As GLP-1 boom fades, Zerodha's Nithin Kamath calls India a 'weird market'

Zerodha co-founder Nithin Kamath on Friday shared his take on why the sales of generic GLP-1s are going down in India despite rising obesity rates. In a post on X, Kamath wrote that he is amazed as to why sales haven't been able to pick up despite so many benefits. 

"India is a weird market. With obesity rates shooting up, I'd have bet on the sales of generic GLP-1s exploding once their patents expired. They now cost about Rs 1,000–2,500 a month, and there's growing evidence pointing to benefits well beyond weight loss, including cardiovascular, metabolic, and liver health," the Zerodha co-founder wrote on X. 

He further said that the real problem with GLP-1s is not customer acquisition but something else. 

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"At Rs 1,000–2,500 a month, it's cheaper than a gym membership. The real problem seems to be retention. GLP-1s are injectables, and you have to keep taking them. If you stop, you gain back the lost weight. It seems like asking someone to stay on a weekly injection indefinitely is a much harder sell."

Read Nithin Kamath's full post here

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Kamath's post comes at a time when India is battling a huge problem with expanding waistlines. Around 25 crore Indian adults are suffering from general obesity, and 35 crore are suffering from abdominal obesity.

Despite this, brands making generic semaglutide have reported much higher inventory levels, with some having over 50-70 days of stock. 

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The poor patient retention can be attributed to a host of side effects that come with taking GLP-1 drugs. According to Harvard Health, these drugs can cause some side effects such as nausea, vomiting, diarrhoea, constipation, and stomach discomfort. 

The weight loss due to these drugs can cause "Ozempic face", facial sagging or wrinkles due to rapid weight loss or loss of facial fat. Other serious concerns associated with rapid weight loss are loss of muscle mass and nutritional deficiencies.