The pharmaceutical landscape for obesity treatment is rapidly evolving, with increased demand for medications like Wegovy and Mounjaro. Now, India’s Biocon is aiming to capitalize on this growing market by launching generic versions of Wegovy, initially targeting India and Canada. This move comes as the global weight-loss drug market is projected to reach an estimated $150 billion by the early 2030s.
Generic Wegovy: Biocon’s Strategy
Biocon plans to submit an application for regulatory approval in India by the end of , with a potential launch in through a partnership. According to CEO Siddharth Mittal, the company is currently completing late-stage trials, expected to conclude within the next 12 to 18 months. Simultaneously, Biocon is actively pursuing filings for semaglutide – the active ingredient in both Novo Nordisk’s Ozempic and Wegovy – in Canada, as well as other emerging markets.
The company intends to file with Canadian regulatory authorities this quarter for generic Ozempic, followed by Wegovy versions later in the year. If approved, a market launch in Canada could occur in late or early . Currently, Canada has not yet approved any therapies of this type.
Expanding Global Reach
Beyond Canada, Biocon is strategically focusing on several key emerging markets for the rollout of its obesity drugs. These include Brazil and Mexico in Latin America, Malaysia and Hong Kong in Asia, countries in the Middle East, as well as Australia and New Zealand. This broad geographic approach reflects the increasing global prevalence of obesity and the growing demand for effective treatment options.
The Competitive Landscape
Biocon’s entry into the weight-loss drug market follows significant demand increases for Wegovy, manufactured by Novo Nordisk, and Zepbound, from Eli Lilly. Several other Indian generic drug manufacturers, including Dr. Reddy’s and Cipla, are also racing to develop cheaper alternatives to Wegovy, anticipating the expiration of the semaglutide patent in . Novo Nordisk launched Wegovy in India in June, initially for diabetes and weight-loss management, after Lilly’s Mounjaro experienced a doubling of sales within a few months of its launch in the country.
Semaglutide and the Future of Obesity Treatment
Semaglutide, the key ingredient in Ozempic and Wegovy, has become a central focus in the treatment of both diabetes and weight management. The development of generic versions of these drugs promises to increase accessibility and affordability for patients worldwide. Biocon’s plans to launch generic Ozempic and Wegovy versions in Canada demonstrate a commitment to expanding treatment options beyond India.
The company’s strategy involves a phased approach, beginning with regulatory submissions and clinical trials, followed by market launches in key regions. This careful planning aims to ensure a smooth and effective introduction of these potentially life-changing medications to a wider patient population.
Biocon’s Broader Pharmaceutical Portfolio
While focusing on weight-loss drugs, Biocon maintains a strong presence in other pharmaceutical areas, notably insulin products. This diversified portfolio allows the company to leverage its existing manufacturing capabilities and distribution networks to efficiently bring new products to market. The company’s experience in producing insulin is expected to be valuable as it scales up production of semaglutide and its generic versions.
The pursuit of generic weight-loss drugs represents a significant strategic move for Biocon, positioning the company to benefit from the rapidly expanding global market. The success of this venture will depend on securing regulatory approvals, completing clinical trials, and establishing effective partnerships for distribution and marketing. The company’s CEO anticipates high-double-digit percentage revenue growth as a result of these initiatives.
