Top 10 Pharmaceutical Companies in India 2024 By Market Cap

The pharmaceutical industry in India plays an important role in providing affordable and quality healthcare solutions to millions of people across the country. It contributes sufficiently to the economy of India and plays a key role in the development of the country's healthcare sector. The industry has Observed Wonderful growth over the years and has become one of the leading sectors in the Indian economy.

The pharmaceutical industry's growth in India can depend on various factors, including favorable government policies, advancements in technology, increasing investment, and favorable demographics. The government has taken several initiatives to promote the industry and attract foreign investment. This has led to the establishment of new manufacturing plants, research and development facilities, and collaborations with global pharmaceutical companies.

Government policies for the pharmaceutical industry in India

The Indian government has implemented various policies to support the growth of the pharmaceutical sector. These policies aim to foster innovation, enhance competitiveness, and ensure affordable access to medicines for the citizens of India.

One of the key policies is the Drugs and Cosmetics Act, which governs the production, sale, and distribution of pharmaceutical products in India. It ensures that the drugs manufactured and sold in the country are safe, effective, and of good quality. The act also provides for the establishment of regulatory bodies such as the Central Drugs Standard Control Organization (CDSCO) to ensure compliance.

The government has also implemented various schemes and initiatives to promote research and development in the pharmaceutical sector. These initiatives provide financial assistance to pharmaceutical companies for conducting clinical trials, establishing research centers, and developing new formulations.

The implementation of the Patents Act, 1970, has enabled the pharmaceutical industry in India to secure intellectual property rights for their products. This has provided incentives for companies to invest in research and development and protect their innovations.

Furthermore, the government has liberalized foreign direct investment (FDI) norms in the pharmaceutical sector, allowing global companies to establish 100% owned subsidiaries in India. This has attracted significant investment from foreign companies and has opened up new avenues for collaboration and technology transfer.

Top Pharmaceutical Companies List by Market Capitalisation

India is one of the world's largest pharmaceutical producers and is home to several renowned pharmaceutical companies. These companies play an essential role in the healthcare industry, contributing to the development of innovative drugs and treatments. In this blog post, we will provide a brief overview of the top 10 pharmaceutical companies operating in India.

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1. Sun Pharmaceuticals Industries Ltd

• Market Cap: ₹ 361,543.79 Cr.
• Sales (latest quarter): ₹ 11982.9 Cr.
• Net Profit (latest quarter): ₹ 2658.74 Cr.
• Quarterly profit growth: 28.7 %
• Exchange: BSE, NSE
• Official Website: sunpharma.com

Sun Pharmaceutical Industries Ltd. (Sun Pharma) is the world's fourth largest specialty generic pharmaceutical company with revenues of US$ 5.4 billion. We provide high-quality, affordable medicines to more than 100 countries, supported by 43 manufacturing facilities.

As a manufacturer and marketer of pharmaceutical formulations, we cover a wide range of chronic and acute therapies. It includes generics, branded generics, specialty products, over-the-counter (OTC), antiretrovirals (ARVs), active pharmaceutical ingredients (APIs) and intermediates. Over 2000 high-quality molecules are available in multiple dosage forms, including tablets, capsules, injectables, inhalers, ointments, creams, and liquids. More than 30 billion doses are sold every year in neuro-psychiatry, cardiology, gastroenterology, anti-infectives, diabetology, oncology, ophthalmology, dermatology, urology, nephrology, and respiratory.

Investing up to 6-8% of our global revenues into Research and Development (R&D) every year makes us one of the first Indian pharmaceutical companies to realize the importance of investing in research. We excel at developing generics and technologically complex products with our dedicated teams in formulations, process chemistry, and analytical development. Additionally, we develop liposomal products, inhalers, lyophilized injections, nasal sprays, and controlled release dosage forms.

