India's Pharma Tycoon Sets Sights on Leading Global Insulin Market -

Biocon, the Indian pharmaceutical giant, aims to become the top global supplier of insulin in the near future, as stated by co-founder Kiran Mazumdar-Shaw. This goal arises as ‘Big Pharma’ increasingly diverts its focus to other therapeutic areas.

“In five years, we could emerge as the leading insulin provider worldwide,” noted the 73-year-old pharmaceutical billionaire and executive chairperson of Biocon during an interview with Bloomberg Television’s Latitude, hosted by Haslinda Amin.

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“We are one of the few companies globally positioned to capitalize on this opportunity.”

Biocon specializes in generic drugs and biosimilars—biological medications that closely mimic brand-name alternatives and are typically offered at lower prices.

The Bengaluru-based company currently ranks as the third-largest insulin supplier by volume in the world and has significantly boosted its production capacity, according to Mazumdar-Shaw.

Biocon’s ambitions underscore the shifting dynamics of the $30 billion global insulin market, as major competitors increasingly refocus their efforts toward next-generation metabolic treatments such as glucagon-like peptides (GLP-1s).

Pharmaceutical leaders like Novo Nordisk A/S and Eli Lilly & Co, which have seen growth driven by insulin sales for years, are now concentrating on diabetes and weight-loss medications that provide greater growth potential and higher profitability.

Globally, over 830 million individuals are living with diabetes, and many depend on insulin therapy for managing their condition. Demand is expected to rise as diabetes incidence increases in emerging markets across Asia, Africa, and Latin America, where access to affordable medications is often inadequate.

There are concerns among advocates that patients who rely on older insulin therapies may be overlooked as the industry competes for dominance in next-gen markets.

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The current scenario has created a “windfall for me because it allows me to bridge that gap, and my insulin business has experienced a significant surge,” she stated, adding that the company is expanding capacity through global partnerships, including collaborations with firms that possess pen and cartridge manufacturing facilities.

Mazumdar-Shaw founded Biocon in 1978 as a producer of industrial enzymes through a joint venture with an Irish company. Today, the Indian powerhouse has a market capitalization exceeding $7 billion.

Her net worth is estimated at $2.3 billion, owing to her stakes in Biocon, the contract research organization Syngene International Ltd, and the hospital network Narayana Hrudayalaya Ltd, according to the Bloomberg Billionaires Index.

‘Competitive landscape’

Biocon’s strategy differentiates it from many pharmaceutical competitors in India and globally, who are eagerly entering the obesity and diabetes drug market. The patent for semaglutide, the key ingredient in Novo Nordisk’s Wegovy and Ozempic, has begun to expire globally, including in markets such as India and Canada, paving the way for cheaper alternatives.

“We must recognize that the market for generic GLP-1s is quite crowded,” Mazumdar-Shaw observed. “As a generics manufacturer, we understand the intense global competition.”

Several Indian drugmakers have started marketing these medications domestically, with a few receiving approval to sell them in Canada.

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Prices for these medications are “plummeting” in India, according to Mazumdar-Shaw, who mentioned that Biocon does not plan to launch its generic versions of semaglutide in the South Asian market.

Biocon is adopting a cautious approach towards GLP-1s, focusing on specific markets, with potential opportunities in Canada, Latin America, Brazil, the Middle East, and Southeast Asia, she revealed.