Health insurers will not be covering the cost of a new obesity medication coming on to the market in Ireland.

Mounjaro, a medicine from Eli Lilly, has been approved for the treatment of obesity and diabetes in the Irish market – and is coming on to the market at the end of February.

On Newstalk Breakfast, business correspondent Joe Lynam said the drug is going through “what's called a value for money assessment”.

“[This] means the health insurance companies, under the drugs payment scheme for all patients, haven't yet decided whether they're going to cap the monthly cost at €80 per month, which would happen for approved prescriptions,” he said.

“It means that if patients wish to avail of Mounjaro, which is a very effective obesity drug or weight loss drug, they would have to pay the private prescription cost, which is around €215 per month, or €2,500 per year.”

Semaglutide drugs Wegovy and Ozempic. Image: Alamy

Even after the ‘value for money assessment’, some insurance companies have expressed doubts that the drug will be freely available under the Drug Payments Scheme.

According to The Irish Times, a spokeswoman for VHI said the company would not be covering the cost of Mounjaro or similar drugs, Ozempic and Wegovy.

Such is the case for Laya Healthcare as well, allegedly.

As the drug must be taken long term in order to keep weight off – the average user will end up incurring the cost of over €2,500 per year for the drug.

Ozempic injection, Semaglutide pen. Image: gavin rodgers/pixel8000