Sun Pharma has grown from humble beginnings in 1983 to become one of the world's largest generic pharmaceutical companies. Currently, we are one of the largest pharmaceutical companies in India. As one of the leading generic pharmaceutical companies in the US, we are ranked second by prescriptions in the generic dermatology market. With a presence in over 80 markets, we are the largest Indian company in emerging markets. Our key emerging markets include Brazil, Mexico, Russia, Romania, and South Africa. Among others, we are present in Western Europe, Canada, Australia, New Zealand, Japan, and China. As a result of our presence in emerging markets and the developing world, our teams are able to cross-sell and build brands effortlessly.

2. Cipla Ltd

• Market Cap: ₹ 120,887.21 Cr.
• Sales (latest quarter): ₹ 6163.24 Cr.
• Net Profit (latest quarter): ₹ 931.87 Cr.
• Quarterly profit growth: 48.8 %
• Exchange: BSE, NSE
• Official Website: cipla.com

Cipla is committed to providing high-quality and affordable medicines to patients in need. This is why health care professionals and patients around the globe have trusted us for eight decades. Cipla was built brick-by-brick on the foundation of care. The guiding principle of Caring For Life has always been, and will remain, our guiding principle. We provide over 1,500 products across various therapeutic categories in over 50 dosage forms across 80+ countries driven by the same purpose. By expanding our presence in India, South Africa, the U.S., and other emerging economies, we are making healthcare more affordable around the world.

Cipla has been dedicated to making a difference to patients for over eight decades. With the paradigm-changing offer of triple antiretroviral therapy at less than a dollar a day in Africa in 2001, we contributed to bringing inclusiveness, accessibility, and affordability to the HIV movement. As a responsible corporate citizen, Cipla's humanitarian approach to healthcare and its deep rooted community connections make it a partner of choice for global health bodies.

We have 4,000+ partners covering the entire country with our Generics business in India contributing 19% of the domestic pharmaceutical revenue. A highly fragmented market with 5,000+ pharmaceutical players makes the business extremely competitive. The business continued to lead the market despite competition pressures and on-going regulatory challenges in the year under review. We are focused on strengthening our position in Tier 3 and Tier 4 towns as well as expanding our product portfolio to meet the needs of our patients. As a result of uncertain policies regarding trade margins, branded generics, DPCOs, and product approvals, the Generics business continues to operate in a challenging regulatory environment.

3. Divi's Laboratories Ltd

• Market Cap: ₹ 120,099.31 Cr.
• Sales (latest quarter): ₹ 2303 Cr.
• Net Profit (latest quarter): ₹ 538 Cr.
• Quarterly profit growth: 67.6 %
• Exchange: BSE, NSE
• Official Website: divislaboratories.com

Divi's has been manufacturing pharmaceuticals in Hyderabad, India for over 30 years and is one of the top pharmaceutical companies in the country. Divi's is recognized as a reliable supply source of generic APIs (active pharmaceutical ingredients) and as a trusted manufacturer of custom APIs for Big Pharma. Over 100+ countries trust Divi's to provide high quality APIs (Active Pharmaceutical Ingredients), Intermediates and Registered starting materials.

Divi's recently reached the milestone of being one of the top API manufacturers in the world. The 16,500 highly trained professionals and 400 scientists at Divi's work together to deliver world-class products. Divi's is a publicly traded Indian company with a revenue of ~$1.2B for the year 2021-22. Both Hyderabad and Vizag advanced manufacturing facilities have been inspected multiple times by FDA, EU GMP (UK, Slovenia, German, Irish authorities), HEALTH CANADA, TGA, ANVISA, COFEPRIS, PMDA and MFDS.

Through sustainable leadership in chemistry, we envision creating value for all stakeholders through manufacturing high-quality generic APIs, custom API synthesis, intermediates, and nutraceuticals to the global pharmaceutical and nutraceutical market. Divi's strives to be a responsible business by adding value through our core competency in chemistry while adhering to our core values, and serving its immediate community and the larger community through a variety of social initiatives that will help build a better tomorrow for everyone.

