Once considered a niche segment, medications for obesity have catapulted into the global spotlight, now identified by McKinsey as a trillion-dollar opportunity alongside artificial intelligence and electric vehicles. In India, this shift is set to redefine the pharmaceutical industry's trajectory in 2026 and beyond, fueled by the impending launch of affordable generic versions.
A Market Transformed: From Fringe to Mainstream
The Indian anti-obesity market, valued at just over Rs 1,000 crore as of November (Moving Annual Total), has witnessed a staggering nearly 10-fold expansion in the last five years. This surge is driven by a stark health reality: nearly 100 million Indian adults live with diabetes, alongside a rising tide of obesity-related conditions. Global blockbusters like Wegovy (Novo Nordisk) and Mounjaro (Eli Lilly) have already launched at India-specific prices, followed by the recent debut of Ozempic.
Kirti Ganorkar, Managing Director of Sun Pharma, highlights the underlying demand: "With lifestyle diseases on the rise, there is a growing need for holistic, patient-centric solutions. Wider access to GLP-1 medicines for obesity and diabetes will help reduce the burden of these conditions."
The Dual Engine of Growth: Generics and Innovation
A major accelerant for growth will be the entry of low-priced generics from March 2025, following the loss of patent protection for semaglutide, the key ingredient in leading weight-loss injections. This, coupled with potential price reductions by innovator companies, is expected to dramatically improve access.
Sheetal Sapale, Vice-President (Commercial) at Pharmarack, notes, "Despite rising demand, India's obesity market remains largely under-penetrated, offering significant headroom for both innovators and generic entrants."
Concurrently, the industry is embracing artificial intelligence to revolutionize drug discovery, shortening development cycles. Companies are strategically pivoting from simple generics to more complex, niche formulations and advanced therapies.
Beyond the Pill: A Holistic Ecosystem Emerges
The future of metabolic care in India extends beyond pharmaceuticals. Winselow Tucker, President and GM of Eli Lilly and Co (India), points to a transformative phase driven by greater disease recognition and access to evidence-based therapies.
Bhanu Prakash Kalmath S J, Healthcare Industry Leader at Grant Thornton Bharat, elaborates: "The focus is clearly moving toward drugs such as GLP-1 therapies, alongside digital health solutions and preventive lifestyle programmes. Deeper partnerships among pharma companies, consumer health players and digital platforms are expected to improve access beyond major urban centres."
Kiran Mazumdar-Shaw, Executive Chairperson of Biocon, underscores the broader innovation landscape: "The convergence of AI, digital technologies, and personalised medicine will accelerate innovation. India's emerging ecosystem for affordable cell and gene therapies is opening new frontiers." She adds that the expansion of biosimilars and complex biologics will democratize access to cutting-edge treatments globally.
According to Srikanth Mahadevan, Director at Deloitte India, domestic pharma is scaling up R&D in advanced biologics, antibody-drug conjugates, and cell and gene therapies. Furthermore, Sujay Shetty of PwC India observes sustained private equity interest in healthcare providers and a strategic push by Indian pharma towards non-US markets to diversify risk.
As India stands at the cusp of a healthcare revolution, the convergence of innovative drugs, affordable generics, digital health, and AI-powered research is creating a powerful new narrative for patient care and industry growth.
