Over the years, the Indian pharmaceutical market has undergone considerable changes, resulting in an expanded global presence. The first Indian pharmaceutical company, Bengal Chemicals & Pharmaceuticals Limited (BCPL), was established in 1901 in Kolkata with the aim of fulfilling the medicinal needs of the people at an affordable price. Before independence, the Indian market was largely dominated by foreign companies. Later, after 1947, the Indian government took several steps to promote in-house drug manufacturing, and as a result, new companies emerged in the Indian market.

The well-focused research and development activities, low production costs, regulatory compliance, and implementation of Intellectual property rights by the Indian government have led India to become the world’s fourth-largest provider of medicines.

What were the top pharmaceutical companies in the Indian market in 2022?

1) Sun Pharmaceutical Industries Ltd:An Indian multinational pharmaceutical company, Sun Pharmaceutical was founded by Dilip Shanghvi in 1983. The company has a strong presence in more than 100 countries, with its headquarters located in Mumbai, India. It is involved in the manufacturing and sale of pharmaceutical formulations, active pharmaceutical ingredients, and intermediates across different therapeutic areas. Over the past few years, the company has acquired several big companies, including Ranbaxy and DUSA Pharmaceuticals, to expand its business. As per data, the market capitalization of the company in 2022 was INR 237,642 Cr. It is the fourth-largest generic pharmaceutical company in the world and employs more than 38,000 people across the globe.

2) Divi’s Laboratories Ltd: It was founded by Dr. Murali Divi in 1990. The headquarters of the company are located in Hyderabad, India. It is specialised in the manufacturing of generic APIs and nutraceutical ingredients. It also helps innovative pharmaceutical companies in the production of APIs on demand. Divi’s Laboratories is known among the top three API manufacturers in the world, with a market capitalization of INR 95,488 Cr. in 2022.

3) Dr. Reddy’s Laboratories Ltd: Dr. Reddy has a presence in over 66 countries, with its headquarters located in Hyderabad, India. It was founded by Kallam Anji Reddy in 1984. The company focuses on the manufacturing and sale of generics, active pharmaceutical ingredients, branded generics, biosimilars, and over-the-counter pharmaceutical products across different therapeutic areas. With a market capitalization of INR 81,623 Cr. in 2022, it was the third-largest pharmaceutical company in the Indian market.

4) Cipla Ltd: Cipla Ltd. is an Indian pharmaceutical company with a market capitalization of INR 81,158 Cr. in 2022. It was founded by Khwaja Abdul Hamied in 1935 and has a global presence in 80+ countries, with its headquarters located in Mumbai, India. The company specialises in the manufacturing of pharmaceuticals, active pharmaceutical ingredients, and personal care products. It provides approximately 1,500 products across various therapeutic areas in more than 50 dosage forms.

5) Torrent Pharmaceuticals Ltd: Torrent is one of the leading Indian pharmaceutical company with a global presence in approximately 40 countries. It was established in 1959 by U.N Mehta. The company is specialised in therapeutic areas of cardiovascular, central nervous system, gastro-intestinal, diabetology, pain management, and more. The acquisition of foreign companies like Heumann and Bio-Pharm Inc. helped Torrent enter the international market. In 2022, the market capitalization of the company was estimated INR 62,667 Cr.

6) Mankind: Ramesh C. Juneja and Rajeev Juneja, two brothers, founded Mankind in 1991. In addition to pharmaceuticals for both acute and chronic treatments, it produces several consumer care goods. In the past several years, Mankind has acquired many companies to expand its business across different therapeutic areas. It is India’s fourth-largest company in terms of domestic sales (97%+). In 2022, the market capitalization of the company was estimated at INR 62,247 Cr.

7) Zydus Lifesciences Ltd: It was formerly known as Cadila Healthcare Limited. Zydus was founded in 1952 by Ramanbhai Patel. It is specialised in the manufacturing of pharmaceuticals, diagnostics, skincare products, herbal products, and other OTC items. The company has a strong presence in over 25 countries worldwide. With a market capitalization of INR 55,985 Cr. in 2022, Zydus was among the leading companies in the Indian market.

8) Abbott India Ltd: Abbott Laboratories is an American multinational company founded in 1888 by Dr. Wallace Calvin Abbott. It employs over 99,000 people in 150 countries. The company started its operations in Mumbai, India, in 1944 as Abbott India Ltd., which is into the manufacturing and distribution of over 600 products in different therapeutic categories such as women's health, gastroenterology, cardiology, metabolic disorders, and primary care. The market capitalization of the company in 2022 was INR 48,341 Cr.

9) Alkem Laboratories Ltd: It is an Indian multinational company, founded by Samprada Singh in 1973. The company is specialised in the development of active pharmaceutical ingredients, over-the-counter products, generics, branded generics, and nutraceuticals. It is present in 40 countries, with its headquarters located in Mumbai, India. The market capitalization of the company was INR 40,747 Cr. in 2022.

10) Aurobindo Pharma: Aurobindo was established in 1986 by Mr. P. V. Ramprasad Reddy and Mr. K. Nityananda Reddy. The company began operations in Pondicherry between 1988 and 1989 with a single unit making semi-synthetic penicillin; today, it also operates in various therapeutic fields, including gastroenterology, neurosciences, cardiology, anti-retrovirals, anti-diabetics, and antibiotics. The market capitalization of Aurobindo was estimated at INR 39,829 Cr. in 2022. At present, the company employs more than 24,000 people worldwide.