Novo Nordisk A/S ($NVO) has slashed prices for its blockbuster weight-loss drug Wegovy as competition in the obesity drug market heats up, with

Makers of the popular obesity treatments Wegovy and Zepbound are cutting prices for people without insurance. Danish drugmaker Novo Nordisk said Wednesday that it will drop prices 23% for all doses of Wegovy. The new monthly price of $499, down from $650, takes effect immediately.

After Zepbound-maker Eli Lilly reduced the price of the weight-loss drug, competitor Novo Nordisk has cut the price of weight-loss drug Wegovy.