GLP-1 market may be smaller than expected, says Lupin; plans next wave of weight-loss drugs

Lupin has tempered its expectations for the GLP-1 market, saying the segment is not shaping up to be as large as it had initially thought. The drugmaker, however, continues to invest in the weight-loss segment, with plans to introduce the long-acting bofenglutide and expand its semaglutide business to markets including South Africa, Canada and Brazil.

Speaking to Business Today, Ramesh Swaminathan, Executive Director and Global Chief Financial Officer at Lupin, said the company is number one in semaglutide in India.

“The initial reactions are that the overall space is not developing to be as big as we initially thought,” Swaminathan said. He added that Lupin believes GLP-1s will remain “a very important part” of its business.

The company is looking beyond semaglutide. Swaminathan said Lupin is looking to bring bofenglutide, which he described as a long-acting treatment that could be administered once every fortnight.

“Clearly there are a lot of investments going into this,” he said.

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Lupin is also looking to take its semaglutide business beyond India. Swaminathan said the company is looking at South Africa and, over time, markets such as Canada and Brazil. The GLP-1 market is also evolving, with newer products and drug combinations entering the space. Swaminathan said the market is shifting towards GLP-1/GIP treatments.

“There is going to be a lot of newer products in the market and it is going to be a competitive space,” he said.
Swaminathan said Lupin's connect with diabetes doctors has helped it establish its position in semaglutide in India.

“We are cautiously optimistic about our prospects in this market,” he said.

Lupin's strategy also extends beyond injectable therapies. The company has previously said it is developing an in-house oral semaglutide programme as part of its longer-term GLP-1 strategy.

Rajeev Sibal, President, India Region Formulations, Lupin, said that the company is developing its own oral semaglutide programme as part of a broader GLP-1 platform strategy.

“Our GLP-1 platform strategy has a multi-focal approach that includes advancing our own internal pipeline, extending beyond the initial injectable launches. Our in-house oral semaglutide programme is an element that we are actively developing and aiming to bring to market,” Sibal said.

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Lupin has also built its injectable portfolio through partnerships, including its agreement with Zydus Lifesciences to co-market semaglutide in India and its partnership with China's Gan & Lee for bofenglutide.

The company is also working on patient support around obesity treatment. Its Humrahi programme provides counselling, onboarding, injection training and adherence support for patients on long-term therapy.

For Lupin, the GLP-1 opportunity is therefore extending beyond semaglutide. The company is preparing for a market with newer molecules, GLP-1/GIP combinations and different delivery formats, while taking a more measured view of the size of the opportunity.

Diabetes remains one of Lupin's key therapy areas in India, alongside cardiovascular and respiratory treatments. Swaminathan said the diabetes business performed strongly in the June quarter.

For now, Lupin expects GLP-1s to remain an important part of its business, even as it reassesses the size of the market and prepares for more products and competition, said Swaminathan.