Newspaper Summary 051126

 

Will the new IBBI rules bring relief to homebuyers?

By Yash Tiwari

The Insolvency and Bankruptcy Board of India (IBBI) has overhauled insolvency rules for real estate firms, allowing projects to be resolved separately. The aim is to protect buyers, shield finished projects from developers' insolvency and speed up delivery of homes.

What do the new regulations say?

• Under the rules notified on 30 October, the resolution professional (RP) must present project-wise details at the first committee of creditors (CoC) meeting.

• These required details include construction progress, Real Estate Regulatory Authority registration, possession status and completed and incomplete units.

• With at least 66% support, the CoC can vote to exclude individual projects from insolvency, subject to National Company Law Tribunal approval.

• Project-wise financial reporting is also mandatory.

• Earlier, a developer's projects were clubbed into a single insolvency process, regardless of their financial health.

How will homebuyers benefit?

• For near-complete projects, exclusion from insolvency can help reduce delays in possession.

• The amendment allows the RP to grant a blanket, one-time approval for all eligible units instead of assessing each buyer's request individually.

• The RP must verify buyer details and ensure legal and regulatory compliance.

• Crucially, homebuyers who have not formally submitted claims must still be included in the Information Memorandum if their records exist in the developer's books or Rera filings.

• Rajeev Nair, partner at Rajani Associates, said buyers typically prioritize getting their homes over recovering money.

What changes for lenders and developers?

• The amendments could make stalled projects more attractive to investors by providing project-wise cost breakdowns to assess completion time and funding needs.

• Experts, however, say fund availability, land hurdles, title disputes and pending regulatory clearances will continue to determine whether stressed projects can be completed.

Will homebuyers have more say in decisions?

• The amendment gives homebuyers' authorized representatives a role in committees overseeing resolution plan implementation.

• However, key decisions remain with secured lenders and financial creditors.

• Buyers have no veto power.

• Nirali Mehta, partner at Mindspright Legal, said the changes offer "better visibility and a seat in implementation, but decisions on project exclusion, completion versus liquidation and possession approvals still depend on CoC votes and tribunal timelines."

India's GI tag surge: Will sales follow?

By Howindialives.com | feedback@livemint.com

India has thousands of region-specific products, with growing efforts to secure Geographical Indication (GI) tags, or geographical origin branding. While some have found success, many remain untapped opportunities.

Champagne and the Origin of GI

• Champagne is best known as a sparkling wine. It is also the name of a region about 150 km east of Paris where the drink originated.

• Producing champagne requires specific vineyard practices, sourcing grapes only from designated areas, and following prescribed grape-pressing and fermentation methods.

• The region is estimated to generate annual revenues of about €6 billion from champagne production.

• Today, this idea is formalized as a Geographical Indication (GI), which is a form of intellectual property used on products that have a specific geographical origin and possess qualities, characteristics or a reputation essentially attributable to that place.

• This is a concept that could greatly benefit India, a country with diverse cultures and unique products such as Darjeeling tea, Chanderi saris, Pochampally Ikat, Madhubani paintings and Khurja pottery, all of which have been assigned GI tags by a designated Indian government body.

• Unlike a trademark that enables private ownership, a GI tag is the collective right of people living in an area following traditional production methods and quality practices associated with a product.

• Once a GI is issued for a product—such as Kancheepuram silk—any producer who follows the same production process can apply to get a GI tag for their output.

• For customers, a GI tag is akin to branding to identify a genuine product.

• In the post-covid period, India has seen a surge in registration of both new GI tags and producers thereof.

• While this increase is currently concentrated in certain sectors and states, recent evidence related to Kalanamak rice shows that it is possible to successfully revive a traditional product for greater employment and income.

The GI Surge

• India started issuing GI tags in 2004-05, with Darjeeling tea, Pochampally Ikat and Chanderi saris being the first three.

• For the next 16 years until 2020-21, the first year of the covid-19 pandemic, an average of 23 GI tags were issued per year.

• Thereafter, awareness about the power of GI tags increased, and registrations took off.

