Biocon Ltd is preparing to enter the booming global obesity drug market with plans to launch generic versions of the blockbuster drug Wegovy in India and Canada by 2027. The move comes as demand for weight-loss medications surges globally, with projections estimating the market could hit $150 billion by the early 2030s.
In an email interview with Reuters, Biocon CEO Siddharth Mittal stated that the company expects to complete late-stage clinical trials of its semaglutide-based therapy—the active ingredient in Novo Nordisk’s Ozempic and Wegovy—within the next 12 to 18 months. The company aims to file for approval with India’s drug regulator by the end of 2026, with a potential market launch the following year through a local partner.
Biocon also plans to file for regulatory clearance in Canada this quarter for generic versions of Ozempic, followed by a Wegovy equivalent later in the year. "Subject to approval, we could look at a market launch in late 2026 or early 2027," Mittal noted, adding that no such therapies have yet been approved in Canada.
In addition to India and Canada, Biocon is targeting several high-potential emerging markets, including Brazil, Mexico, Malaysia, Hong Kong, countries in the Middle East, as well as Australia and New Zealand. In regions where the company lacks a direct presence, it is actively seeking local partnerships to commercialize its semaglutide-based products.
Biocon joins Indian pharmaceutical peers such as Dr. Reddy’s and Cipla in the race to develop affordable alternatives to semaglutide-based therapies, as patents begin to expire in 2026. Novo Nordisk recently launched Wegovy in India in June, shortly after Eli Lilly’s Mounjaro saw rapid sales growth in the country.
India has officially entered the billion-dollar global weight-loss drug race, with domestic and international players now vying for market share in this high-growth therapeutic area.