Glenmark Pharma Success Story: Discovering advance therapies for a new world

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Glenmark Pharma Success Story

Active pharmaceutical ingredients (APIs) are any compound or combination of substances utilized in a finished pharmaceutical product. The introduction of these APIs is due to the increase in the desire for affordable new medications.

The APIs market is evolving, and many large pharmaceutical manufacturing companies are upscaling their APIs manufacturing process. One of the reasons for this growth is that the APIs market has given rise to opportunities.

If there's one company that is bringing evolution with its creation of generic medications and APIs, then it is Glenmark Pharmaceuticals Limited. The company was founded in 1977 by Gracias Saldanha.

Find out the success story of Glenmark Pharmaceuticals Limited. We have covered all the suitable information related to the company like its founder, startup story, business and revenue model, and many more details.

Glenmark Pharma Limited - Company Highlights

Headquarters-Mumbai, India
Sector-Pharmaceutical Manufacturing
Type-Public
Founder-Gracias Saldanha.
Founded -1977
Revenue -Rs 29,649 million
Total Funding Raised-$58 million
Website-glenmarkpharma.com

Glenmark Pharma Limited - About

The company, Glenmark Pharmaceuticals was established in 1977 to become a preeminent, fully integrated, international pharmaceutical firm. Glenmark seems to have a sizable presence in countries throughout emerging economies, including India, through its imprinted generics business. The company's main efforts lie in making inexpensive, high-quality medicine available to patients worldwide. There are about 100 million patients worldwide who benefit from its generic medications each year.
Glenmark is also a top partner for pharmaceutical firms throughout the world and a global provider of high-quality API goods. Its API Business offers its goods in more than 65 nations, including the US, many EU nations, South America, and India.

Glenmark Pharma Limited - Industry Details

From 13.7% in July 2020, the Indian pharmaceutical market grew at a rate of 17.7% yearly. As per some reports, the Indian pharmaceutical market would generate over 12% YoY growth in sales in FY22.
Besides the tremendous pharmaceutical sector advancements, this industry's revenue totaled $1.27 trillion in 2020. With continuous innovations in the world of medicines and all things pharma, these numbers are only going to increase.

Glenmark Pharma Limited - Founder

Glenmark Pharma Limited's founder is Gracias Saldanha.

Gracias Saldanha

Gracias Saldanha was the founder and CEO of Glenmark Pharmaceuticals. He laid the foundation stone of the company in 1977. Gracias belongs to the village of Saligao, a district in Goa.
Gracias Saldanha was listed at 69th position on Forbes's list of Indian billionaires in 2011. His net worth was estimated at $805 million.
Gracias is popular for his philanthropic activities in Goa and his contributions to boosting Indian generic drugs. For all these activities the pharma company is steadily growing. Gracias Saldanha died on 21s July 2012.

Glenn Saldanha

Glenn Saldanha is the current MD and Chairman of Glenmark Pharma Limited. He gained his bachelor's in Pharmacy from the University of Mumbai and also has an MBA degree from NYU Stern School of Business.
Before joining Glenmark, Glenn worked as a consultant at PwC USA. He has won many awards including EY Entrepreneur of the Year in 2017, Best CEO: Pharma & Healthcare Issued by Business India in 2014,
India Pharma Leader Award is given by the Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers, Govt of India in 2015 to name a few. Glenmark has changed under his direction from an Indian-based generics company to one that prioritizes research and innovation.

Glenmark Pharma Limited - Startup Story

Established in 1977 by Gracias Saldanha, Glenmark's motto was to produce generic medications and active pharmaceutical ingredients. The firm first offered its products in India, Russia, and Africa and later on offered them to other parts of the world. In 1999, the firm went public in India, and a portion of the revenues was utilized to construct its first research center. The generics market in general started transitioning to the end of a period of enormous patent cliffs in the pharmaceutical sector in the middle of the 2010s. Patented drugs with annual sales of about $28 billion were scheduled to come off patent in 2018, but only about $10 billion in sales were projected to be available to competitors in 2019 and even less the following year.
The company specialized in developing novel medications and biosimilars for the treatment of cancer, skin conditions, and respiratory diseases, and it worked with big pharma to make money off of these products.
Glenmark's revenues for the fiscal year 2016–2017 were around 81 billion INR ($1.25 billion), ranking it as the fourth-largest pharmaceutical firm in India.