• In the last five financial years, India has issued 452 GI registrations compared to 109 registrations in the previous five-year period.

• Of the 822 GI tags issued until March 2026, 350 related to handicrafts and artisan products and 257 to agriculture and horticulture, representing three-fourths of the total.

• The increase in GI tags has come amid a combination of efforts by the government and local producer associations.

• For instance, the National Bank for Agriculture and Rural Development (Nabard) is running a programme to promote the GI ecosystem.

• Nabard has supported pre- and post-GI registration of 300 products, of which 138 products have been GI-registered, as per Nabard's impact report for 2024-25.

• A region or community acquiring a GI tag is the first step, and the next step is producers in the community aligning with the processes.

• Once a GI is registered, anyone residing in that region and following the same process can apply to register their products through an authorised user application, which can be filed by an individual, company, proprietorship or cooperative.

• Authorised user applications have mimicked the surge in GI tags.

• In the four-year period from 2021-22 to 2024-25, 37,390 authorised user applications were filed, representing a 9.5-fold increase over the previous four-year period.

• As with GI tags, 90% of applications are in just two categories: agricultural products and handicrafts.

Ecosystem Economics

• The current slew toward agricultural products and handicrafts does not do justice to India's diversity and suggests untapped potential.

• Data availability on the financial potential or impact of GI tags is sketchy, with no complete revenue, employment or export numbers available.

• However, examples like Kalanamak rice show how a GI tag can shape an ecosystem with a multiplier effect on employment, livelihoods and revenues.

• Kalanamak rice is principally grown in Siddharthnagar, a district in Uttar Pradesh, and has a lower glycemic index than Basmati rice while retaining a similar aroma, making it more suitable for diabetics.

• Securing a GI tag in 2013 led to a 6.6-fold increase in area under cultivation and a 7.9-fold increase in the number of farmers involved between 2018 and 2024, according to the city administration.

• Nabard estimates its GI interventions have directly or indirectly benefited about 4 million artisans, weavers and farmers, of whom 35% are women.

Potential to Unlock

• Even within current GI tags, there is significant potential to be unlocked along the lines of Kalanamak rice.

• There is a large skew in authorized user applications both in terms of GI tags and states.

• Of the 822 GI tags issued, the top 10 GI tags accounted for 40% and the top 20 for 57% of authorized user applications.

• These applications were led by Alphonso mango (1,824 applications), Solapur pomegranate (1,766 applications) and Sangli raisins (1,392 applications).

• Just four states—Maharashtra, Uttar Pradesh, Karnataka, and Jammu and Kashmir—account for 50% of all authorized user applications.

• States with a high percentage of tribal population like Chhattisgarh and Jharkhand, which have a trove of unique arts, crafts, products and practices, are fairly behind.

• For a country hungry for growth and employment levers, there is much in the GI space to unlock.

Source: Howindialives.com (via Mint Plain Facts)

US Poll Quake Raises India Trade Hopes, Challenges

Washington asserts commitment to India ties; trade deal may see more oversight

NEW DELHI: The US has sought to allay concerns that the Republicans' mid-term election defeat could derail trade talks with India, with an American embassy spokesperson stating that President Donald Trump remains firmly in charge of Washington's trade agenda.

Experts in India see challenges as well as opportunities from the development. While a Democrat-controlled Congress could make the ratification of a trade deal harder to accomplish, Trump's political setback may also give New Delhi greater leverage at the negotiating table.

"President Trump remains firmly in command of the country's foreign policy, including the trade agenda," the embassy spokesperson in New Delhi said. "The midterm election results do not change our commitment to strengthening our partnership with India," the spokesperson added in response to Mint's query on whether Democratic control of Congress would in any way impact ongoing trade deal negotiations.

American voters have given the opposition Democratic Party control of the US Congress and flipped key governor posts. Trump's Republican Party faced stunning defeats in several stronghold states, where it lost governorships.

