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So China is also in the race for valuable anti-obesity drugs

From copies of semaglutide to triple combinations: the giant's strategy aims at industrial leadership and clinical innovation between billionaire deals and next-generation molecules

by Francesca Cerati

3 March 2026

A laboratory technician makes microscopic bacteriological examination with the reagents. Work in microlaboratories. Medical laboratory analysis. The work of a medical laboratory assistant.

3' min read

Translated by AI

Versione italiana

3' min read

Translated by AI

Versione italiana

The global race for anti-obesity drugs has a new centre of gravity: China. If in recent years the market has been dominated by Novo Nordisk and Eli Lilly, 2025 marked a decisive acceleration of the Chinese industry, which has now gone from chaser to protagonist in the game of Glp-1 and new multiple agonists.

The prevalence of obesity in the country has risen steadily, with increasing health and economic impacts. In response, Beijing has made 'healthy weight management' one of the priorities of its Healthy China initiative, creating a favourable policy framework for the development and adoption of innovative therapies. As of 2021, five Glp-1 receptor agonists have been approved for weight management, rapidly expanding therapeutic options and transforming the clinical approach to obesity, which is increasingly being treated as a chronic, systemic disease.

Among the symbols of this new phase is mazdutide, the first locally developed Glp-1/glucagon double agonist approved in 2025. But the buzz concerns dozens of clinical programmes: more than 90 Glp-1 or related molecules are in trials in China, with a gradual shift from biosimilars and 'me-too' versions of semaglutide to next-generation compounds, including triple agonists that simultaneously target Glp-1, Gip and glucagon to increase efficacy on weight loss and metabolic profiling.

The quantum leap, however, came with industrial agreements. In February 2026, Pfizer signed a deal worth up to USD 495 million with Hangzhou-based biotech Sciwind Biosciences for the commercialisation in China of ecnoglutide, a next-generation Glp-1 agonist already approved for diabetes and under review for chronic weight management. The deal includes upfront payment and regulatory and sales milestones, while Sciwind retains research, manufacturing and licensing ownership. It is a model that captures the new balance: multinationals seek rapid access to an expanding market, Chinese companies capitalise on production capacity, supply chain control and speed of clinical execution. This is not an isolated case. In 2025, Pfizer acquired US-based Metsera for around USD 10 billion, securing a monthly-dose Glp-1, and signed a global licence with YaoPharma, a subsidiary of Fosun Pharmaceuticals. In parallel, AstraZeneca announced investments of up to $15 billion by 2030 to expand production and research in China, including programmes on obesity and diabetes in partnership with local groups. The trajectory is clear: China is no longer just an outlet market, but a strategic development and manufacturing hub for global pipelines. Novo Nordisk has entered into research agreements with Chinese biotechs, such as the partnership with United Laboratories International for the development of UBT251, a 'triple agonist' agent that attacks three hormones involved in metabolism with the aim of overcoming the efficacy of classical Glp-1. The arrangement, which sees Novo acquire exclusive global rights outside China while the Chinese company retains local rights, underlines a cooperative strategy that brings Western scientific expertise and Chinese testing capabilities closer together.

A further competitive element is speed. Chinese pharmaceutical companies have proven to be able to enrol patients much faster than their Western counterparts, speeding up the reading of data and the submission of regulatory dossiers. This operational advantage, combined with lower costs and an expanding biotech ecosystem, allows them to compress development cycles and respond quickly to the moves of international competitors.

2025 consolidated the global regulatory framework and redefined obesity as a chronic disease, paving the way for an accelerating 2026. This year will be marked by the arrival of oral Glp-1s, the loss of exclusivity of semaglutide in large markets including China itself, and the entry of generics. For Beijing, this means a double opportunity: competing on price with off-patent versions, widening access, and at the same time pushing proprietary molecules with high efficacy, including multi-hormonal combinations capable of approaching or exceeding 20% average weight loss in clinical trials.

Looking ahead, 2026 could also be the turning point on the export front. If Chinese companies manage to demonstrate regulatory and production standards aligned with Western agencies, their candidates could enter the US and European markets not only as low-cost alternatives, but as true innovative competitors. The game will no longer be limited to the replication of existing blockbusters, but to the ability to redefine the balance between efficacy, tolerability, price and access.

The stakes are enormous. Anti-obesity drugs are already among the world's best-selling products and are reshaping entire industries, from insurance to food. While so far the leadership has been Western, the combination of industrial policy, critical mass of patients, vertical integration and targeted partnerships indicates that the next blockbusters could speak Chinese. In 2026, the challenge will no longer be who innovates the most, but who can scale globally with sustainable models. And on this terrain, China is ready to play a leading role.