(Adds missing words "in India" in paragraph 1) March 31 (Reuters) - Danish drugmaker Novo Nordisk on Tuesday further slashed the price of its popular diabetes and weight-loss drugs Ozempic and Wegovy
Novo Nordisk cuts Ozempic, Wegovy prices in India again to fight cheaper generics
Price Reductions and Market Impact in India
By Rishika Sadam
March 31 (Reuters) - Novo Nordisk has again cut the prices of its blockbuster diabetes and weight-loss drugs Ozempic and Wegovy by up to 36% and 48% in India, to fend off competition from cheaper generics made by local drugmakers.
Patent Expiry and Entry of Generics
India's market for diabetes and weight-loss drugs is set for a shake-up after the Danish drugmaker's patent on semaglutide, the active component in Ozempic and Wegovy, expired on March 20. At least half a dozen Indian drugmakers, including Dr Reddy's, Zydus and Sun Pharma, launched multiple brands of the blockbuster diabetes and weight-loss drugs, up to 70% cheaper than Novo's drugs in some cases.
New Pricing Details
Ozempic's and Wegovy's lowest doses of 0.25 mg in India will now be priced at 1,415 rupees ($15.04) for a weekly shot from 2,200 rupees and 2,712 rupees earlier, respectively, Novo Nordisk India said in a statement on Tuesday.
The average price reduction across doses is 23.8% for Ozempic and 27% for Wegovy, it said.
Company Response and Patient Impact
"We've heard from patients and doctors, and we're acting on that feedback," said Vikrant Shrotriya, managing director at Novo Nordisk India, adding that the drugs also offer cardiovascular benefits.
Competitive Landscape
The entry of generics will also challenge Novo and U.S. rival Eli Lilly, which launched its blockbuster diabetes and obesity drugs in India last year, as they seek to cement their position in the country.
Lilly's Market Performance
Lilly's Mounjaro became India's top-selling drug by value within months of its launch, according to data from Pharmarack, a research firm.
Dose Strengths and Further Price Cuts
Novo's Ozempic is available in three dose strengths of 0.25 mg, 0.5 mg and 1 mg in India, while Wegovy has five dose strengths.
Ozempic's and Wegovy's 1 mg weekly shot is now priced at 2,275 rupees ($24.18) after price cuts of 18.5% and 34.2%, respectively. The company slashed Wegovy's 0.5 mg dose price by 41.5% to 2,025 rupees.
Expert Opinion on Price Reductions
"..this price reduction reflects how innovation can become more accessible when market dynamics evolve," Venu Gopal Pareek, a bariatric surgeon said, adding that patients might choose Novo's drugs over generics given that it is an original molecule, and if the price difference is not beyond 15%.
Historical Context
Last year, Novo slashed Wegovy's price for the first time by up to 37% from its launch price, anticipating stiff competition from local drugmakers.
Currency Exchange Rate
($1 = 93.9890 Indian rupees)
Reporting Credits
(Reporting by Rishika Sadam and Yagnoseni Das in Bengaluru; Editing by Devika Syamnath and Janane Venkatraman)