Trade Deal Prospects and Strategic Leverage

Indian strategic and trade experts reckoned the setback to Trump's party could bring fresh uncertainty over trade deal prospects. Any agreement on the trade deal will need congressional backing to be ratified, complicating the path to a final deal.

"I think it would be very difficult for Trump to give us substantial comparative advantage in the trade deal vis-a-vis our competitors, as there is uncertainty now over Congress backing to any such deal," said Jayant Dasgupta, former Indian Ambassador to the World Trade Organization.

However, the result also opens a window to repair ties strained in recent years over India's purchases of Russian oil. A White House facing political constraints may now be more willing to accommodate India's concerns, while New Delhi could enter any fresh rounds of talks with stronger leverage.

"India now has greater leverage, and I hope we use it well," said Biswajit Dhar, economist and a former professor at Jawaharlal Nehru University.

Commerce and industry minister Piyush Goyal had last month exuded optimism about an early closure and operationalization of the trade agreement, but only after India secures an export advantage over its competitors. The US is India's largest export market, with India's exports to the US standing at $57 billion last fiscal.

Queries on the impact of the US midterm election result on India emailed to spokespersons for the ministries of finance and external affairs did not receive an immediate response, while a spokesperson for the commerce and industry ministry declined to comment.

Oil Markets and Geopolitical Reactions

The poll outcome could calm global oil markets if Trump steps back from escalating the war in West Asia. However, some experts flagged near-term risks of escalating tensions in West Asia before the new Congress convenes in January.

Energy experts expect some measure of stability in the global oil market. Manas Majumdar, leader of oil and gas at PwC, noted that the results may restrict an escalation in the war, easing oil prices.

"This will put a curb on Trump. Although it may not result in an immediate policy change, it may lead to a tighter closure to the war against Iran, which will ease the prices of oil," Majumdar said.

Trump's tariff strategy and war policies may face increased US Congress scrutiny in coming months, resulting in unintended uncertainties regarding trade policies toward India and investment flows. Some policy experts advised a wait-and-watch approach for India.

"We have to wait to assess how Trump may react post-midterm defeat, as given his volatile personality, he may become more reactive towards India and internationally to distract domestic public attention," said Ram Singh, an international trade expert and professor at IIFT, New Delhi.

Investors no longer buy into every IPO despite the boom

Investor focus is shifting from volume of issuances to quality of companies entering market

By Dipti Sharma

dipti.sharma@livemint.com

MUMBAI: India's IPO market is heading into the next Samvat year with a sizeable pipeline of companies looking to go public, even as investors become increasingly selective about the businesses they are willing to back.

After a year of strong fundraising and a flurry of listings, investor focus is shifting from the volume of issuances to the quality of companies entering the market, the valuations they command and visibility of their earnings.

As many as 124 companies have valid Securities and Exchange Board of India (Sebi) approvals to launch initial public offerings (IPOs), seeking to collectively raise ₹2.45 trillion, according to Prime Database. Another 130 companies are awaiting regulatory clearance after filing their offer documents.

Meanwhile, as many as 78 Indian companies raised a record ₹94,205 crore through mainboard IPOs in H1FY27, 37% more than the previous high of ₹69,533 crore raised by 65 IPOs in the same period last year, according to Prime Database.

However, a large pipeline and strong fundraising numbers do not mean investors are ready to back every issuer. Market participants say investors are increasingly scrutinizing valuations, earnings visibility, governance and the quality of the offer, with businesses that have credible growth prospects and sustainable models better placed to get capital.

Pipeline, Filings, and Market Sentiment

"The pipeline is deep and healthy," said Neha Agarwal, managing director and head of equity capital markets (ECM), JM Financial.

JM Financial led the investment banking league table for IPO mandates in H1FY27, managing 22 issues by volume, according to Prime Database.

Among firms recently filing their draft red herring prospectuses (DRHPs) are Mahanadi Coalfields, Abakkus Asset Manager, JSW One Platforms, Mount Everest Breweries, Biocon Electric, and Royal Chain.

