Novo Holdings Eyes India’s Booming Healthcare Sector with Focus on Specialized Hospitals and Drugmakers

Novo Holdings, the controlling shareholder of obesity drugmaker Novo Nordisk, is ramping up its investments in India’s fast-growing healthcare market, with a strategic focus on single-specialty hospitals and contract drug manufacturers. The life sciences investment arm, which manages assets for the Novo Nordisk Foundation, had €142 billion ($165.6 billion) under management by the end of 2024 and holds a 77% voting stake in Novo Nordisk — the maker of the blockbuster drugs Wegovy and Ozempic.

According to Amit Kakar, Managing Partner and Head of Asia, Novo Holdings has significantly increased its investment scale in India, with average deal sizes now ranging between $50 million and $125 million, up from $20–30 million earlier. The firm has also established a dedicated team in Mumbai to strengthen its presence. Kakar highlighted that the company is particularly bullish on single-specialty hospitals, which he described as the “next phase” in hospital care, citing growing patient preference for specialized facilities in fields such as oncology, maternity, and nephrology.

Novo Holdings is also exploring opportunities in India’s emerging medical technology space and complex drug manufacturing sector, particularly in biologics used for treating critical diseases like cancer. The market for single-specialty hospitals in India is projected to expand from $16.2 billion in 2024 to $40.14 billion by 2032, driven by rising health awareness and chronic disease prevalence. Beyond this, the company is also eyeing investments in senior care and step-down care services, catering to patients recovering from major surgeries or cardiac events.

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