As several Indian pharma giants race to launch cheaper generics for Semaglutide, the active ingredient in popular weight-loss drugs Ozempic and Wegovy, international brokerage Jefferies said that Sun Pharma, Lupin and Torrent Pharma can emerge as the eventual winners.

Novo Nordisk’s patent for GLP-1 (glucagon-like peptide-1) therapy expired last week. Jefferies in its latest report said that after the patent expiry, more than 10 brands have launched their versions online, and over 40 brands are expected to join the race across injectables and oral forms.

The international brokerage noted that price points for the monthly dose of the injectable version are in the range of Rs 1,290-4500, with Natco and Glenmark offering products at the lower end of the range, and Dr Reddy’s and Torrent at the higher. “Most companies have launched their own brands, while others have formed partnerships (Torrent/Lupin are sourcing from Zydus). Torrent Pharma, the sole generics firm to supply the oral version, has priced it at a lower discount (30-50%) vs. injectables. Zydus offers a reusable multi-dose pen device; this differentiated offering allows patients to progressively titrate their dosage over the course of the treatment,” it added.

Products already sold out online

Despite the strong inventory build-up by companies, Jefferies claimed that there is a shortage in online channels. Out of the 10 brands that have already launched their generic versions only, the products by only 3-4 brands are still available while the rest are sold out, it said. Multiple reasons including inaccurate demand forecasts, limited supply quantities sent to online channels and supply chain hurdles due to regulatory crackdowns were cited as the possible reasons by the brokerage.
Additionally, the launches face intensified regulatory surveillance against unauthorized sale and promotion by the regulator in order to ensure ethical practices in the supply chain of GLP-1 drugs. “Our interactions with companies suggest the product is still in the initial days of launch. Companies are testing the waters with demand and supply, and they expect the market to settle down in the next few months. Impact of Semaglutide launch on existing diabetes drugs should also become clear in coming months,” Jefferies wrote.

Why Sun Pharma, Lupin and Torrent Pharma can emerge as winners

Notably, these are strictly prescription-drugs. Endocrinologists and internal medicine specialists can mainly prescribe the drugs, along with cardiologists only for some indications. “Thus, companies with strong connect with specialist doctors and a large-scale cardio franchise such as Sun, Lupin and Torrent could emerge as eventual winners,” the international brokerage said.
The Nifty Pharma is among the only two sectoral indices which were in the green on NSE on Friday. Piramal Pharma, Mankind Pharma and other stocks gained up to 2%, as seen in the afternoon.Jefferies has a ‘Buy’ call on Alkem Laboratories, Emcure Pharmaceuticals, Lupin, Mankind Pharma, Sun Pharma, Torrent Pharma and Zydus Lifesciences. It however has an ‘Underperform’ rating for Cipla and Dr. Reddy’s Laboratories.

As per industry data, the penetration of GLP-1 drugs is still very low in India, reaching only about 5% of people with diabetes and 4% of those with obesity. This leaves a vast untapped pool in the country, which has over 100 million diabetics and 250 million individuals with obesity.

Ozempic was priced at Rs 8,800–11,175, while Wegovy cost Rs 10,850–16,400 a month. In comparison, Mounjaro (tirzepatide) from Eli Lilly cost between Rs 13,000 and Rs 26,000 per injection, depending on the dosage. Each injection consists of four monthly shots.

The high prices of existing drugs have led investors to expect that cheaper generics will see strong demand in India, although regulatory oversight remains critical.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Amid persistent global uncertainty and volatility, a more constructive view is emerging on Indian equities as valuations correct meaningfully across sectors. Sahil Kapoor from DSP Mutual Fund speaking with ET Now noted that the market backdrop has changed significantly over the past two years, pointing out, “Indian markets were trading upwards of 25 times multiple… valuations were also very-very challenging at that time.

Fast forward to today, Nifty trades below 20 times multiple… valuations have come down significantly.” While earnings growth has slowed to a more modest pace, he emphasised that the decline in valuations is now creating opportunities for investors willing to take a long-term view. “Earnings growth is still the challenge, but at least valuations have come down significantly… buying cheap or below fair value is in our control,” he said, underscoring the importance of focusing on what investors can control in uncertain environments.

Within sectors, Kapoor sees financials, particularly private sector banks, as offering compelling risk-reward.

