Mounjaro loses share in March as Semaglutide generics gain ground

Interesting data are emerging from the Indian weight-loss drug market this March. Mounjaro, containing the molecule tirzepatide, Eli Lilly’s weight-loss drug, appears to be losing some ground as semaglutide generics entered the market on 21 March. Early, limited data for the month already reflect this shift.

Mounjaro’s sales have slipped to ₹114 crore in March from ₹135 crore in February, its lowest monthly run rate since December. On the other hand, semaglutide is seeing a steady scale-up. Sales

have risen to ₹59 crore from ₹48 crore month-on-month, indicating strong early traction despite a late-month launch.

As of March, Novo Nordisk continues to dominate the semaglutide segment, contributing ₹45 crore, nearly 76%, of total sales. Among Indian players, Torrent Pharmaceuticals has emerged as an early mover with ₹4.7 crore in sales and roughly 8% market share. Others, such as Sun Pharma, Dr. Reddy’s Laboratories and Lupin, remain relatively small for now.

While Mounjaro continues to be the top-selling brand in the country—outperforming legacy blockbusters such as Augmentin, Glycomet GP, Pan and Liv 52—the Street will watch the gap between tirzepatide and semaglutide narrowing.

Key triggers to watch include a sharper pickup in semaglutide volumes following Novo Nordisk’s price cuts of up to 36–48%, effective 1 April, alongside more generic launches and rising consumer awareness of weight-loss therapies.

Additionally, on the global front, competitive intensity is only increasing. Eli Lilly has now launched an oral weight-loss drug in the US, Orforglipron, potentially rivaling Novo Nordisk’s pill version of Wegovy.

While India awaits the launch of the latest oral weight-loss options, the bigger question globally, and eventually locally, is how much these pills could cannibalise the injectable market.