Layoffs Persist, GLP-1s Launch for Weight Loss in China

1. Layoffs in Biopharma Industry: Despite economic optimism, over 14,000 employees were laid off in the first half of 2024, with 43% of *BioSpace* readers currently unemployed.
2. GLP-1 Launch in China: Novo Nordisk's Wegovy and Eli Lilly's tirzepatide have been approved for weight loss in China, marking a significant expansion into the world's second-largest economy.
3. GLP-1 Market Growth: The global GLP-1 market is projected to grow from $36.8 billion in 2023 to $138 billion by 2031, driven by applications in type 2 diabetes and obesity.
4. Novo Nordisk's Strategy: Novo Nordisk plans to target self-funded patients in China, where local pharmaceutical firms are racing to develop generic alternatives before the patent expiration in less than two years.
5. Eli Lilly's Expansion: Lilly is studying tirzepatide for sleep apnea and MASH, with Phase III results expected in 2026, and its novel triple agonist retatrutide is in Phase III trials for sleep apnea and knee osteoarthritis.