- Gracias Saldanha, born in Saligao village, Goa, made his community proud by becoming one of the first graduates from Saligao to earn a master’s degree in science from Bombay University. Upon returning to his village, he was dismayed by the poor health conditions and felt compelled to take action. 🤔
- After 12 years of experience with various pharmaceutical companies, he aspired to create something of his own. With Rs 1 lakh and three employees, he founded a company named after his two sons, Glenn and Mark. Thus, on November 18, 1977, Glenmark Pharmaceuticals was established. 🚀
- His vision was straightforward ⏩ to produce generic medications and active pharmaceutical ingredients (API). Initially, Gracias focused on new chemical entities (NCE) and new biological entities (NBE), which had the potential to become disease treatments after trials. However, he realized this would take time and needed an alternative approach. 👇
- Two years later, he decided it was time to launch his products. Following its success, Gracias introduced Ascoril in 1985 to alleviate coughs. And then, magic happened. 🪄
- Both Candid and Ascoril not only dominated the Indian market but also gained demand in countries like Mauritius, Kenya, and Afghanistan. As Glenmark expanded globally in 1999, an R&D center was opened in Sinnar, Nashik, to focus on further drug development. Then came the year 2000. 👇
- The company continued to prioritize research, opening two NCE/NBE centers and API facilities.
- While other companies struggled with patent filings, Glenmark experienced rapid growth. Its revenue soared from 260 CR in 2003 to 6010.37 CR by 2014. The company became a billion-dollar entity by sales, with 66% of its revenue coming from the USA, Latin America, Europe, and over 80 countries. Glenmark entered the list of the top 80 pharmaceutical companies worldwide. 🌍
- By 2018, Glenmark had expanded from producing Candid cream to offering 6000 products in the Respiratory, Dermatology, and Oncology therapeutic areas. With a revenue of 9185.34 CR and operations in 80 countries, it became the fourth-largest pharmaceutical company and the second fastest-growing company in India. 🇮🇳
- Today, Glenmark boasts a revenue of 12,653 CR, with ten manufacturing sites and four research centers globally. The company is valued at 40,000 CR. 💪
➡️ In 2011, Gracias Saldanha was the 69th richest Indian and the wealthiest Goan, worth 3700 CR. However, his true legacy is his son Glenn Saldanha, who has continued to uphold and expand his father’s vision beautifully. 🙏