Biocon to launch generic versions of Ozempic next year
What's the story
Bengaluru-based Biocon is gearing up to file applications for launching generic versions of Ozempic in several global markets this quarter. The company's CEO and Managing Director, Siddharth Mittal, revealed the plans during an interview with CNBC-TV18. He said they expect to enter some emerging markets by the end of 2026.
Market entry
Patents and current market situation
The patents for GLP-1 drug Semaglutide, marketed as Ozempic and Wegovy, will expire in 2031 in the US and Europe. This aligns with Biocon's plans to launch generic versions of these drugs. The company already sells the Liraglutide, an active pharmaceutical ingredient (API) for GLP-1 drugs, in the UK and Europe. A US launch is expected by early 2026.
Drug impact
Global market potential and competition
Semaglutide is a Type-2 diabetes medication that has gained popularity as a weight-loss solution since its approval for Ozempic in 2017 and Wegovy in 2021. Biocon is among at least 15 companies eyeing this global market opportunity, which is expected to exceed $160 billion by 2034. The company's efficient process for producing Liraglutide could help it compete with Chinese Active Pharmaceutical Ingredients (APIs) firms, the main source of most generic GLP-1 drugs.