Globalpharma seeks early lead in race for Ozempic alternatives

• UAE drugmaker exploring partnerships
• Generic versions of Ozempic
• Will help treatment for diabetes

Globalpharma, which is a wholly owned subsidiary of Dubai Investments, is laying the groundwork to manufacture generic versions of blockbuster drugs such as Ozempic, positioning itself ahead of potential patent expiries and shifting regulatory frameworks.

The UAE drugmaker is exploring partnerships to develop peptide-based injectables using off-patent precursors – drug ingredients that are no longer under exclusive protection – targeting the same class as Novo Nordisk’s Ozempic and Wegovy and Eli Lilly’s Mounjaro.

“We are working with an international company to bring the off-patent version of the precursor and, in the near future, to develop peptides. The precursor of those products [like Ozempic] is already out of patent,” Dr Basem Al-Barahmeh, general manager at Globalpharma, told AGBI.

These drugs, based on semaglutide and tirzepatide, belong to a fast-growing class of so-called GLP-1 therapies that help to regulate blood sugar and appetite, transforming treatment for obesity and type 2 diabetes.

Globalpharma’s move into complex injectables aligns with broader UAE efforts to localise pharmaceutical production and reduce reliance on imports. The company manufactures more than 120 pharmaceutical products and exports to more than 12 countries across Africa, the GCC, Eastern Europe and Asia.

As a subsidiary of Dubai Investments, in which the sovereign wealth fund Investment Corporation of Dubai has an 11.5 percent stake, Globalpharma does not disclose financial information. But Al-Barahmeh said the company has more than doubled sales since 2019, when it became fully locally owned, and expects revenues to treble this year. Gross sales are projected to cross $150 million.

It produces 40 million medicine packs annually from two UAE plants, covering general and penicillin-based treatments.

Al-Barahmeh said Globalpharma will be ready to manufacture generic alternatives locally once patent restrictions ease and regulatory approvals are in place. 

“The capability to produce, develop and analyse is what we are working on,” he said.

“Of course, big companies in the region like us are interested [in manufacturing generics of these drugs] because they are becoming bestsellers.”

Mads Bo Larsen, UAE vice-president for Novo Nordisk, told AGBI last year he was “troubled” by the shortage of Ozempic in the UAE, because of high demand for its weight-loss effects. 

“One-third of the population in the UAE are overweight, one-third obese and one-third [a healthy weight],” he said.

“One billion people in the world have obesity. To satisfy that demand is difficult.”

In China, where semaglutide’s patent expires in 2026, at least 11 local companies are in late-stage trials for generic versions. Brazil’s Hypera Pharma has also said it plans to launch a generic version in the same year.

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Semaglutide remains under patent in major markets including the United States, Japan and Europe until the early 2030s. However, legal challenges and rising demand are accelerating discussions around affordability and early generic access, particularly in emerging markets.

Patent information for semaglutide in the UAE and broader Gulf region is not publicly available.

“Even the World Health Organization has spoken recently about increasing access for those medicines,” Al-Barahmeh said. “Maybe, like the Covid-19 vaccine, they will allow developed countries to make their generic version.”

Dubai Investments CEO Khalid bin Kalban told AGBI in April the group plans to list four subsidiaries and may take one public before year-end, though he did not name the companies.

Globalpharma signed four international agreements this year to develop its pipeline, including a biosimilar partnership with Jordan’s PharmaPrimes and a licensing agreement with Canada’s BioSyent Pharma to bring oral iron supplement FeraMAX to the UAE.

Other agreements with Egypt’s Nerhadou and Spain’s Aora Health aim to expand access to functional supplements.

Despite growing demand, local manufacturers face challenges competing with low-cost imports. Al-Barahmeh called for more government-backed multi-year procurement contracts that give investors more visibility on returns and help de-risk advanced production.

“If you want companies to localise production, they need long-term visibility on returns,” he said.