The GLP-1 Reckoning

Semaglutide’s India patent cliff already happened (March 20, 2026) with 50+ generics on pharmacy shelves. This is not new.What is new is that Retatrutide just posted ~28% weight loss in Phase 3. Amgen’s antibody-peptide conjugate MariTide is racing toward monthly dosing. And the “30% tariff” story everyone’s repeating isn’t actually what’s in the Section 232 text. In this week’s episode of My Pharma Reviews, I unpack what has changed in the GLP-1 market. I think it is the shape of the opportunity. It has splintered into at least five separate businesses that used to look like one - a) the molecule business, b) the delivery business, c) the indication business, d) the manufacturing business, and e) the trade-policy business. Listen in.“My Pharma Reviews - The Podcast” is now available for you to listen on your favourite podcasting apps like Spotify and Apple. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit mypharmareviews.substack.com