A Samvat year corresponds to a Hindu calendar year of nearly 12 months. In India's financial markets, the new Samvat year begins with Muhurat Trading, a special one-hour session on Diwali seen auspicious. Diwali is on 8 November this year.

With 254 firms potentially eyeing listing, "issuers clearly want to access the market," Agarwal said. "Investors are willing to commit capital but they are more focused on pricing discipline, quality of earnings and resilience of business models to higher energy costs, currency movements and inflation."

Deals are happening, but timing, pricing and structure matter more. If volatility persists, Agarwal sees some buyers waiting for calmer conditions, while valuations, regulatory deadlines and private equity exit mandates, and geopolitical uncertainties delayed companies holding valid SEBI approvals. A one-time relief allowed them to complete listings by September for nine of the third quarter's 63 listings.

Private Equity Exits and Listing Performance

Private equity (PE) funds have managed to secure exits through several IPOs, said P. Krishnan, managing director and chief investment officer-equity asset management at Spark Investment Management. Most exits have been through offer-for-sale (OFS) components, with India being the only market where PE investors have been able to exit smoothly, likely helped by an insatiable investor appetite, he said.

"It, therefore, comes as no surprise that the supply of papers has gone up. It is a bonanza for sellers, but caveat emptor—let the buyer beware," he added.

If investor appetite stays this strong, the supply of IPOs could continue to rise until one or more major setbacks occur. "The valuations at which these IPOs are being sold and the listing gains (and in some cases subsequent gains) have no precedents of sustaining across geography or history," market observers noted.

The listing pop has been uneven: ESDS Software Solution, which listed in September, surged 175%, while Meesho made a strong debut in December 2025 jumping 53.25%. LG Electronics, too, clocked listing gains of around 48% after its debut on 14 October last year, showed ACE Equity data.

Public equity fundraising rose 75% to a record ₹2.43 trillion in H1, up from ₹1.39 trillion a year ago, said Pranav Haldea, MD, Prime Database Group, in a 1 October note.

OUR VIEW

Electricity consumers deserve more choice

The power sector needs greater competition for consumers to benefit from the efficiencies of private suppliers. Since it's a concurrent subject, the Centre must build consensus with states.

In the post-liberalization era, policymakers have tried to widen consumer choice in two mass consumption sectors—telecom and power—with very different results. The telecom sector has seen intense competition over the years. Jio Platforms Ltd, which had a grand listing on the bourses, is a relatively new entrant that reshaped the telecom market in the country. In contrast, the power sector has largely remained the preserve of state-owned monopolies.

Attempts to introduce greater competition in the power sector were thwarted by vested interests in two states in recent months. In Haryana, the power regulator last month allowed a small private firm to serve consumers in Gurugram and Nuh. After facing protests from power sector employees, who feared job losses, the state government overruled that order within days. Earlier this year, Tata Power withdrew its application to supply electricity to consumers in 19 districts in Karnataka after state government officials expressed concerns.

These policy reversals may protect some state government jobs in the short term, but do not augur well for the health of the power sector. Currently, only a small share of consumers—the commercial and industrial (C&I) units—can seek out cost-effective and reliable power suppliers. Retail consumers are forced to depend largely on inefficient utilities run by state governments. These utilities are forced to keep farm and domestic tariffs low. Starved of cash, they tend to under-invest in preventive maintenance, leading to frequent outages. State-owned utilities are also ill-equipped to scoop up cheaper supplies from short- and medium-term electricity markets. Nimbler private firms can tap such sources better and lower power bills.

Unlike telecom, electricity is a concurrent subject under the Constitution. So, the Union government alone does not call the shots on sectoral reforms. State governments remain wary of pushback from labour unions, which are fearful of growing competition and the possibility of job losses. State distribution companies (discoms) also fear losing the business of high-paying C&I units that help them cross-subsidize poorer consumers.

The Union government needs to engage closely with states on this issue. Over the past few years, funds from the Union government have helped state discoms recover their financial health to a great extent. Be it the upgradation of supply infrastructure or the installation of 'smart' meters to track real-time consumption and monitor losses, state governments have been able to revamp discoms with the help of the Union government. Supply losses have reduced and a narrowing gap between revenues and supply costs have improved the financial health of utilities. The Centre needs to push further and incentivize states to open up the power distribution business to greater competition.

