Biocon Ltd., headquartered in Bengaluru, India, has announced a strategic shift towards developing anti-obesity therapies as patents for lucrative weight-loss medications are approaching expiration. The company has achieved an early success by obtaining UK approval for the first generic version of liraglutide injectible, an essential step as this groundbreaking drug loses patent protection in November.
Biocon's Chief Executive Officer, Siddharth Mittal, expressed determination to retain the company's leading position in the market by actively working on the development of new peptide formulations. These formulations are crucial for seeking regulatory approval, with plans for one or two drugs to potentially secure approvals within the year. The company, under the guidance of Kiran Mazumdar Shaw, is at the forefront among Indian drugmakers aiming to tap into the growing demand for obesity drugs, a market that has attracted the attention of pharmaceutical giants worldwide such as Sun Pharmaceutical Industries Ltd., Dr. Reddy’s Laboratories Ltd., and Cipla Ltd.
The impending expiration of patents for transformative weight-loss drugs like Ozempic, Wegovy, and liraglutide is spurring a race among pharmaceutical companies to capitalize on the generic market that is forecasted to expand significantly in the coming years. Companies like Novo Nordisk and Eli Lilly & Co. have already reaped substantial profits from these medications, pushing generic manufacturers to strategize their entry into this lucrative sector. Biocon's Group CEO, Peter Bains, emphasized the strategic importance of leveraging opportunities within the GLP-1 agonists class to enhance the company's biologics business and tap into a potentially multibillion-dollar market over the next decade.