4. Zydus Lifesciences Ltd

• Market Cap: ₹ 106,238.18 Cr.
• Sales (latest quarter): ₹ 5533.8 Cr.
• Net Profit (latest quarter): ₹ 1246.1 Cr.
• Quarterly profit growth: 94.59 %
• Exchange: BSE, NSE
• Official Website: zyduscadila.com

Zydus Lifesciences Limited (formerly Cadila Healthcare Limited), a leading Indian pharmaceutical company, provides global healthcare services. It has deep domain expertise in the healthcare sector, as well as strong capabilities throughout the pharmaceutical value chain. Zydus provides comprehensive and complete healthcare solutions to Indian pharmaceutical companies, from formulations to active pharmaceutical ingredients and animal healthcare products to wellness products.

History and lineage are two salient features of Zydus. The company has its roots in the 1950s. In 1952, it was founded by Mr. Ramanbhai B. Patel (late), a first-generation entrepreneur in the Indian pharmaceutical industry.

In 1995, Cadila Healthcare was formed under the Zydus group aegis after the group was restructured. In FY-24, the group's turnover increased from Rs. 250 crores in 1995 to over Rs. 19,500 crores.

In line with its brand promise, Zydus continues to innovate with an unwavering focus on addressing the unmet healthcare needs of all people. It also rededicates itself to its mission of creating healthy and happy communities worldwide.

5. Dr Reddy's Laboratories Ltd

• Market Cap: ₹ 101,113.56 Cr.
• Sales (latest quarter): ₹ 7113.8 Cr.
• Net Profit (latest quarter): ₹ 1309.8 Cr.
• Quarterly profit growth: 36.42 %
• Exchange: BSE, NSE
• Official Website: drreddys.com

Dr Reddy's Laboratories Ltd was started in 1984 with a modest investment and a bold vision. With research and development centers, manufacturing facilities, and commercial presence around the world, we serve more than half a billion patients. The goal is to triple our reach and touch over 1.5 billion patients by 2030. Our purpose of 'Good Health Can't Wait' drives our commitment to providing access to affordable and innovative medicines.

In addition to APIs, generics, branded generics, biosimilars, and over-the-counter pharmaceuticals, we offer a variety of products and services around the world. Among our areas of expertise are gastroenterology, cardiovascular disease, diabetes, oncology, pain management, and dermatology. We invest in businesses of the future including drug discovery, clinically-differentiated assets and digital healthcare.

Our deep science capabilities enable us to innovate for patients. Investing in complex chemistry and biology has led to several firsts. We were the first in India to export APIs at scale and introduce many new molecules. During the 1990s, we initiated novel drug discovery in India and received 180-day exclusivity from the USFDA in the 2000s. Being first to market helps us deliver on our promises. 

In pharma, we pioneered practices such as self-managed teams. As part of our 'New Horizons Leadership Programme', we develop leaders. We invest in people capabilities to benefit not only our company but also the industry as a whole. We have set bold goals for our diversity, equity, and inclusion journey. Creating an environment where people can reach their full potential through work and continuous learning is our goal.

In 2001, we became the first Asian pharmaceutical company outside of Japan to list on the New York Stock Exchange. In every activity we undertake, we adhere to the highest standards of compliance, ethics, and quality. Our stakeholders consistently recognize our governance. We strive to maintain the trust our stakeholders place in us by setting high standards. Transparency and progressive disclosures remain our top priorities.

6. Torrent Pharmaceuticals Ltd

• Market Cap: ₹ 96,281.71 Cr.
• Sales (latest quarter): ₹ 2745 Cr.
• Net Profit (latest quarter): ₹ 449 Cr.
• Quarterly profit growth: 56.45 %
• Exchange: BSE, NSE
• Official Website: torrentpharma.com

The flagship company of Torrent Group, Torrent Pharma, is a leading pharma company in the country. The Company was a pioneer in introducing the concept of niche marketing in India and today is among the leading players in the therapeutic segments of cardiovascular (CV), central nervous system (CNS), gastrointestinal (GI), women healthcare (WHC), Vitamin Minerals Nutritionals (VMN) and Cosmo-Dermatology. Furthermore, the company has a significant presence in diabetology, pain management, gynecology, oncology, and anti-infectives.

