Whalesbook
Generic Competition Intensifies
India's semaglutide market is poised for significant change following the expiry of Novo Nordisk's patent on the active ingredient last Friday. This development allows numerous Indian pharmaceutical firms to introduce their own versions of the drug, used for Type II diabetes and obesity. The global semaglutide market is estimated at $68 billion, with India's portion valued at around $1 billion.
Major Indian companies, including Dr Reddy's Laboratories, Sun Pharma, Zydus Lifesciences, Torrent Pharma, Glenmark Pharma, USV, and Eris Lifesciences, have already launched their semaglutide products. These generic versions are priced 50% to 80% lower than Novo Nordisk's original drugs, which cost between ₹2,200 and ₹8,900 per week or month, depending on the specific formulation.
Novo Nordisk's Strategic Response
Vikrant Shrotriya, Managing Director of Novo Nordisk India, commented that the company is 'well-positioned to navigate this evolving landscape,' emphasizing its focus on patients rather than solely on patents. He detailed Novo Nordisk's proactive steps, such as a substantial 37% price cut on injectable semaglutide in India last November, intended to boost market momentum and patient access.
The company is also implementing localized pricing and forming partnerships to broaden its range of semaglutide offerings. Novo Nordisk's drugs in India are distributed by Abbott, which has also released a generic Ozempic. Additionally, Novo partnered with Emcure to produce a generic Wegovy for obesity. These actions show Novo Nordisk's determination to keep its market share by adjusting to competition and prioritizing patient needs.