The Union's proposed electricity legislation released last year contains several enabling provisions for 'parallel licensing' and is intended to give consumers greater choice in picking their power provider. But this alone will not be enough to blunt the pushback from state governments. The Union government needs to forge a broad policy consensus for a competitive power sector in the country. Else, the financial health of the power sector would suffer once again even as utilities struggle to recover costs and invest in upkeep.

The making of one of India's best all-format cricketers

A new book decodes the rise of fast bowler Jasprit Bumrah from obscurity to becoming a star with a scorching cricketing intelligence.

BY ARUN JANARDHAN

"He can make even the best batters look stupid", "The best death bowler in ODI cricket", "Undeniably the best cross format bowler of the T20 era", "Best bowler India has ever produced".

In The Boom Effect: Decoding the Magic of Jasprit Bumrah, authors Aayush Puthran and Nicholas Brookes dig deep into data and statistics to establish that the Indian fast bowler, the one with an unusual action, a scorching yorker and an admired cricketing intelligence, is all of the above and maybe more.

Every generation believes that its contemporary hero or heroes are the best of all time and sometimes there are statistics to validate it. Novak Djokovic has more Grand Slam singles titles than Rod Laver, Lionel Messi scored more for Argentina than Diego Maradona could, Lewis Hamilton has more world championships than Ayrton Senna, and so on. Sports analysis derives one of its great pleasures from comparing generations, with the disclaimer that the comparison is unfair given the changed circumstances of eras.

After making his debut in 2013 for Mumbai Indians in the Indian Premier League (IPL) as a 19-year-old unknown bowler plucked out of obscurity by former India coach John Wright, Bumrah came to the limelight from the following season. Noted initially for his unusual action—barely a few steps of a run-up, a hyper-extended elbow, a late release point—it quickly became clear that he was not just a great case study, but a genuinely impressive fast bowler.

Contrary to initial expectations that he was to be a short-format bowler only, Bumrah made his Test debut five years later, went on to get over 200 wickets in 52 Tests, including several match-winning ones. He has 151 wickets from 91 one-day internationals (ODI) at an economy rate of 4.5 runs per over and 126 wickets from 100 T20 Internationals at an economy rate of 6.5—making him a genuinely all-format player.

The novelty factor with him has also been that in a country that's historically been impoverished of fast bowlers, Bumrah could bowl quick, could get wickets at all venues and pitches and is acknowledged as a difficult bowler to read, a point that's repeatedly put across in the book.

His rise in international cricket through the IPL has remained a point of intrigue. Ahmedabad, with its dusty grounds and scorching heat, is the least likely place to produce a fast bowler. The city, or even Gujarat, does not have a history of cricketing excellence either; Jamnagar and Baroda have traditionally been that. Besides, he is supposed to have learnt bowling by watching television, minus any structured coaching, using an innate cricketing intelligence, interest and ambition.

Despite years in the limelight, Bumrah remains an enigma. Not much has been written about him relative to the time spent as an international cricketer because he does not give interviews generously. Even Puthran and Brookes don't get access to him, which robs the book of some depth, but does not dilute the authors' enthusiasm.

Relying on the few published articles on Bumrah, especially Sharda Ugra's The Boy Called Boom from the Cricket Monthly, some interviews, and detailed statistics, the authors bank on numbers, comparing Bumrah to current and former bowlers across formats and periods, that shows him to be often statistically superior. Numbers don't always tell the full story, which is admittedly the case here as well. For example, fast bowlers are less successful in India compared to England or Australia because the conditions are not as favourable. Yet, Bumrah's figures in India are comparable, often better than his numbers at venues abroad, which adds to writers' belief that "he is the best bowler India has ever produced".

The authors break down his action, the "arm pull down", the backspin and the late delivery. Bumrah gets his right arm way ahead of his front foot before delivering the ball, reducing the distance between him and the batter and cutting down on a batter's reaction time to understand reasons for his effectiveness.

