Hanmi's Eppe discount to Mounjaro shrinks from 53% at the starting dose to 19% at maintenance
Hanmi's Eppe is due this month at 129,800 won wholesale for four weeks, against about 210,000 to 270,000 won for Wegovy and Mounjaro. At the 299,200 won maintenance dose, Seoul Economic Daily puts the gap at 17% to 19%.
The Investor · Invest desk
Key figures: the first-month gap between Mounjaro's lowest dose and Eppe is 140,200 won per four weeks. The implied gap at maintenance is about 70,000 won, half the first-month gap. Four doses of Eppe at the 10 mg maintenance level cost 299,200 won at wholesale.
| Figure | Value | Note | Claim |
|---|---|---|---|
| First-month gap, Mounjaro lowest dose vs Eppe | 140,200 won / 4 weeks | 20 | |
| Implied gap to Mounjaro at maintenance, about | 70,000 won / 4 weeks | half the first-month gap | 22 |
| Eppe 10 mg, wholesale | 299,200 won, four doses | 5 |
What happened
- Korea's Ministry of Food and Drug Safety approved the once-weekly drug early this month as the country's 45th homegrown new drug, for adults with obesity or overweight who do not have diabetes.
- Hanmi told JoongAng Daily it is difficult to disclose the wholesale price officially, because what the company charges differs from what patients ultimately pay.
- Seoul Economic Daily reported that Hanmi has set an annual sales target of more than 100 billion won for the drug.
- Foreign products, including Eli Lilly's Mounjaro and Novo Nordisk's Wegovy, dominate Korea's obesity drug market, and Hanmi is expected to make Eppe's low price a key selling point.
Why it matters
- What it limits constraint For a patient already stable on Mounjaro, the saving is about 70,000 won per four weeks, half the 140,200 won a new starter sees, so the pull on retained patients is weaker than the headline implies.
- What doesn't add up contradiction JoongAng Daily labels the figures wholesale prices, while Seoul Economic Daily also prints them as what patients pay, so the half-price comparison depends on which label is right.
- Who has to decide decision A 100 billion won target needs about 25,700 patients on maintenance for a full year at supply prices, so the cheap first month has to recruit volume.
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Eppe's first month costs about half of Mounjaro's price and 62% of Wegovy's. The industry sources who say Hanmi will launch Eppe later this month [1] also supply the price schedule: the first four weeks are two 2 mg doses at 24,200 won and two 4 mg doses at 40,700 won [2][4], which adds up to the estimated 129,800 won [3]. Mounjaro's lowest dose costs roughly 270,000 won wholesale for four weeks and Wegovy roughly 210,000 won [13]. Eppe is therefore 48% of the Mounjaro price and 62% of the Wegovy price [16][17]. Our calculation puts the Wegovy discount at 38%, against the 37% Seoul Economic Daily reports [17][14].
The ramp changes the picture. Weeks five to eight cost 228,800 won, weeks nine to twelve 277,200 won, and each four weeks at the 10 mg maintenance dose 299,200 won [5], so the first twelve weeks total 635,800 won [18]. Seoul Economic Daily puts the maintenance discount at 17% against Wegovy and 19% against Mounjaro [14]. Working back from the 19%, Mounjaro's maintenance price is near 369,000 won, so the gap is about 70,000 won per four weeks, half of the 140,200 won gap in the first month [19][22][20].
The price basis is soft. JoongAng Daily says the per-dose figures are wholesale prices, not what patients will ultimately pay [25]. Seoul Economic Daily (which spells the drug Efpe [10]) calls them a supply price per pen including value-added tax, then says 129,800 won is what patients pay in the first month [24]. "Eppe is a prescription drug that is not covered by national health insurance," a Hanmi Pharmaceutical representative said [6]. The representative added: "The amount patients pay may vary depending on medical consultations and prescribing conditions." [12]
The same representative framed the pricing as access: "In line with Eppe's goal of providing a new treatment option for obesity, we placed patient accessibility at the forefront when setting the price." [9] The sales target is more than 100 billion won a year [15]. A patient on maintenance for 13 four-week periods pays 3.89 million won at 299,200 won each [21], so the target needs about 25,700 such patients [26]. That count assumes the target is booked at these supply prices. The cheaper 12-week ramp would push it higher.
Clinics could absorb the wholesale gap before it reaches patients. Eli Lilly and Novo Nordisk could cut prices on their lowest doses. Or a cheap first month could win enough new patients that the narrower maintenance gap matters less. In our view, the evidence supports a discount that works as an entry price: 140,200 won a month below Mounjaro at the start and about 70,000 won by maintenance [20][22]. Seoul Economic Daily says the late entrant appears to be leading with price competitiveness [11], but pressure on the incumbents is an inference from list prices, and neither report documents a competitor response. Clinic-level prices that hold the full wholesale gap, or a Lilly or Novo cut, would change our view.
