A frenzy of innovation in obesity drugs is under way

Weight-loss jabs have turned out to be blockbusters. And for good reason. For one thing, after centuries of false promises and quackery, these drugs actually work. With nearly half the world’s population expected to be obese or overweight by 2030, demand for them is assured. And, more excitingly, they may be approved for a broader set of uses. Clinical trials suggest that they could reduce the risk of heart attacks, kidney disease and perhaps even Alzheimer’s. By the end of the decade could hit $80bn, making them one of pharma’s biggest classes of drugs.No wonder enthusiasm for the makers of these drugs, Novo Nordisk and Eli Lilly, is at fever pitch. Since the start of 2023 Novo, maker of Wegovy (and its sibling Ozempic), has seen its market capitalisation soar by 87% to $560bn, making it Europe’s most valuable company. Meanwhile the market value of Lilly, maker of Zepbound (and its sibling Mounjaro), has more than doubled to $740bn. One of these drugmakers could be the first to attain a market value of a trillion dollars, joining an elite club mostly made up of tech firms.