Puthran and Brookes go into The Boom Effect convinced of Bumrah's greatness rather than proposing a hypothesis and proving it right. One of the examples given to this effect is in a section on "assisted wickets", on how Bumrah's presence affects his teammates' wicket-taking abilities. They take the example of two Mumbai Indians bowlers, Trent Boult and Hardik Pandya, who get more wickets when playing with Bumrah.

"It shows that the way teams approach Bumrah is predictive as well as reactive. Seeing his name on the team sheet is enough to impact your game," they write.

This is Puthran's second co-authored release in less than two months after Chasing Dreams, which explored cricket in India, the hopes and dreams that it has fuelled and the harsh realities young cricketers face in trying to make it to the pinnacle of the sport. Bumrah's story has overlaps, as a cricketer who did break through the clutter supported by searing pace, a constantly evolving skill set and a quiet conviction that hides behind a sly smile.

This is one of the book's more interesting revelations, about Bumrah's competitiveness, seething anger that shows in body language and acerbic one-liners directed at people who laugh at his expense. It's not an aspect to his personality that's easily deciphered from watching him play on television.

"When he feels slighted," Puthran and Brookes write, "Bumrah has a compulsive need to respond. Some around him might say he is easily triggered, even beyond the cricket field. This is then likely to show in the next delivery, slammed down the pitch and climbing onto the batter's throat."

How Mounjaro Upended India's Pharma Playbook

For years, GlaxoSmithKline's Augmentin, a broad-spectrum antibiotic, held a place at the top of India's pharmaceutical sales charts. Its reign reflected the economics of a market built on scale, volume, and affordable medicines. That pecking order has now been overturned by GLP-1 drugs, sought after for weight-loss and diabetes treatment. Eli Lilly's patented Mounjaro has emerged as the country's top-selling drug by sales.

The rise of Mounjaro points to a shift in a market long dominated by generics. Indian patients are increasingly willing to pay a premium for newer therapies, even for generics that are priced at a premium.

The entry of generic semaglutide after Novo Nordisk's patent expired in March 2026 has unleashed a surge in volumes, even though the treatment costs between ₹1,550 and ₹8,000 a month—hardly inexpensive by the standards of the Indian pharma market.

The trends point to a market in which affordability is still crucial, but no longer the sole determinant of choice. Brand reputation, confidence in the medicine, delivery systems, and the promise of better outcomes are beginning to matter more.

For Indian drugmakers who built their businesses on making medicines affordable at scale, the implications are significant. The opportunity may lie not merely in selling more medicines at lower prices, but in building brands and treatment experiences that patients and doctors are willing to pay for. The GLP-1 drugs market could be an early indication of that transition.

Truth in Numbers

The numbers underline the speed at which the category has taken off.

Mounjaro, launched in India in March 2025, recorded sales of ₹925 crore in 2025-26, according to data from Pharmarack, an e-commerce market audit company. Sales in the last 12 months to September 2026 stood at about ₹1,736 crore. The total GLP-1 market was pegged at ₹2,596 crore over the same period, with injectable products accounting for about 86% of the value.

GLP-1 medications are often administered via subcutaneous injection into the fatty tissue of the abdomen, thigh, or upper arm, but pill-based solutions exist as well.

The entry of generic semaglutide has added another dimension to the market. Following the expiry of Novo Nordisk's patent in March, several Indian companies launched their versions of the drug. Monthly semaglutide sales rose from ₹48 crore in February 2026 to ₹113 crore in September. In volume terms, sales shot up nearly 16 times, from about 114,000 units to 1,876,000 units, with generics accounting for nearly 74% of the units sold.

Vishal Manchanda, a pharma analyst from the Systematix Group, a financial services entity, estimates that the semaglutide market is now running at an annualized rate of about ₹900 crore, while the overall GLP-1 market could be close to ₹3,000 crore. And these are early days. "Compared to the penetration in the US, we haven't even scratched the surface yet in India," he says.

