Moneycontrol Pro Panorama | A Rs 1000-crore Rx heavyweight in the making

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Eli Lilly’s weight loss drug Mounjaro has become the biggest pharmaceutical brand by sales in India in less than six months of its launch. The product clocked sales of Rs 120 crore in August, surpassing GSK’s Augmentin, as our Chart of the Day explains.

GSK’s anti-infective drug Augmentin clocked sales of Rs 845 crore in the 12 months to August 2025. Mounjaro’s August figures imply annual sales of more than Rs 1,000 crore. Whether Mounjaro will attain the top drug spot on a 12- month sales' basis has to be seen.

Numerous Indian companies are preparing to launch a generic version of anti-diabetic and anti-obesity GLP-1 category drug Semaglutide in India upon the expiry of its patent in 2026. The entrance of generic Semaglutide versions can lower prices of anti-obesity drugs, making them more affordable to patients, thereby expanding the market. At the same time, Semaglutide versions can raise competition for Mounjaro. Note that Mounjaro and Semaglutide drugs have different drug ingredients.

Even so, the healthy traction in Mounjaro highlights the huge weight loss drug market opportunity present in India. Analysts at Nomura project the Semaglutide market to reach Rs 9,000 crore or $1 billion in India by FY30. Companies with a strong market presence and relationships with endocrinologists and access to supplies will benefit.

But drug companies are not eyeing the Indian market alone. Along with India, the patent for Semaglutide is set to expire in as many as 80 countries, including Canada, in 2026. As companies launch generic versions, demand for Semaglutide ingredients and finished product are set to rise multi-fold in coming years, explain analysts at Motilal Oswal Financial Services.

To tap the upcoming demand several Indian companies are setting up new facilities and manufacturing lines. Apart from finished dosage drug producers, contract manufacturers, active pharmaceutical ingredients and device makers are also gearing up to increase supplies.

While the early trends in Mounjaro and anti-obesity drug sales should please pharma companies, they should also prepare for a churn in the traditional diabetes drugs' business.

As glucagon-like peptide-1 (GLP-1) category drugs gained popularity, prescription of older and other classes of drugs have declined in the US. A similar trend can play out in India, warn analysts at Nomura.

But a note of caution. Given that Semaglutide and GLP-1 drugs are delivered predominantly through injection, consumer adoption to this form of drug delivery is important. At present, drugs to treat diabetes are available for taking through the oral route and injections as well.    

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