Can GLP-1 drugs change India’s productivity story?

A drug can change more than a patient’s weight. It can change how often someone misses work. A recent Danish study of Ozempic users found that long-term sick leave fell after treatment, while employment itself did not meaningfully increase. The important lesson: better health does not automatically translate into more jobs or higher income—but it may help people stay healthier and more consistently at work. Now India is running a much bigger real-world experiment. Semaglutide’s key Indian patent expired in March 2026, opening the market to a wave of cheaper generic versions. Companies including Sun Pharma, Dr. Reddy’s Laboratories, Zydus Lifesciences, Lupin, Alkem, Torrent Pharma and Natco Pharma have entered or developed products in this space. For investors, the interesting question isn't simply: “Who will sell the most GLP-1 drugs?” It is: Who can convert the GLP-1 opportunity into sustainable volumes, margins and market share? Sun Pharma

| Dr. Reddy’s Laboratories | Zydus Lifesciences | Lupin | Alkem Laboratories | Torrent Pharmaceuticals | Natco Pharma This is not a prediction that all will benefit equally. Competition, pricing pressure, regulatory approvals, manufacturing capacity and patient persistence could decide the winners. Healthcare breakthroughs create investment opportunities, but investors must separate market growth from individual company earnings and sustainable competitive advantage.