He highlighted that “top private banks are trading close to two times price to book… some are near Global Financial Crisis lows,” adding that such levels provide a favourable entry point even without aggressive earnings assumptions. He further noted that “even if credit growth aligns with nominal GDP at 10% to 12%, it still makes sense to go overweight,” suggesting that reasonable growth expectations are sufficient to justify allocation to the sector. Addressing concerns about competition from public sector banks, Kapoor maintained that the feared disruption has not yet materialised in the data.

“If PSU banks were underpricing aggressively, it should reflect in market share… but it has not appeared in numbers,” he said, adding that private banks continue to gain share steadily despite the prevailing narrative. He also pointed out that investors are currently benefiting from a combination of negative sentiment and cyclical pressures, which have compressed valuations.

In the IT sector, Kapoor acknowledged that growth has slowed sharply, with “revenue growth… between zero to 3%… a very-very low number.” However, he noted that much of this weakness is already reflected in stock prices, making valuations more attractive. Importantly, he highlighted that “margins have not shrunk… that suggests businesses are managing the cycle well,” indicating resilience despite the slowdown. With large IT companies trading at compressed multiples, he believes selective accumulation could be warranted. “At 14–17 times multiples, there is no harm in nibbling into these names,” he said, pointing to strong return metrics and long-term business quality.
On the subject of foreign institutional investors, Kapoor pushed back against the widely held belief that flows drive returns. “Flows do not cause returns… there is no correlation,” he said, arguing that valuations and fundamentals remain far more important. He also noted that currency concerns may be less of a headwind going forward, observing that “the rupee is quite oversold… a lot is already priced in.” This combination of factors, he suggested, could make India more appealing to global investors at current levels. “This is the time to look at India more constructively,” he added.Beyond financials and IT, Kapoor sees emerging opportunities in other pockets of the market as well. He pointed out that “some FMCG names have been completely beaten down… even a small uptick in consumption can revive the sector,” while also highlighting select opportunities in auto ancillaries and chemicals. According to him, the current environment allows investors to build a diversified portfolio of quality businesses at more reasonable valuations.

Despite the improving valuation comfort, Kapoor remains cautious on broader market segments, particularly mid- and small-cap stocks. He concluded, “The preference for us is largecap… small and midcap are still not there,” signalling a continued tilt towards stability and quality in the current phase.

With valuations resetting across key sectors and much of the pessimism already priced in, Indian equities are gradually turning attractive again. However, the approach remains measured—focused on largecaps, quality businesses, and disciplined accumulation rather than aggressive risk-taking.

Health officials are closely monitoring the highly mutated COVID-19 variant BA.3.2, nicknamed “Cicada,” after detections in wastewater samples from at least 25 U.S. states and clinical cases as of early 2026. The Omicron descendant, first identified in South Africa in November 2024, has raised concerns over potential immune escape but has not yet driven a surge in severe illness or hospitalizations nationwide.

The Centers for Disease Control and Prevention detailed the variant’s spread in a March 19, 2026, report in its Morbidity and Mortality Weekly Report. BA.3.2 carries roughly 70 to 75 substitutions and deletions in the spike protein compared with JN.1 lineages used in the 2025-2026 vaccines, prompting laboratory studies suggesting reduced neutralization from existing antibodies.

As of February 11, 2026, the variant appeared in 23 countries, with notable rises in parts of Europe. In the U.S., it was first detected June 27, 2025, in a traveler arriving at San Francisco International Airport from the Netherlands. The initial clinical sample from a U.S. patient came January 5, 2026. Wastewater surveillance later identified it across diverse states, indicating broader circulation than confirmed cases suggest.

Origin and Nickname

Researchers coined “Cicada” because the variant remained largely undetected for months after its initial identification, much like the insect that spends years underground before emerging. It descends from the earlier BA.3 Omicron subvariant that circulated briefly in 2021-2022 before fading. BA.3.2 represents a genetically distinct lineage, separate from dominant JN.1 offshoots like XFG.

Two sublineages, BA.3.2.1 and BA.3.2.2, have been noted, with ongoing evolution observed. The World Health Organization placed it on its variants under monitoring list in December 2025, citing the high mutation count and potential antibody evasion without evidence of a clear growth advantage or increased severity at that time.

