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ICICI Securities Report
ICICI Securities expects the launch of generic semaglutide is set to disrupt the Rs 1.6 billion GLP-1 agonist market in India. More than 50 generic brands of semaglutide are expected to be launched in India across three dosage forms: disposable pens, reuseable pens and orals.
According to ICICI Securities, generic injectable semaglutide is likely to be priced 50–85% cheaper than Novo Nordisk's Ozempic and 70–90% lower than Eli Lilly's Mounjaro, substantially improving affordability and access. Entry‑level doses of semaglutide (0.25 mg and 0.5 mg) in disposable pen formats are already being offered at 50–79% discounts compared with the innovator Novo Nordisk product.
Vials will be the most affordable option at ~85% discount, while novel reuseable pens offer a ~74% discount for recurring doses. ICICI Securities also highlighted that generic manufacturers have moved ahead of Novo Nordisk by launching an 8 mg dose—the highest available strength—for the type‑2 diabetes indication, underscoring the intensity of competition.
ICICI Securities noted that Torrent Pharmaceuticals is currently the only listed Indian pharma company to have disclosed the launch of a generic oral semaglutide, positioning it as an early mover in this segment.
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