Biocon's Ozempic rival will be launched in India by 2027
What's the story
Biocon, a leading biopharmaceutical company, has announced its plans to introduce generic versions of the popular weight-loss drug Wegovy in India and Canada. The company's CEO Siddharth Mittal revealed that they are looking at a market entry by late 2026 or early 2027. This comes as part of Biocon's strategy to tap into the rapidly growing global weight-loss drug market, which is expected to reach $150 billion by the early 2030s.
Approval process
Biocon to file application with India's drug regulator
Biocon plans to file an application with India's drug regulator by the end of 2026. The company expects to complete late-stage trials in the next 12-18 months. Mittal said, "Biocon is actively progressing with filings for semaglutide in Canada as well as many other emerging markets." Semaglutide is the active ingredient in Novo Nordisk's diabetes and weight-loss drugs Ozempic and Wegovy.
Market competition
Indian generic drugmakers are racing
Indian generic drugmakers like Dr Reddy's and Cipla are racing to produce cheaper versions of Wegovy, as semaglutide is set to go off patent in 2026. Novo Nordisk launched Wegovy in India for diabetes and weight-loss management in June. This comes after Eli Lilly's Mounjaro sales doubled within months of its launch in the country.
Plans
Biocon's global expansion strategy
Biocon is also looking at large emerging markets like Brazil and Mexico in Latin America, Malaysia and Hong Kong in Asia, Australia, and New Zealand to launch its obesity drugs. In markets where it doesn't have a direct presence, the firm is seeking local partnerships for commercialization. This global expansion strategy highlights Biocon's commitment to making weight-loss drugs accessible worldwide.