6%.

 

The obesity treatment market showed slower growth this year compared to 2019 and 2020 but still succeeded in breaking the 2020’s largest-ever market record again to reach a new high.

 

Compared to 2018, the market grew 48.4% in three years.

 

The recent additions, Saxenda and Qsymia, had led the overall market expansions.

 

Novo Nordisk’s Saxenda sold the most among all obesity treatments, recording ₩36.2 billion in sales.

 

Although this was a 1.7% decrease from the previous year, the drug succeeded in holding its lead for 3 consecutive years since 2019.

 

Saxenda is the world’s first a GLP-1 (Glucagon-Like Peptide 1) analogue approved to treat obesity.

 

It contains the same ingredients as the company’s 'Victorza (liraglutide)’ that is used to treat diabetes but has a different dosage and administration.

 

The drug enjoyed explosive popularity as it acts with the same mechanism of action as the human body's GLP-1 and suppresses the patient’s appetite to induce weight loss, forming the perception that it is relatively safe.

 

In only one year since its release, the drug topped the market with ₩42.6 billion in sales in 2019.

 

In terms of quarterly sales, the drug rose the lead for the first time with ₩5.6 billion in Q4 2018, then maintained its lead for 13 consecutive quarters ever since.

 

However, its growth rate has slowed down somewhat.

 

Saxenda’s average quarterly sales exceeded ₩10 billion in 2019, but fell to ₩9.1 billion last year.

 

This is analyzed to be due to Qsymia’s introduction to the market.

 

Qsymia’s sales rose 16.6% YoY to record ₩26.2 billion last year.

 

Qsymia is a combination drug that contains ‘phentermine’ and ‘topiramate’ that Alvogen Korea gained exclusive marketing rights for in Korea from the US company Vivus.

 

Alvogen Korea signed a copromotion agreement with Chong Kun Dang at the end of 2019 and started to sell the drug in earnest in Korea.

 

Earning ₩4.3 billion in sales in Q1 2019, Qsymia rose to rank No.2 in sales immediately after its release.

 

From Q2 2020, it recorded sales of ₩5-6 billion, breaking Saxenda's monopoly in the market and establishing a two-way race between the two drugs.

 

Analysts believe that Qsymia's rapid penetration into the market was possible due to the synergistic effect of the sales network owned by Alvogen Korea and Chong Kun Dang in the obesity treatment market from selling ‘Furing’ and ‘Furimin.’ Also, the fact that it contains relatively antipsychotics and may be prescribed long-term although it is an oral formulation acted as a success factor.

 

Last year, Saxenda and Qsymia’s share of the market reached 43.5%.

 

Their share has continued to increase from the 31.8% in 2019 and 41.5% in 2020.

 

Although 100 types of obesity treatments in the market in Korea, the performance of all other obesity treatments excluding Saxenda and Qsymia were relatively poor.

 

Daewoong Pharmaceutical's ‘Dietamine’ ranked third with sales of ₩8.3 billion last year, which was a 9.8% YoY drop from the previous year.

 

Sales of Huons' ‘Hutermin’ also fell 12.7% YoY to record ₩5.3 billion last year.