China is set to become a major player in the global weight-loss medication market as multiple drug makers prepare for regulatory approval. With Novo Nordisk's patent expiring, China's drug regulator is accelerating approvals of innovative therapies.

At least 10 weight-loss injections and oral pills are lining up for regulatory approval in China, in a market projected to reach about US$14 billion by 2030. Novo Nordisk’s blockbuster semaglutide, which generated about US$35 billion in global revenue last year, lost patent protection in China on March 20, clearing the way for rivals. The rush comes as China’s drug regulator accelerates approvals of innovative therapies, helped by a surge in out-licensing deals with global pharmaceutical...