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Indian Drugmakers Disrupt Insulin Market as Big Pharma Shifts Focus to Obesity Drugs

Homegrown pharma companies drive competition, bringing down insulin costs and expanding access amid India’s rising diabetes crisis.

• By Newsdesk
• New Delhi
• Jun 04, 2025

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As global pharmaceutical giants pivot towards the booming anti-obesity drug segment, Indian drugmakers are stepping into the insulin space, once dominated by multinational corporations. This shift is expected to bring down the cost of insulin further, making it more accessible to millions of diabetic patients in India.

Insulin, a critical hormone therapy for managing diabetes, is essential for all patients with type 1 diabetes and nearly 10% of those with advanced type 2 diabetes. Despite its vital role, affordability has remained a concern—especially for modern analogues that offer improved convenience but at a much higher cost. India, however, offers insulin at an average of just ₹133 per vial, making it one of the most cost-effective markets globally.

With diabetes cases surging across the country—now estimated at over 101 million, according to the Indian Council of Medical Research (ICMR)—the insulin market is expanding rapidly. Market research firm Pharmatrac valued India’s insulin market at ₹4,404 crore as of April 2025, with domestic players steadily gaining ground.

“Innovation-focused multinationals like Eli Lilly and Novo Nordisk are now concentrating efforts on high-margin obesity treatments such as Mounjaro, Wegovy, and Ozempic. This shift is opening up significant opportunities for Indian pharma companies to fill the insulin gap,” Pharmatrac’s latest report stated.

Over the past two years, Indian drugmakers including USV, Cadila, Anthem Biopharma, Mankind, Cipla, and Eris Lifesciences have launched their own insulin products, challenging the long-standing dominance of global giants like Sanofi, Eli Lilly, and Novo Nordisk. Notably, Eris Lifesciences is the only domestic company with two insulin products in the top-selling 14 brands in India.

Lupin, another Indian pharma major, acquired the Huminsulin brand from Eli Lilly in 2023, while Cipla entered the market through a strategic partnership with Lilly, launching Lyumjev in October 2023.

Between April 2024 and April 2025, Indian companies accounted for nearly ₹1,088 crore in insulin sales—24.7% of the total market—marking a significant shift in market dynamics.

Despite this momentum, access to advanced insulin analogues remains limited. These newer formulations, which are faster-acting and longer-lasting than traditional human insulin, often come in pen-based delivery systems. However, their high cost—up to ₹15,000 per month—and absence from the National List of Essential Medicines (NLEM) means they remain out of reach for many Indian patients.

“The inclusion of only basic insulin formulations in NLEM keeps analogues outside government price controls,” said Dr. Manisha Arora, director of internal medicine at CK Birla Hospital. “But with patent expirations paving the way for biosimilars, affordability could soon improve.”

India’s diabetes burden is staggering. While most patients have type 2 diabetes, the country is witnessing a 6.7% annual rise in type 1 diabetes cases—higher than the 4.4% growth in type 2. Experts like Dr. V. Mohan, a noted diabetologist, attribute this partly to improved awareness and diagnosis, which is enabling more patients to receive timely insulin therapy.

“More players in the insulin market mean better prices and potentially better quality,” Dr. Mohan added.

The growing interest from Indian pharma companies is also driven by global trends. The rise of GLP-1 receptor agonists like semaglutide and tirzepatide—used for both diabetes and obesity—has captured Big Pharma’s focus, freeing up space in the insulin market for new entrants. Many Indian firms are also investing in biosimilar development and scaling up manufacturing to meet domestic demand.

“India’s recognition of diabetes as a national health priority is spurring domestic innovation and strategic alliances,” said Saransh Chaudhary, president (global critical care) at Venus Remedies. “Our focus is now on ensuring a stable insulin supply while improving affordability.”

Historically, insulin therapy has evolved from animal-derived forms to synthetic human insulin and, more recently, to insulin analogues. With biosimilar versions of these analogues entering the Indian market, there’s hope for a more equitable diabetes care ecosystem.

Increased competition is not only driving down prices but also encouraging advancements in delivery technology, such as user-friendly insulin pens, making treatment less burdensome for patients.

“India is at a tipping point in diabetes care,” said Dr. Arora. “As more companies enter the fray, we can expect innovation, improved patient outcomes, and a more inclusive future for those dependent on insulin.”