Glenmark Pharma Limited - Mission and Vision

The vision statement of Glenmark is, "To discover possibilities and make the lives of patients better across the globe by developing cures for unmet medical needs."

Glenmark Pharma Limited - Name, Tagline, Logo

Gracias Saldanha has named the company after his two sons, Glenn Saldanha and Mark Saldanha.
The tagline of Glenmark is, "A new way for a new world"

Glenmark Pharma Limited - Business & Revenue Model

The business model of Glenmark is said to have two categories - Specialty Business and Generic Business.
The business operations of Glenmark involve the manufacturing of generic drugs and APIs, both in the domestic and international markets. Glenmark has several business elements such as Paediatrics, Internal Medicine, Dermatology, Gynaecology, ENT, and Diabetes. It has three cutting-edge R&D centers located in Sinnar (Maharashtra), Taloja (Maharashtra), and Mahape (Maharashtra). The company has a total of 10 manufacturing facilities globally - seven in India (Goa, Sikkim, Nalagarh, Nashik, Indore, Aurangabad) - one in the USA (North Carolina) - one in Argentina (Buenos Aires), and one in Czech Republic (Vysoke Myote).
In the pandemic year 2020, the corporate launched a potential COVID-19 drug Favipiravir under the name FabiFlu in India after studies found that there was some advantage of the drug in COVID-19 treatment. Within a few months of this new drug launch, it conjointly unrolled the next strength version of FabiFlu.
Its business operations include - 10 World class facilities across four continents and operates in over 80 countries.
Glenmark mostly generates its revenue from manufacturing drugs primarily focused on the areas of inflammation - asthma/COPD, rheumatoid arthritis, metabolic disorders - diabetes, obesity and pain - neuropathic pain, and inflammatory pain. As per reports, the company gets about 58% of its revenue from Specialty business formulations coming from the domestic segment.
Glenmark's CSR initiatives are primarily focused on child health through Glenmark Foundation, and over the years, it had a global impact on over 900,000 lives.

Glenmark Pharma Limited - Funding and Investors

Over three rounds, Glenmark Pharmaceuticals has raised $58 million in investment. On August 13, 2018, they received their most recent capital from a Post-IPO Equity round. Three investors are financing Glenmark Pharmaceuticals. The most recent investors are True North and Actis.

Glenmark Pharma Limited - Mergers and Acquisitions

Glenmark Pharmaceuticals have bought four businesses. On March 27, 2007, they made their most recent purchase, Medicamenta.

Glenmark Pharma Limited - Advertisements and Social Media Campaigns

In 2021, Glenmark advertised its talcum powder under the brand name - Candid dusting powder. The advertisement features Rohit Sharma, a renowned cricketer. The video talks about Glenmark's talcum powder's features like anti-bacterial skin solutions, sweat absorbent ability, etc.

Glenmark Pharma Limited - Awards and Achievements

Here's the list of awards and achievements won by Glenmark:

Glenmark has won Best Innovative CSR project at the 5th Edition of the Corporate Social Responsibility Summit and Awards
Glenmark has won Gold Award-Environmental Excellence- Nalagarh Plant-by Apex India Green Leaf Awards 2021
Glenmark has won India Pharma CSR of the Year - Runner Up - India Pharma & India Medical Device Awards 2022
Glenmark has won Safety Environment Strategy Summit & Awards 2022 in the category – ‘Managing Risks and Risk Assessment at Work’.
The Glenmark Foundation won the 8th CSR India Award for outstanding achievements in the ‘Promotion of Healthcare’ category.

Glenmark Pharma Limited - Competitors
Glenmark competes with the following list of top companies:

Dr. Reddy's Laboratories
Cipla Limited
Divi's Laboratories
Lupin Ltd.
Aurobindo Pharma Ltd.
Torrent Pharma
Abbott India
Zydus Lifesciences Ltd.
Pfizer
Gland Pharma Ltd.
Alkem Lab
Ajanta Pharma

The company is planning to invest Rs 600 crores to double its capacity in the coming years. To add, Glenmark is planning to enter more regulated growth markets like Brazil, Russia, Korea, Mexico, Taiwan, and Saudi Arabia.