India’s cheap weight-loss drugs could reshape global obesity fight

The pharmaceutical landscape just shifted dramatically. On Friday, India's patent protection for semaglutide—the active molecule in Novo Nordisk's Wegovy and Ozempic—expired, unleashing a wave of generic competition that will fundamentally reshape the global obesity treatment market. For European entrepreneurs and investors, this development carries profound implications that extend far beyond Denmark's pharmaceutical giants. Semaglutide represents one of the most successful drug launches of the past decade. Novo Nordisk's Wegovy and Ozempic generated over $21 billion in combined revenues in 2023 alone, creating unprecedented shareholder returns. The drugs work by mimicking glucagon-like peptide-1 (GLP-1), a hormone that regulates appetite and blood sugar, and they've proven remarkably effective at helping patients lose 15-22% of body weight. This efficacy has driven explosive demand across North America and Europe, with waiting lists stretching months and insurance companies scrambling to manage costs. The Indian patent expiration changes everything. India's pharmaceutical industry—the world's largest manufacturer of generic drugs—will now flood markets with affordable semaglutide alternatives. Where a month's supply of Wegovy costs €300-400 in Europe, Indian generics will likely retail for €50-100. This price collapse will democratize access dramatically but will also crater Novo Nordisk's profit margins and trigger a valuation reset across the GLP-1 sector.