Eli Lilly launched its blockbuster diabetes and weight-loss drug Mounjaro in India on Thursday, beating rival Novo Nordisk for a much-awaited entry into the world's most populous country grappling with increasing rates of obesity and diabetes.

The global weight-loss drug market is expected to reach $150 billion in the next decade. By 2026, semaglutide (the active ingredient in Wegovy and Ozempic) will go off-patent in India, allowing local firms to introduce cheaper alternatives.

Eli Lilly and Co. has begun selling its blockbuster weight-loss and diabetes drug Mounjaro in India, pipping rivals in a country that has the world’s third-largest number of obese people.