Novo Holdings, the controlling shareholder of obesity drugmaker Novo Nordisk, is intensifying its investments in India, with a focus on single-specialty hospitals and contract drug manufacturers to capture growth opportunities in the country’s expanding healthcare market.
India’s healthcare landscape is evolving rapidly, driven by rising health awareness, a growing middle class, and an increasing preference for specialized care. Analysts believe this shift toward focused treatment facilities will shape the next phase of healthcare demand, attracting both private and foreign investors.
The investment firm, which manages the assets of the Novo Nordisk Foundation—one of the world’s largest philanthropic organizations—also holds 77% voting control in Novo Nordisk, the maker of the blockbuster drugs Wegovy and Ozempic.
Novo’s investment scale in India has grown significantly in recent years, with larger deal sizes and the establishment of a dedicated team in Mumbai to strengthen its regional presence and explore long-term opportunities in medical technology.
Novo’s largest investment in Asia so far is a minority stake in Manipal Hospitals made in 2024. The firm now views single-specialty hospitals—smaller facilities specializing in oncology, nephrology, or maternal and child health—as the “next phase” of hospital evolution, as more treatments move outside large multi-specialty centers. The segment is projected to expand from $16.2 billion in 2024 to $40.14 billion by 2032, according to Credence Research.
Beyond hospitals, Novo Holdings is also exploring opportunities in contract drug manufacturing, particularly for complex biologics, along with investments in senior care and post-acute (step-down) care facilities designed for patients recovering from major surgeries or cardiac events.
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