• A Gallup national survey in the US put the use of GLP-1 drugs for diabetes at 1% of the adult population and that for weight loss at 15%.

• The potential customer base is substantial. An ICMR-INDIAB study estimates that 254 million people in India are living with obesity and 101 million with diabetes.

• Not all of them are candidates for GLP-1 treatment, and the drugs are not intended to replace diet, exercise, or medical supervision. But the scale of the underlying conditions gives pharmaceutical companies a large market to address as awareness, diagnosis, and access improve.

There are also reports of patients seeking retatrutide, Eli Lilly's next-generation GLP-1 drug, which is under phase 3 trials in the US but is reported as widely available in the grey markets.

Sambit Patnaik, a Mumbai-based consulting colorectal surgeon, says that his patients are aware of retatrutide and are sourcing it at ₹38,000 for a month's supply. "Expectations are high from well-heeled patients who are now willing to go to any length for quick results," he quips.

One industry observer likens it to the desire to own the latest model of an iPhone. The analogy is useful, but it also captures the risk. Medicines are not consumer gadgets, and brand preference cannot substitute for clinical evidence or medical advice. Yet, the premium that patients are willing to pay for a product they perceive as better is a commercial reality that drugmakers cannot ignore.

The category has also benefited from a change in how obesity is discussed. Long treated largely as a lifestyle issue, it is increasingly being recognized as a chronic disease requiring sustained management. This has created room for medicines that were initially associated with diabetes treatment to become part of a wider conversation around metabolic health.

Brand Matters

While generics lower the barrier to entry, perception still heavily dictates patient choices. In a category where titration takes months and individual responses vary, brand reputation often acts as a proxy for efficacy.

Aakanksha Chauhan, a 37-year-old engineer based between Mumbai and the UK, began using Ozempic in early 2025 after an endocrinologist recommended it as she prepared for an egg-freezing procedure. She says she lost 40–45 kg over six months. After stopping treatment, she regained about 10 kg. Her doctor later recommended Wegovy and subsequently Mounjaro, in the context of insulin resistance.

Chauhan also runs a GLP-1 coaching community and a WhatsApp group, where she has observed how strongly brand names can shape patients' views of the treatment. A member might report losing only 300 grams in a week on a generic medicine and ask what to do. Another user may respond by recommending Mounjaro instead, on the assumption that it is better. "They don't realize that Mounjaro would also lead to similar weight loss... people think it is a superior drug as that is how it has been sold to the market," she says.

The exchange is not evidence that one brand is clinically superior to another. Weight loss and response to treatment vary between patients, and the choice of medicine and dose needs to be guided by a doctor. But these conversations illustrate how a brand can acquire a value beyond its active ingredient. In a market where patients are spending a significant part of their monthly income on treatment, perceptions of quality and effectiveness can carry considerable weight.

A 40-year-old Delhi resident, who didn't want to be identified, offers another perspective. He tried Sun Pharmaceutical's Noveltreat and Zydus Semaglyn over four months, moving between doses, but did not experience the appetite suppression he had expected. Mounjaro was recommended to him, but he has been reluctant to switch because of its cost.

"It's still an ongoing process, and I haven't really figured out my ideal dose that can balance hunger suppression with side effects," he says.

He chose the brands himself, weighing reputation against price. "The endocrinologist was trying to enforce another generic brand, but I went with a mix of reputed and value for money," he adds.

The experience reflects the balancing act facing patients. A lower price can make treatment accessible, but it does not necessarily remove the need to find a brand and delivery system that the patient and doctor are comfortable with.

Some users prefer multi-use pens because they can lower the cost of treatment over time. Others prefer single-use pens for convenience or privacy, particularly if they do not want to store a multi-dose device at home.

Beyond the Starter Dose

For Indian drugmakers, GLP-1 drugs demand a departure from the traditional playbook. These are long-term injectables requiring patient familiarity with delivery devices, titration schedules, and side-effect management.

Diabetologist Rajiv Kovil cautions that companies have crowded the market with too many brands and devices. "You have 50 brands which have come out and you have almost eight to nine different kinds of devices."

