India's Dr Reddy's plans to launch generic obesity drugs in 87 countries next year, CEO says
Drugmakers are racing to get a share of the global obesity drug market, expected to generate around $150 billion in sales by the early 2030s, after Denmark-based Novo and its U.S. rival Eli Lilly (LLY.N), opens new tab saw extraordinary demand for their medicines.
Dr Reddy's initially plans to launch the generic version of semaglutide - the active ingredient of Novo's Wegovy and diabetes medicine Ozempic - in Canada, India, Brazil, Turkey and other emerging markets, subject to patent expiry, Israeli said.
"U.S. and Europe will open later... (and) all the other Western markets will be open between 2029 to 2033," Israeli said a press conference to discuss the company's earnings.
He expects the generic drug to generate 'hundreds of millions of dollars' in sales for the company.
Semaglutide's patent is expected to expire in several countries next year, including in India in March.
Novo Nordisk had sued Dr Reddy's in May alleging patent infringement of semaglutide, according to documents seen by Reuters.
Dr Reddy's has filed relevant regulatory applications in all the countries it is planning to launch the generic version in, Israeli said.
Other Indian drugmakers, including Cipla (CIPL.NS), opens new tab, Lupin (LUPN.NS), opens new tab, Biocon (BION.NS), opens new tab, Sun Pharma (SUN.NS), opens new tab, also plan to launch these generic weight-loss drugs after Novo's and Lilly's success.
Novo launched Wegovy in India last month, following Lilly's Mounjaro launch for weight-loss and diabetes management.
The drugs belong to a class called GLP-1 receptor agonists that help control blood sugar and slow digestion, making people feel fuller for longer.
Dr Reddy's also aims to launch 26 GLP-1 drugs within the next decade, Israeli said.
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