Wegovy, produced by Danish pharmaceutical company Novo Nordisk and famously touted by Tesla CEO Elon Musk as his weight management secret (Image courtesy of Novo Nordisk)
SEOUL, Sept. 18 (Korea Bizwire) – As South Korea prepares for the launch of Wegovy, a highly anticipated weight loss medication, next month, questions are arising about its coverage under private health insurance plans.
Wegovy, produced by Danish pharmaceutical company Novo Nordisk and famously touted by Tesla CEO Elon Musk as his weight management secret, is set to hit the South Korean market in mid-October.
However, according to insurance industry sources, most South Korean insurers currently exclude obesity treatment from their private health insurance coverage. This stance spans across multiple generations of insurance policies, from those issued between 2003 and the present.
“If Wegovy is prescribed specifically for obesity treatment, it’s likely that it won’t be eligible for reimbursement under current private health insurance policies,” an industry insider explained, speaking on condition of anonymity due to the sensitivity of the topic.
Wegovy received approval from South Korea’s Ministry of Food and Drug Safety in April 2023 for weight management in adults with an initial Body Mass Index (BMI) of 30 kg/m² or greater, or 27-30 kg/m² with at least one weight-related comorbidity.
There may be a silver lining for some patients, however. The drug has also been approved for reducing the risk of major adverse cardiovascular events in overweight or obese adults with established cardiovascular disease. This additional indication could potentially open the door for insurance coverage in specific cases.
“We will continue to review the possibility of coverage based on the drug’s indications and whether it’s covered by the National Health Insurance,” another insurance industry representative stated.
If covered, patients might be eligible for reimbursement up to 50,000 won per prescription when purchased at a pharmacy with an outpatient prescription.
Wegovy will be available in South Korea as a pre-filled injection pen, with dosage starting at 0.25mg once weekly and gradually increasing to a maintenance dose of 2.4mg weekly after 16 weeks.
According to Novo Nordisk, clinical trials have shown impressive results, with participants losing an average of 15% of their body weight over 68 weeks on high-dose Wegovy, significantly outperforming its predecessor, Saxenda, which achieved an average 7.5% weight loss over 56 weeks.
Lina Jang (linajang@koreabizwire.com)