The proliferation has created confusion among doctors as well as patients. Kovil argues that companies should have taken more feedback from physicians experienced in injectable therapies before launching multiple devices. If doctors are not comfortable with the devices, patients are unlikely to be either. Some companies, he says, have since begun addressing the problem and rebuilding physician confidence by demonstrating the reliability of their delivery systems.

The bigger challenge is to move beyond price competition. "In GLP-1, it's always about the durability of the prescription... retaining patients over a year is going to be the first kind of a hurdle," he says.

He believes the market could eventually resemble the statin category, where lower prices and widespread availability helped build a large base of patients well after their global launches, in part, because of concern over affordability and commercial viability. That gap has narrowed in recent years.

"The timelines of launches of patented drugs by multinationals post the global launches has shortened from over 7-8 years to 2-3 years," says Anil Matai, director general of the Organisation of Pharmaceutical Producers of India (OPPI), which represents multinational pharmaceutical companies in India. "For MNCs, the Indian market is at an inflexion point as companies are now confident of bringing their blockbusters to India sooner. The success story of GLP-1 drugs greatly reinforces their confidence."

Lilly has sought to expand its reach through a commercial arrangement with Cipla for Zepbound, its second brand of tirzepatide. The partnership draws on Cipla's distribution infrastructure to extend access to more patients. Lilly says its approach is not limited to bringing a medicine to market, but also includes building awareness of obesity as a chronic disease and encouraging evidence-based care.

Novo Nordisk, meanwhile, has emphasized physician confidence, affordability, and dependable access. The company points to its manufacturing expertise, clinical evidence, and integrated medicine-and-pen delivery system as factors underpinning confidence in its products. Its managing director in India, Vikrant Shrotriya, has said that "changing an entrenched perception takes sustained effort." The comment refers to the challenge of changing how obesity is understood, but it also captures the broader task of building trust in a relatively new category of treatment.

The interest in India is not restricted to GLP-1 drugs. Roche, for instance, has been stepping up its clinical trial activity and broader presence in the country, with plans for more than 20 product launches or indication extensions over the next three to five years across oncology, haematology, ophthalmology, neurology, and infectious diseases.

In October 2025, Roche announced an investment of at least CHF (Swiss franc) 1.5 billion in India over five years, including research and development.

Manchanda sees a similar shift in how companies will have to compete. "Every body wants to get the patient directly. So there is a bit of a direct-to-consumer (D2C) shift in this category that we can see," he says.

Direct engagement, however, will not be enough. For generics, he expects word of mouth and doctors' experience with individual products to become increasingly important.

Just like GLP-1 drugs were first used for diabetes and then prescribed for weight loss, a single cancer drug can be used for several cancer types, but each of those use cases has to be tested and launched separately; these are called indication extensions.

Alkem Laboratories is tailoring its approach to this dynamic. Entering the semaglutide market in March 2026 with three brands—Semasize, Obesema, and Lepaglide—the company introduced both pre-posable pens and reusable devices to manage recurring costs.

Sandeep Singh, managing director of Alkem, notes that improving access requires addressing ease of administration alongside affordability. To prevent dropouts, Alkem is pairing its products with support groups guiding patients on diet, exercise, and side-effect management.

Receptive India

The rapid uptake of GLP-1 drugs is also changing the way multinational pharmaceutical companies view India. For years, the country was often a market where new patented medicines arrived well after their global launches, in part, because of concern over affordability and commercial viability. That gap has narrowed in recent years.

The Central Lesson

The GLP-1 market is still young and questions remain over long-term patient adherence and how price wars will shape generic margins. But the central lesson is already clear.

For Indian drugmakers, the lesson is not to abandon low-cost manufacturing, but to recognize that affordability is only one piece of the puzzle.

The rise of Mounjaro alongside generic semaglutide shows that Indian healthcare is entering a more mature phase: one where scale and low cost remain foundational, but patient trust, delivery devices, and support systems determine lasting success.