Novo Nordisk just announced price cuts for Ozempic and Wegovy, whose list prices as recently as last year were around $1,000 a month . Patients buying directly from the manufacturer will be able to pay as little as $349 for a monthly dose of these medicines . The company has also dropped prices for new direct-pay customers to just $199 for the first two months.

Why slash prices on blockbuster drugs? One word: competition. Its biggest rival in the GLP-1 market, Eli Lilly, has been seizing market share. Novo is looking to win customers back. Cutting prices is the most obvious way to achieve that goal.

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