What to watch
- Clinic-level prices for Eppe after launch, compared with the 129,800 won first-month wholesale estimate.
- Any price response from Eli Lilly on Mounjaro or Novo Nordisk on Wegovy at their lowest doses.
- Hanmi's first prescription and sales figures against the 100 billion won annual target.
Information, not investment advice. This story is general information about companies and markets, drawn from cited reporting. It is not a recommendation to buy, sell or hold any security; check the cited sources before acting.
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- Incentives60
- Confidence62
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- [1]
Hanmi Pharmaceutical is expected to launch its GLP-1 obesity drug Eppe later this month, according to pharmaceutical industry sources.
- [2]
Hanmi is believed to have set wholesale prices at 24,200 won for a 2 mg dose, 40,700 won for 4 mg, 57,200 won for 6 mg, 69,300 won for 8 mg and 74,800 won for 10 mg.
- [3]
The wholesale price of the first four weeks of Eppe prescription use is estimated at 129,800 won.
- [4]
In the first four weeks patients receive two 2 mg doses and two 4 mg doses; weeks five to eight are four 6 mg doses, weeks nine to twelve are four 8 mg doses, and the maintenance dose is 10 mg.
- [5]
The wholesale cost rises to 228,800 won for weeks five through eight and 277,200 won for weeks nine through 12; four doses at the 10 mg maintenance level would cost 299,200 won at wholesale.
- [6]
"Eppe is a prescription drug that is not covered by national health insurance," a Hanmi Pharmaceutical representative said.
- [7]
Efpe, a once-weekly GLP-1 obesity treatment, won marketing approval from the Ministry of Food and Drug Safety early this month as Korea's 45th homegrown new drug, developed for adults with obesity or who are overweight and do not have diabetes.
- [8]
Korea's obesity drug market is dominated by foreign products including Eli Lilly's Mounjaro and Novo Nordisk's Wegovy, and Hanmi is expected to make Eppe's relatively low price a key selling point.
- [9]
"In line with Eppe's goal of providing a new treatment option for obesity, we placed patient accessibility at the forefront when setting the price," the Hanmi representative said.
- [10]
Seoul Economic Daily spells the drug's name Efpe, with the active ingredient efpeglenatide.
- [11]
The pricing suggests the late entrant is leading with price competitiveness.
- [12]
"The amount patients pay may vary depending on medical consultations and prescribing conditions," the Hanmi representative said.
- [13]
Mounjaro's wholesale price for four weeks at its lowest dose is approximately 270,000 won, and Wegovy's wholesale price for four weeks is roughly 210,000 won.
- [14]
At starting doses Efpe is 37% cheaper than Wegovy and 53% cheaper than Mounjaro, while at maintenance doses it is 17% cheaper than Wegovy and 19% cheaper than Mounjaro.
- [15]
Hanmi Pharmaceutical has set an annual sales target of more than 100 billion won for Efpe.
- [16]
Eppe's first four weeks at 129,800 won are about 48% of Mounjaro's roughly 270,000 won, a discount of about 52%.
- [17]
Eppe's first four weeks at 129,800 won are about 62% of Wegovy's roughly 210,000 won, a discount of about 38%.
- [18]
The first twelve weeks of Eppe cost about 635,800 won at the estimated wholesale prices.
- [19]
A 19% maintenance-dose discount to Mounjaro implies a Mounjaro maintenance price near 369,000 won per four weeks.
- [20]
The first-month gap between Mounjaro's lowest dose and Eppe is 140,200 won per four weeks.
- [21]
A patient on the 10 mg maintenance dose for 13 four-week periods pays about 3.89 million won at wholesale.
- [22]
The implied gap to Mounjaro at maintenance is about 70,000 won per four weeks, half the 140,200 won first-month gap.
- [23]
Hanmi said it is difficult to officially disclose the wholesale price because the amount charged by the pharmaceutical company differs from what patients ultimately pay, which could cause confusion.
- [24]
Seoul Economic Daily describes the figures as Hanmi's supply price per pen including value-added tax, and also says that based on what patients pay the first-month cost is expected to be 129,800 won, all including VAT.
- [25]
The per-dose figures all refer to wholesale prices, not what patients will ultimately pay.
- [26]
A 100 billion won annual target equals about 25,700 patient-years at the maintenance wholesale price, if the target is booked at supply prices.
Sources
3 independent publishers whose own reporting we read for this story.
- en.sedaily.comHanmi's Efpe Obesity Drug to Cost 129,800 Won in First Month
1 article · October 14, 2026
- koreajoongangdaily.comKorean obesity drug Eppe takes on Mounjaro, Wegovy with slimmer price tag
1 article · October 14, 2026
- pulse.mk.co.krHanmi prices first Korean-developed obesity drug at half the cost of rivals
1 article · October 14, 2026
Topics and entities
Topics
- GLP-1 and obesity pharmacotherapy
- Drug pricing
- South Korean pharmaceutical industry