Spread in the United States

Wastewater samples detected BA.3.2 in 132 sites across 25 states by February 11, 2026, including California, New York, New Jersey, Michigan, Florida, Texas, Hawaii and others. Additional findings included four traveler nasal swabs, three airplane wastewater samples and five clinical respiratory specimens from four states.

By mid-March, some trackers showed detections in up to 29 states and Puerto Rico, though overall prevalence remained low — around 0.19% to 0.55% of sequenced samples in national surveillance from December 2025 to March 2026. In contrast, certain European countries saw BA.3.2 reach 10% to 40% of sequences between November 2025 and January 2026.

National COVID-19 case levels stayed relatively low in early 2026, with other Omicron subvariants still dominant. Experts emphasize that wastewater signals often precede clinical detections, serving as an early warning system.

Symptoms of the Cicada Variant

Symptoms linked to BA.3.2 mirror those of other recent Omicron subvariants and generally remain mild, especially in vaccinated or previously exposed individuals. Common reports include:

• Cough
• Fatigue
• Runny nose or congestion
• Headache
• Sore throat
• Mild fever or chills
• Body or muscle aches

No data indicates BA.3.2 causes more severe disease than circulating strains. Hospitalized cases identified so far involved older adults with underlying conditions or a young child receiving outpatient care; all survived. Doctors note that sore throat sometimes appears prominent.

Risk Factors and Immune Escape Concerns

The primary concern stems from the variant’s mutations potentially reducing protection from prior infection or the 2025-2026 vaccines targeting LP.8.1 antigens. Laboratory studies showed lower antibody neutralization against BA.3.2 compared with JN.1 strains, though real-world effectiveness data is still emerging.

Higher-risk groups include:

• Older adults, particularly those 65 and older
• People with comorbidities such as heart disease, diabetes or weakened immune systems
• Unvaccinated or under-vaccinated individuals
• Those with recent waning immunity

Prevention and Public Health Response

Health officials recommend staying up to date with COVID-19 vaccination, including the 2025-2026 formulation. While it offers the best protection against severe outcomes from current strains, its effectiveness against BA.3.2 may be somewhat lower. Additional layers of defense include:

• Testing when symptomatic
• Improved indoor ventilation
• Masking in crowded or high-risk settings
• Hand hygiene and respiratory etiquette

Broader Context in 2026

Six years after the pandemic’s start, COVID-19 remains endemic, causing millions of illnesses and thousands of deaths annually in the U.S. Seasonal patterns and new variants continue to influence transmission. BA.3.2’s slow emergence highlights how SARS-CoV-2 can evolve in under-monitored lineages before gaining traction.

Public health messaging focuses on preparedness rather than alarm. Most infections produce mild illness, and existing tools — vaccines, antivirals and basic precautions — help mitigate risks. WastewaterSCAN and similar projects have proven valuable for early detection.

For individuals, monitoring personal symptoms and consulting healthcare providers for testing or treatment remain key. Those at higher risk should discuss booster timing with their doctor.

As spring progresses, officials will watch whether BA.3.2 gains ground or remains a minor player. Continued vigilance, vaccination and surveillance will guide responses to this and future variants.

While Cicada adds another chapter to COVID-19’s evolution, current evidence suggests it does not signal an immediate major threat. Americans can reduce personal risk through familiar preventive steps while public health systems track its trajectory.

The business also has a presence in Edinburgh and Liverpool

A patent and trade mark firm with offices in Edinburgh and Liverpool has opened a new base in Bristol as part of plans to target the South West. Hindles said the region was an “absolute powerhouse of innovation” and held “significant opportunities” for the business.

The Bristol office is headed up by Chris Cottingham, a director at Hindles and a UK and European patent attorney. He said the launch of the new city base would place Hindles “at the heart of the UK’s premier deep-tech ecosystem outside the Golden Triangle of Cambridge, Oxford and London”.

“Bristol and the wider South West region are an absolute powerhouse of innovation, fuelled by world-class universities and R&D, startups, and globally renowned companies across a series of strategically important sectors, and it’s a perfect home for our third UK office,” he said.

“And when you look at the city and region’s fast-growing credentials in AI, we see significant opportunities to support some of the most exciting players here.”

Mr Cottingham said deep-tech innovation the South West was “excelling”, driven in part by new start-up and spinout companies as well as new incubators, such as the recently launched OMX deep-tech lab facility.

