The success story behind Glenmark

The story begins in 1977. Saldanha starts a pharmaceutical company named after his two sons - Glenn and Mark. This is the beginning of a global pharmaceutical company - Glenmark Pharmaceuticals.

After a Master’s degree in Science from Bombay University and a Diploma in Management Studies from Jamnalal Bajaj Institute, Gracias Saldanha was equipped with theoretical knowledge. He acquired practical knowledge by working in multiple pharmaceutical companies for over 12 years. With all his learnings he decided to chart his own course. 

So the story begins in 1977. Saldanha starts a pharmaceutical company named after his two sons - Glenn and Mark. This is the beginning of a global pharmaceutical company - Glenmark Pharmaceuticals. The venture started with an initial investment of Rs 1 lakh and just three employees. Initially, the company heavily focuses on the new chemical entity (NCE) and a new biological entity (NBE). 

After two years of inception, they enter the dermatological market with their famous Candid Cream. Later in 1985, the company launched another product that captured the market named Ascoril. They then placed greater emphasis on R&D and opened a department in Nashik in 1987. Two years later they started their operations in multiple countries including Mauritius, Kenya, Afghanistan and more. 

In 1998, Glenn took the reins of the company from his father. He proved his worth and within 8 years the company recorded a ten-fold growth. The company now had operations in 80 countries and had a turnover of $7.5 billion. One thing his MBA from New York University had taught him was the value of research. Despite the cynicism of investors at the time, Glenmark spent 8% of company revenue on R&D, a number unheard of within the industry. 

By 2008, Glenmark was the fifth biggest pharmaceutical company in India. By 2011, the founder became the richest man solely because the company entered the USA and European markets. In 2015, the Cabinet Committee on Economic Affairs agreed on the foreign investment proposal worth Rs 4187 crore for two pharmaceutical companies, one of which was Glenmark. 

In 2017, the companies total income was Rs 8243.74 crores. But the number declined to Rs 6780.48 crores by 2019. Since the pandemic, the company has again seen a steady rise. Their total income in 2020 was Rs 7319.42 crores and this year it was Rs 7964.17 crores. At the CSR Summit 2019, the company was honoured with ‘CSR Foundation of the Year Award’.

Tags : #Glenmark #GraciasSaldanha #GlennSaldanha #Indiapharmacy #pharmaceuticals #success #startup #smitakumar #medicircle

About the Author

Priyal Shah

Priyal Shah is a graduate of Media from Mithibai College, Mumbai. She is a writer, researcher and avid reader.

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