Biocon, the renowned Indian pharmaceutical company, is gearing up for a groundbreaking venture in the global market by initiating phase-3 trials for semaglutide, a weight-loss drug, in India. With plans to seek regulatory approvals for generic versions of Novo Nordisk’s popular drugs, Ozempic and Wegovy, Biocon is strategically positioning itself to capitalize on the expiration of patents on these blockbuster medications next year.
In a recent interview with Bloomberg News, Siddharth Mittal, the managing director of Biocon, expressed optimism about the company’s prospects in the Canadian market. He highlighted Biocon’s plans to secure approval for generic Ozempic in Canada by September, with a potential launch date in 2026 if all goes according to plan. This move places Biocon in competition with global giants like Novo Nordisk, as well as other major players in the generic drug industry.
As India’s leading insulin manufacturer, Biocon is set to join the ranks of top generic drugmakers worldwide, including Sandoz Group AG, in the race to capture the weight-loss drug market. With patents for semaglutide expiring in various markets, including India, the company is strategically positioning itself to leverage these opportunities and expand its global footprint.
Mittal emphasized Biocon’s focus on emerging markets, such as Latin America and Asia-Pacific, including countries like Brazil, Mexico, Malaysia, Hong Kong, Australia, and New Zealand. By targeting these regions in addition to its home base in India, Biocon aims to establish a strong presence in the rapidly growing market for generic obesity medicines.
In a competitive landscape where companies like Teva Pharmaceutical Industries Ltd. and Gan & Lee Pharmaceutical Ltd. are also vying for a share of the market, Biocon is distinguishing itself by aiming to be the first to launch a semaglutide copycat drug in Canada. Mittal acknowledged the challenges ahead but expressed confidence in Biocon’s capabilities to lead the way in this endeavor.
With a strategic vision that aligns with India’s growing prominence in the global pharmaceutical industry, Biocon’s foray into generic weight-loss drugs signifies a significant milestone for the company and the Indian business landscape as a whole. As the company navigates the complexities of regulatory approvals and market competition, it stands poised to make a lasting impact on the global healthcare sector while representing India’s spirit of innovation and entrepreneurship.
Source: Economic Times