The pill race and prospects for the healthcare sector in 2026

Obesity has developed into one of the largest health challenges of our time. New medications have already dramatically changed treatment, and now we are faced with the next major breakthrough: an effective weight loss pill. At the same time, the healthcare sector is entering 2026 with brighter prospects than in a long time after several years marked by political and economic uncertainty.

From injection to pill: a new chapter in obesity treatment

In recent years, medications such as Wegovy and Mounjaro have received significant attention both in the healthcare sector and in the media. These injectable treatments have shown that it is possible to achieve significant and lasting weight loss. Nevertheless, many patients are reluctant to take injections. A pill could therefore lower the threshold for treatment and make the medications available to more people.

Two companies are leading this "pill race": Danish Novo Nordisk and American Eli Lilly.

Novo Nordisk has extensive experience with so-called GLP-1 medications and was early with a pill version for diabetes. However, developing a similar pill for treating obesity has proven challenging. The active ingredient breaks down easily in the stomach, and the pill must be taken in a very specific manner to function optimally. Nevertheless, Novo has chosen to invest heavily in this area. The company does not see the pill as a replacement for injections, but as an important addition, especially for patients who want a simpler form of treatment.

Eli Lilly has taken a completely different approach. Instead of trying to "package" a large and complex molecule into a pill, they have developed orforglipron, a small molecule that can be taken as a regular tablet, without special rules for intake. This could provide significant advantages, both for patients and for production and distribution. At the same time, available study data suggests that Novo Nordisk's pill currently appears to provide somewhat better efficacy and a more favorable side effect profile than orforglipron.