Pfizer and Innovent Biologics GLP-1 Drugs Pass Preliminary Review for China Insurance Coverage

Pfizer's ecnoglutide and Innovent Biologics' mazdutide, both GLP-1 drugs, have passed a preliminary review for potential inclusion in China's national insurance list. The move, which caused Innovent's shares to rise 7%, could expand access in a market where competitors like Novo Nordisk and Eli Lilly are already listed. Inclusion often requires price cuts, a factor reflected in Novo's 2025 sales dip in the region.

China insurance preliminary review

• ▪An Innovent spokesperson stated that for medical insurance coverage in China, only the treatment for diabetes could be considered
• ▪GLP-1 drugs from Pfizer (ecnoglutide) and Innovent Biologics (mazdutide) have passed a preliminary review for potential inclusion in China's basic medical insurance drug catalogue
• ▪The list showing the drugs passed the review was published by China's National Healthcare Security Administration on June 29, 2026
• ▪Pfizer's ecnoglutide and Innovent's mazdutide are approved in China as treatments for weight management and type II diabetes

GLP-1 drug market landscape

• ▪Novo Nordisk's Ozempic was added to China's reimbursement list in 2022, while Eli Lilly's Mounjaro and Innogen's efsubaglutide alfa were added in 2026
• ▪GLP-1 drugs from Novo Nordisk, Eli Lilly, and Guangzhou Innogen Pharmaceutical Group are already included in China's state insurance list
• ▪According to Jefferies, sales of GLP-1 treatments in China on e-commerce platforms Alibaba and JD.com totaled about 1.4 billion yuan ($207 million) in Q1 2026

Reimbursement impact on sales

• ▪Inclusion in China's national reimbursement list makes drugs more available, but increased sales volume is often mitigated by lower prices
• ▪Sales of Novo Nordisk's Ozempic in mainland China, Taiwan, and Hong Kong fell 7% to about 5.4 billion Danish crowns ($853 million) in 2025
• ▪Following the announcement, shares in Innovent Biologics rose by about 7%