Eli Lilly has launched its highly anticipated diabetes and weight-loss drug, Mounjaro, in India, surpassing competitor Novo Nordisk in entering the world’s most populous country, which is facing rising obesity and diabetes rates.
Both U.S.-based Lilly and Danish Novo Nordisk have experienced soaring global demand for their innovative weight-loss medications, which has significantly enhanced their market valuations.
Mounjaro, a once-weekly injection approved by Indian regulators, is priced at 4,375 rupees ($50.67) for a 5 mg vial and 3,500 rupees ($40.54) for the 2.5 mg vial, its lowest doses. Patients in India may incur costs of about $200 per month for a weekly 5 mg dose, contingent upon a doctor's prescription.
In the U.S., Mounjaro is listed at $1,086.37 for a monthly supply, though patient costs can vary widely based on insurance plans. Lilly also offers 5 mg, 7.5 mg, and 10 mg vials of Zepbound, priced around $499 for a month’s supply for those paying cash.
Known chemically as tirzepatide, Mounjaro is available in the UK and Europe under the same brand for both diabetes and weight loss, while it is marketed as Zepbound for obesity in the U.S. Lilly has noted that pricing across different regions cannot be directly compared due to substantial differences in healthcare systems, economies, and reimbursement policies.
Analyst Vishal Manchanda from Systematix Institutional Equities remarked that while Mounjaro's launch ahead of Novo Nordisk could provide a first-mover advantage, its pricing appears high for the Indian market. At the maximum dose, annual costs for patients could approach 700,000 rupees (approximately $8,100). Novo's weight-loss drug, Wegovy, costs uninsured patients in the U.S. over $1,000 monthly.
Novo Nordisk has announced plans to introduce Wegovy in India by 2025, ahead of its earlier target of 2026. The company has confirmed that Wegovy is already approved in India but has not disclosed a specific launch date.
As of late Thursday, Novo's shares were down 0.6% while Lilly’s shares rose by as much as 2.07%. Notably, Novo's stock has decreased over 12% this year, whereas Lilly's has increased by 8%. The competitive landscape also includes local manufacturers like Sun Pharma, Cipla, Dr. Reddy's, and Lupin, who are racing to produce generic versions of these drugs as they aim for a share of the projected $150 billion global market over the next decade.
The active ingredient in Wegovy, semaglutide, is expected to go off patent in India in 2026.
Winselow Tucker, President and General Manager at Lilly India, highlighted that the dual burden of obesity and type 2 diabetes is emerging as a significant public health challenge in India. With a population exceeding 1.4 billion, obesity and diabetes rates have been steadily increasing. The number of adults with diabetes is projected to rise to over 124 million by 2045 from 74.2 million in 2021, according to the International Diabetes Federation.
A government survey conducted from 2019 to 2021 found that 24% of women and nearly 23% of men aged 15 to 49 were either overweight or obese, a rise from 20.6% of women and 19% of men in 2015-2016. Mounjaro, alongside Wegovy and Novo's diabetes drug Ozempic—both containing the same primary ingredient—falls into the category of GLP-1 receptor agonists, which aid in blood sugar control and slow digestion, promoting a feeling of fullness.