In just 10 days after less-expensive generic versions of semaglutide entered the fray – the marketplace shows that Eli Lilly’s obesity drug Mounjaro continues to hold pole position, but has ceded some ground to semaglutide innovator company Novo Nordisk and the several domestic drugmakers that brought in their versions of this product to treat weightloss and diabetes.
Semaglutide is the active ingredient in Danish company Novo Nordisk’s Ozempic (for diabetes) and Wegovy (obesity), and it lost patent protection in India and some other markets on March 20, paving the way for a slew of domestic products to enter the market – at prices down between 50 to 80 per cent of the innovator’s price; in multiple delivery forms (vials, resuable pens, oral drugs) and strengths.
Operating in the same weightloss segment is American company Eli Lilly, whose Mounjaro is more expensive, but has been holding its ground for several months, since its launch in March 2025.
While the domestic GLP-1 agonist segment (covering these obesity and diabetes drugs) is almost ₹1,600 crore, for the 12 months up to March 2026, Tirzepatide (or brand Mounjaro) dominates the segment, but seems to have taken “a major hit” due to the semaglutide generics launch, observed Sheetal Sapale, Vice-President, Commercial, at Pharmarack Technologies.
Tirzepatide clocked sales of ₹114 crore in March, down from ₹135 crore in February 2026, according to industry tracker Pharmarack. Semaglutide posted sales of ₹59 crore in March, up from last month’s ₹48 crore. The dip in Tirzepatide sales brought down the GLP-1 drug sales in March to ₹180 crore, from last month’s ₹191 crore. Other products in the same segment seem to have held their own – with Dulaglutide clocking ₹5 crore in March, same as the previous month; and Liraglutide posting ₹3 crore in March, same as February’s sales, the data tracker revealed.
“Gold rush phase”
About 13 companies launched 26 versions of generic semaglutide, and more are in the pipeline, said Sapale, adding however, that only a handful will be able to leverage the branded generics opportunity. So while innovator Novo lead the semaglutide sales in March at ₹45 crore with Ozempic, Wegovy and oral drug Rybelsus, it was followed by generic semaglutide brands from Torrent Pharma (₹4.7 crore), Dr Reddy’s Laboratories (₹1.9 crore), Zydus Lifesciences (₹1.4 crore), Lupin (₹1.4 crore) and Sun Pharma (₹0.90 crore). “This is a classic ‘gold rush phase’—participation is high, but value capture will be concentrated,” she noted.
More “aggressive launches” may be seen in the next few days, and the “exponential growth phenomenon” may be repeated in April 2026 as well, she said. Novo Nordisk has maintained its ground in the initial phase, with “innovator driven efficacy, increased share of voice due to partnerships with Emcure and Abbott”, she said, adding that pegging the price at par with some key generics may play a significant role in future for the innovator.
The government has, meanwhile, through repeated advisories, said these products should be administered only on prescriptions and to eligible patients. “However, misuse/unwanted use may be difficult to arrest,” she said, adding that regulations may refine the market, but was unlikely to derail “the growth trajectory in the initial months of generics launches.”