Synopsis: A USD 95 billion weight loss revolution is reshaping the global healthcare landscape, and India is emerging as one of its fastest-growing frontiers. As GLP-1 drugs race toward mass adoption and patent expiries open the door for generics, some Indian companies are quietly preparing for a big opportunity.
The global market for GLP-1-based weight loss drugs is set for explosive growth, expected to rise from USD 13.84 billion in 2024 to USD 48.84 billion by 2030, reflecting a CAGR of 18.5 percent, according to Grand View Research.
Goldman Sachs also projects the anti-obesity drug market could reach as high as USD 95 billion by 2030, making it one of the fastest growing healthcare segments globally.
India’s growth trajectory is even steeper. The domestic GLP-1 receptor agonist market, valued at USD 110.55 million in 2024, is expected to expand at a CAGR of 34.3 percent between 2025 and 2030, nearly double the global pace.
The surge is being driven by the rising incidence of diabetes and obesity, increasing R&D, upcoming patent expiries, and the anticipated entry of generics. The International Diabetes Federation’s 2024 report estimates that around 9 million Indian adults are at risk of diabetes today, a figure projected to reach 185 million by 2050. Below are four Indian companies that could benefit from this expanding GLP-1 opportunity.
Shaily Engineering Plastics Ltd
Incorporated in 1980 and based in Gujarat, Shaily Engineering Plastics Ltd (SEPL) manufactures high-precision injection-moulded plastic components and sub-assemblies for OEMs across sectors such as pharmaceuticals, FMCG, auto components, and electronics. The company also undertakes vacuum metallising, hot stamping, and ultrasonic welding. Its shares trade at Rs. 2,624.90, with a market capitalisation of Rs. 12,062.75 crore.
Shaily supplies plastic components for pre-filled injection pens used in semaglutide delivery. According to its FY25 annual report, Dr. Reddy’s Laboratories is among its key pharma clients. The healthcare division’s revenue share doubled to 31 percent in Q1FY26, aided by demand for semaglutide pens.
To meet this, the firm added 19 new injection moulding machines and a new assembly line, raising capacity by 25 million pens annually. Another 25-million-pen line is being added for a different semaglutide variant, with total FY26 capex of Rs. 125 crore, expected to conclude by early next year.
Eris Lifesciences Ltd
Founded in 2007, Eris Lifesciences Ltd is one of India’s fastest-growing pharma companies, with annual branded formulations revenue exceeding Rs. 3,000 crore. The company has a presence across diabetes, cardiovascular, dermatology, neurology, and other therapeutic areas. It operates six manufacturing plants producing oral solids, injectables, softgels, and biologics. Eris trades at Rs. 1,550.10, with a market cap of Rs. 21,114.46 crore.
Semaglutide, the key ingredient in Novo Nordisk’s Wegovy and Ozempic, will lose patent protection in India by March 2026. Managing Director Amit Vaidyanathan said, “We are gearing up to be among the first to enter the market post loss of exclusivity.”
He expects the GLP-1 market to reach 10 million units in the first year, with Eris securing a strong share. The company, which launched liraglutide last year, has an integrated diabetes portfolio covering orals, insulin, and GLP-1 gives it a competitive edge. Vaidyanathan added that Eris has consistently ranked among the top five players in all diabetes drugs going off-patent, reinforcing confidence in its GLP-1 entry.
OneSource Specialty Pharma Ltd
OneSource Specialty Pharma Ltd (BSE: 544292, NSE: ONESOURCE) is a specialty CDMO focusing on complex products such as biologics, drug-device combinations, sterile injectables, and oral softgels. The company’s shares trade at Rs. 1,735.35, valuing it at Rs. 19,874.13 crore.
In FY25, OneSource secured 15 new orders linked to obesity and diabetes drugs and expects more ahead. CEO Neeraj Sharma said, “Our growth over the next few years will be driven by commercial launches of GLP-1s by our global customers in markets opening post patent expiry in 2026.”
The company is investing about USD 100 million to expand drug-device manufacturing capacity and expects its order book to grow at a 30 percent CAGR through FY28. With the global obesity market estimated to grow by the early 2030s, OneSource is well-positioned to benefit from rising demand for GLP-1-related products.
Alembic Pharmaceuticals Ltd
Alembic Pharmaceuticals Ltd, established in 1907, is one of India’s oldest pharmaceutical companies and a leader in branded generics. The company develops, manufactures, and markets a broad range of products globally, with facilities approved by the USFDA and other regulators. The stock trades at Rs. 902.80, with a market cap of Rs. 17,745.72 crore.
Alembic is actively developing peptide-based drugs, including GLP-1 therapies. The company noted it was “late for the first peptide, semaglutide, for the US market” but is targeting Rest of World markets.
Management added that it is pursuing “tirzepatide (Mounjaro) and follow-on GLP-1s,” along with other peptide-based complex injectables under development. This indicates Alembic’s strategic focus on expanding its peptide and injectable pipeline in the coming years.
-Manan Gangwar
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