Sun Pharma, Dr Reddy's, Glenmark, Zydus: Pharma stocks in focus after semaglutide patent expires; what investors need to know

Drug patent expiry means that a pharmaceutical company’s exclusive right to make and sell a drug ends after a fixed period. When a company develops a new drug, it gets a patent, which means no one else can copy or sell it. Once the patent expires, other companies can make the same drug (generics).

Indian drugmakers are launching semaglutide injections after the patent on the GLP-1 molecule expired in India on March 20, 2026. The expiry has opened up the market to affordable versions of the diabetes and weight-loss drugs sold under brand names such as Ozempic and Wegovy.

So, pharma majors Sun Pharma, Dr. Reddy's, and Glenmark on Saturday announced the launch of their generic versions of semaglutide injections used for diabetes and weight management, following the molecule behind products like Ozempic and Wegovy going off patent in India.

The prices of the generic versions of semaglutide injection are considerably lower than the prices of the innovator, Novo Nordisk.

Sun Pharma

Sun Pharmaceutical Industries launched its semaglutide injection under the brand names Noveltreat and Sematrinity in India in all strengths.

Noveltreat is indicated for chronic weight management in adults as an adjunct to a reduced-calorie diet and increased physical activity and is available in five dose strengths -- 0.25 mg/0.5 ml, 0.5 mg/0.5 ml, 1 mg/0.5 ml, 1.7 mg/0.75 ml, and 2.4 mg/0.75 ml, Sun Pharma said in a statement.

Sematrinity is indicated for treatment of adults with insufficiently controlled type 2 diabetes mellitus as an adjunct to diet and exercise and is available in two dose strengths -- 2 mg/1.5 ml and 4 mg/3 ml, it added.

Weekly therapy costs from initiation to the highest dose range from approximately ₹900 to ₹2,000 for Noveltreat and ₹750 to ₹1,300 for Sematrinity, supporting greater affordability, Sun Pharma said.

Sun Pharmaceutical Industries Ltd managing director Kirti Ganorkar said, "With the launch of Noveltreat and Sematrinity, our endeavour is to provide a high-quality, affordable therapy to a wider patient community in India." We are offering a comprehensive range, backed by our decades of expertise in manufacturing complex medicines."

Dr Reddy's

Dr. Reddy's Laboratories Ltd said it has also launched its injectable semaglutide under the brand name Obeda for the management of type 2 diabetes in India.

The Obeda injection is available in 2 mg and 4 mg strengths and comes in a pre-filled, disposable pen designed for subcutaneous, once-a-week administration.

Each pen of both strengths will deliver a minimum of four weekly doses. The cost to the patient will be Rs 4,200 per month for both strengths, Dr. Reddy's Laboratories said.

"Today's launch marks a significant step in our commitment to expand our portfolio in critical therapeutic areas with differentiated solutions to patients in India and across global markets," Dr. Reddy's CEO Erez Israeli said.

As part of the phase-1 launch, Israeli said, "We aim to introduce generic semaglutide in several countries, and, through our 'One Product, One Quality' approach, we are committed to ensuring the same high-quality product across all markets."

Glenmark Pharma

Another homegrown pharma major, Glenmark Pharmaceuticals Ltd, also launched its generic version of semaglutide injection under the GLIPIQ brand for the management of type 2 diabetes mellitus.

The expected weekly cost of treatment with GLIPIQ vials ranges from ₹325 to ₹440, the company said, adding that it significantly lowers the cost barrier to "initiate therapy in India and establish a more affordable entry point into this class of treatment".

In addition to vials, Glenmark said GLIPIQ is also available in a pre-filled pen format. Both presentations are available in strengths of 2 mg/1.5 ml, 4 mg/3 ml, and 8 mg/3 ml, it added.

"Affordability is one of the biggest barriers to initiating advanced diabetes therapy in India. With GLIPIQ, we are setting a new benchmark in affordability for GLP-1 therapy, with weekly treatment starting at Rs 325," Glenmark Pharmaceuticals Ltd President and Business Head, India Formulations, Alok Malik, said.

The vial-based format enables the company to offer a more affordable option while supporting clinically guided initiation and flexible dosing, he added.

Zydus Lifesciences

Zydus Lifesciences has also launched the Semaglutide Injection under the brand names SEMAGLYNTM, MASHEMATM, and ALTERMETM upon patent expiry in India. The Drug Controller General of India (DCGI) had earlier provided its approval for manufacturing and marketing the Semaglutide injection for the treatment of both Type 2 Diabetes Mellitus and Obesity indications.

Unlike current treatment options, which often require patients to purchase multiple single-dose pens as they progressively titrate their dosage, Zydus offers an innovative reusable multi-dose novel pen device. This advancement will enable clinicians and patients to conveniently select and administer different dose strengths from a single pen, thereby improving adherence, enhancing convenience, and significantly lowering the overall therapy cost.

Zydus’ semaglutide injection will be available in a 15 mg/3 ml cartridge and will be manufactured at Zydus Biotech Park, Ahmedabad. The average monthly cost of the treatment will be approximately ₹2,200.

Torrent Pharmaceuticals

Torrent Pharmaceuticals on Saturday announced the launch of its semaglutide brands – Sembolic and Semalix – in India, in both oral and injectable formulations. The launch expands the company’s presence in metabolic disorders such as type-2 diabetes and obesity.

Other details

Last year in December, Danish pharma major Novo Nordisk launched its blockbuster type-2 diabetes treatment injection Ozempic, globally popular for its weight-loss benefits in India, with costs ranging from ₹2,200 per week to a monthly cost pegged at ₹11,175 depending on dose and stage of usage.

Similarly, in March 2025, Eli Lilly and Company (India) also launched its medication for obesity and type 2 diabetes, Mounjaro, in a single-dose vial presentation.

What analysts say

Analysts at CLSA note that following the expiry of semaglutide’s patent in India on March 20, 2026, several domestic pharma companies have announced plans to launch generic versions of the drug at prices nearly 90% lower.

The steep price reduction is expected to significantly improve affordability, with the total addressable market projected to expand nearly sixfold—from ₹14 billion currently to ₹83 billion (around $900 million), with further upside potential to ₹285 billion (about $3.1 billion).

While all companies launching the drug in the first wave are likely to benefit, analysts believe players such as Sun Pharma and Torrent Pharma could capture a relatively larger share of the market.

Macquarie notes that generic players are yet to offer a full portfolio of semaglutide SKUs. Torrent Pharmaceuticals has gained a first-mover advantage in the oral semaglutide segment, while differentiated device strategies are emerging among larger players, with Zydus Lifesciences standing out.

The financial services firm believes Torrent Pharmaceuticals, Sun Pharmaceutical Industries, Lupin, and Eris Lifesciences are best positioned to capture incremental demand and gain market share.