'GLP-1 alters...': Kiran Mazumdar-Shaw sounds caution as Nithin Kamath flags weak drug demand
Kamath believes affordability is no longer the biggest obstacle. According to him, convincing people to remain on a weekly injection indefinitely is proving to be a much harder proposition than expected.
- Jun 27, 2026,
- Updated Jun 27, 2026 9:49 PM IST
India's weight-loss drug boom may not be unfolding the way many expected. As cheaper generic GLP-1 medicines enter the market, one of India's top entrepreneurs says demand is falling short of expectations, while one of the country's leading biotech pioneers is urging caution over their widespread use among otherwise healthy people.
The debate gathered momentum after Zerodha Co-founder Nithin Kamath highlighted what he described as a surprising slowdown in the adoption of generic GLP-1 drugs in India.
His observations, shared on X, prompted a response from Biocon Executive Chairperson Kiran Mazumdar-Shaw, who stressed that lifestyle changes should remain the first line of treatment for people who are neither diabetic nor clinically obese.
Retention, not affordability, may be the biggest hurdle
Sharing his views on X while reposting a news report about waning enthusiasm surrounding GLP-1 sales, Kamath described India as "a weird market."
MUST READ | As GLP-1 boom fades, Zerodha's Nithin Kamath calls India a 'weird market'
With obesity rates rising, he said he had expected demand for generic GLP-1 medicines to surge after patent expiries. Priced at around Rs 1,000-2,500 a month, he argued that the drugs are now cheaper than many gym memberships. He also pointed to emerging evidence suggesting benefits beyond weight loss, including improvements in cardiovascular, metabolic and liver health.
Yet, according to Kamath, generic drugmakers have quietly reduced their sales targets by 25-30%, signalling that consumer demand has not matched industry expectations.
Mazumdar-Shaw urges lifestyle-first approach
Responding to Kamath's post, Mazumdar-Shaw stressed that GLP-1 drugs should not become the default choice for weight management among healthy individuals.
"For those who are not diabetic or clinically obese, diet and exercise should be the first option," she wrote on X.
She also cautioned that GLP-1 therapies alter metabolic function and involve neurological signalling, raising questions about their long-term impact. "There is not much long-term data on chronic use of GLP-1s," she noted, suggesting that greater caution is warranted before embracing widespread use.
Why aren't Indians embracing GLP-1 drugs?
Kamath believes affordability is no longer the biggest obstacle.
Instead, he argued that retention is proving to be the real challenge. Since GLP-1 medicines are injectable therapies that generally require continued use, many patients regain weight after discontinuing treatment.
According to him, convincing people to remain on a weekly injection indefinitely is proving to be a much harder proposition than expected.
He also suggested that Indian doctors may be more conservative in prescribing newer medicines than their Western counterparts. Another deterrent, he said, is the discomfort associated with self-administering injections, which may discourage many potential users from starting treatment.
Kamath said the availability of oral GLP-1 pills could alter the adoption curve by removing one of the biggest barriers — the need for regular injections.
India's weight-loss drug boom may not be unfolding the way many expected. As cheaper generic GLP-1 medicines enter the market, one of India's top entrepreneurs says demand is falling short of expectations, while one of the country's leading biotech pioneers is urging caution over their widespread use among otherwise healthy people.
The debate gathered momentum after Zerodha Co-founder Nithin Kamath highlighted what he described as a surprising slowdown in the adoption of generic GLP-1 drugs in India.
His observations, shared on X, prompted a response from Biocon Executive Chairperson Kiran Mazumdar-Shaw, who stressed that lifestyle changes should remain the first line of treatment for people who are neither diabetic nor clinically obese.
Retention, not affordability, may be the biggest hurdle
Sharing his views on X while reposting a news report about waning enthusiasm surrounding GLP-1 sales, Kamath described India as "a weird market."
MUST READ | As GLP-1 boom fades, Zerodha's Nithin Kamath calls India a 'weird market'
With obesity rates rising, he said he had expected demand for generic GLP-1 medicines to surge after patent expiries. Priced at around Rs 1,000-2,500 a month, he argued that the drugs are now cheaper than many gym memberships. He also pointed to emerging evidence suggesting benefits beyond weight loss, including improvements in cardiovascular, metabolic and liver health.
Yet, according to Kamath, generic drugmakers have quietly reduced their sales targets by 25-30%, signalling that consumer demand has not matched industry expectations.
Mazumdar-Shaw urges lifestyle-first approach
Responding to Kamath's post, Mazumdar-Shaw stressed that GLP-1 drugs should not become the default choice for weight management among healthy individuals.
"For those who are not diabetic or clinically obese, diet and exercise should be the first option," she wrote on X.
She also cautioned that GLP-1 therapies alter metabolic function and involve neurological signalling, raising questions about their long-term impact. "There is not much long-term data on chronic use of GLP-1s," she noted, suggesting that greater caution is warranted before embracing widespread use.
Why aren't Indians embracing GLP-1 drugs?
Kamath believes affordability is no longer the biggest obstacle.
Instead, he argued that retention is proving to be the real challenge. Since GLP-1 medicines are injectable therapies that generally require continued use, many patients regain weight after discontinuing treatment.
According to him, convincing people to remain on a weekly injection indefinitely is proving to be a much harder proposition than expected.
He also suggested that Indian doctors may be more conservative in prescribing newer medicines than their Western counterparts. Another deterrent, he said, is the discomfort associated with self-administering injections, which may discourage many potential users from starting treatment.
Kamath said the availability of oral GLP-1 pills could alter the adoption curve by removing one of the biggest barriers — the need for regular injections.