As the patents on well-known treatments start to expire, Bengaluru-based Biocon Ltd. is refocusing its efforts on creating drugs to fight obesity. Experts estimate that by 2030, the worldwide market for these medications would grow to $100 billion.
The recent clearance of Biocon's generic version of the weight-loss drug liraglutide injectable in the UK marks a significant milestone. With this permission, companies like Biocon will have a profitable opportunity as the patents for popular pharmaceuticals in this category, like Saxenda, begin to expire. Saxenda's generic equivalent heralds the beginning of a possible windfall for pharmaceutical companies, despite the fact that it is not as effective as more recent drugs like Wegovy and Ozempic.
Siddharth Mittal, the CEO of Biocon, stressed the company's dedication to keeping the top spot in this developing sector. Biocon is working on 15 peptide formulations at the moment and hopes to submit applications for regulatory approval for one or two of the medications this year. Furthermore, the business has submitted liraglutide applications to US and European regulators.
Leading Indian pharmaceutical company Biocon in the battle to profit from the rising demand for obesity medications worldwide is Kiran Mazumdar Shaw. A number of other significant companies in the Indian pharmaceutical sector, such as Cipla Ltd., Dr. Reddy's Laboratories Ltd., and Sun Pharmaceutical Industries Ltd., are also creating their own anti-obesity drugs.
Companies like Biocon will have a chance to enter the market as generic copies of medications like Ozempic and Wegovy flood the market due to the patents on those medications expiring. These medications, which are members of the glucagon-like peptide 1 (GLP-1) agonist class, have already brought in a sizable sum of money for forward-thinking pharmaceutical firms.
Peter Bains, the Group CEO of Biocon, predicts that over the next ten years, the loss of exclusivity for GLP medications will generate a multibillion-dollar industry. This is a good fit for Biocon's current biologics business.
When the National Health Services releases a tender, Biocon anticipates launching its liraglutide injectable in the UK market. In the meantime, the business is looking into ways to sell its obesity meds in India, where an increasing number of obese and affluent people are likely to increase demand for these prescriptions.
Even though weight-loss medications are becoming more and more popular worldwide, they are still not readily accessible in India. In the upcoming years, two significant competitors in this market, Novo Nordisk and Eli Lilly, want to launch their medications in India. In addition, Biocon is thinking about its alternatives for breaking into the Indian market, such as contacting the appropriate marketing partner and requesting permission from regional authorities.