“This is leading to a significant increase in local patent filings with the number of international patent applications from Bristol-based applicants having doubled in the last decade, compared with only a modest five per cent increase in international patent applications UK-wide,” he said.

Hindles, which was founded in 2004, advises organisations including start-ups, scale-ups, spinouts, universities, listed companies and global corporations on establishing and protecting their intellectual property. The firm’s clients based or operating in the region include Par-Pak Europe and Holfeld Plastics, who recently divested from US parent company Novolex, and Cornwall-headquartered Topan Group.

As well as its UK offices, Hindles also has a presence in Europe, North America, Asia, and the Middle East through a network of international associates.

Alistair Hindle, Hindles’s founding director and a chartered and European patent and trade market attorney, added: “Hindles has always been about high quality, commercially-focused IP advice, underpinned by a team of legal experts and sector specialists dedicated to protecting our clients’ core technologies.

“We are already advising firms in Bristol and the surrounding region and it’s great to have Chris in place to guide our next phase of growth across the South West.”

The United States has warned that Sir Keir Starmer’s push to realign the UK more closely with European Union rules risks undermining transatlantic trade, in a rare public intervention that highlights growing tensions over Britain’s post-Brexit strategy.

Warren Stephens said Washington views the UK government’s plan to reintroduce elements of EU regulation, particularly in agriculture and food standards, as a potential obstacle to trade with the US.

“To the extent that that affects US trade and requirements, that’s going to be a problem,” he told a business audience in London, adding that such a move “will not be favourably received in Washington”.

The warning comes as Keir Starmer and Chancellor Rachel Reeves seek closer economic ties with Brussels, including plans to reintroduce an initial tranche of 76 EU directives into UK law.

The proposed alignment, largely focused on farming and food standards, is intended to smooth trade relations with the EU and reduce friction for exporters. However, US officials fear it could complicate market access for American goods, particularly where regulatory standards diverge.

Stephens suggested that the UK’s attempt to balance its relationships with both Brussels and Washington could create competing pressures.

“I know the EU is important to the UK, and you’ve got to do what’s best for you,” he said. “But it does have implications for our trade relationship.”

The comments also reflect broader frustration in Washington over the pace of progress on the UK-US trade deal agreed last year under Donald Trump.

While the agreement came into force in mid-2025, Stephens indicated that the US is keen to see faster implementation and deeper integration.

“We’re excited by these deals and ready to act,” he said. “We want to see the same urgency from our partners.”

Among the proposals under discussion is a framework that would allow companies to raise capital across UK and US markets using domestic regulatory filings, a move aimed at strengthening financial ties between the two economies.

The US ambassador contrasted Washington’s relatively smooth dealings with the UK against what he described as a more difficult relationship with the EU, despite a trade agreement signed last year.

Delays in ratifying that agreement, partly linked to geopolitical tensions, have underscored the complexity of EU negotiations and may be influencing US concerns about the UK moving closer to European regulatory frameworks.

Beyond trade, Stephens also weighed in on broader economic policy, urging the UK to make greater use of domestic energy resources, including North Sea oil and gas, to support competitiveness and reduce costs.

At the same time, he adopted a more measured tone on the UK’s engagement with China, acknowledging the importance of the market while warning of the need to protect sensitive technologies and intellectual property.

The intervention highlights the increasingly delicate position facing the UK as it seeks to recalibrate its global relationships in the post-Brexit era.

Efforts to rebuild ties with the EU are seen by the government as essential to boosting trade and economic growth. However, the US remains one of the UK’s most important economic partners, and any perceived shift towards European alignment risks creating friction.

For businesses, the potential divergence in regulatory standards raises questions about market access, compliance costs and long-term strategy.

As the UK pursues a more pragmatic approach to international trade, balancing relationships with both the EU and the US will be critical.

The latest warning from Washington suggests that alignment with Brussels may come with trade-offs, and that the path to maximising economic opportunity may be more complex than anticipated.

For policymakers, the challenge will be navigating these competing priorities without undermining the UK’s position in either of its most important trading relationships.

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Investigators are probing the cause of a fire that burned a section of a large automotive glass plant near Dayton, Ohio, that supplies components to several major automakers.

The roof of the Fuyao Glass America plant, said to be one of the largest automotive-glass manufacturing plants in the world, caught fire around 8:30 p.m. Sunday, according to city officials in Moraine, Ohio. 

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