World-class manufacturing facilities, advanced R & D capabilities, a comprehensive domestic network, and a presence in over 50 countries contribute to Torrent Pharma's competitive advantage.

It strengthened Torrent Pharma's position in the Indian Pharma market by acquiring Elder Pharma's Indian branded business in 2013, Zyg Pharma's dermatological business in 2015, Glochem Industries' API plant in 2016, Novartis' women's healthcare brands, Unichem's Indian branded business with its Sikkim Plant in 2017 and Curatio in 2022.

Torrent Pharma began international acquisitions in 2005 with the acquisition of 90-year-old Heumann from Pfizer. In 2015, Ranbaxy purchased the ANDA for Minocycline for the US market from the company.

By successfully implementing the concept of niche marketing, Torrent Pharma pioneered the Indian Pharmaceuticals industry. We were pioneers in initiating the concept of niche marketing and today, we are ranked amongst the leaders in therapeutic segments such as cardiovascular (CV), central nervous system (CNS), gastrointestinal (GI) and women's healthcare (WHC), Vitamins Minerals Nutritionals (VMN) and Cosmodermatology. Diabetes, pain management, gynecology, oncology, and anti-infectives are also significant segments for the company.

As an international company, Torrent Pharma operates in regulated and emerging markets across 50 countries, including the United States, Europe, Brazil, and the Rest of the World. With major operations in Brazil, Germany, and the United States, the Company operates through its wholly owned subsidiaries spread across 12 nations.

7. Mankind Pharma Ltd

• Market Cap: ₹ 85,235.13 Cr.
• Sales (latest quarter): ₹ 2152.69 Cr.
• Net Profit (latest quarter): ₹ 454.17 Cr.
• Quarterly profit growth: 61.63 %
• Exchange: BSE, NSE
• Official Website: mankindpharma.com

Founded in 1995, Mankind Pharma Ltd is the fourth largest pharmaceutical company in India based on domestic sales. Our company develops, manufactures, and markets a variety of pharmaceutical formulations for acute and chronic health conditions, as well as consumer healthcare products. We provide quality products at affordable prices and have a track record of building and scaling brands in-house in the Indian pharmaceutical formulations and consumer healthcare sectors.

In our domestic pharmaceuticals business, we have a broad range of formulations across various acute and chronic therapeutic areas, including anti-infectives, cardiovascular, gastrointestinal, anti-diabetic, neuro-CNS, vitamins/minerals/nutrients and respiratory. Several differentiated brands are available in our consumer healthcare business, including condoms, pregnancy detection, oral contraceptives, antacid powders, vitamin and mineral supplements, and anti-acne preparations.

Our manufacturing facilities are located in Himachal Pradesh, Sikkim, Rajasthan, Andhra Pradesh, Maharashtra and Uttarakhand. As of May 31, 2024, we employed 5,116 manufacturing personnel. As of May 31, 2024, we have the capacity to manufacture 43.5 billion units of formulations per year across a variety of dosage forms, including tablets, capsules, syrups, vials, ampoules, blow fill seals, soft and hard gels, eye drops, creams, contraceptives and other over-the-counter products. As a result of our commitment to process excellence and improvement, we have won awards from Frost & Sullivan (India Manufacturing Excellence Awards), International Research Institute for Manufacturing (National Award for Manufacturing Competitiveness), Institute of Directors (Golden Peacock Occupational Health and Safety Award 2020 at the Golden Peacock Awards), Confederation of Indian Industry, and Quality Circle Forum of India, among others.

8. Lupin Ltd

• Market Cap: ₹ 74,266.76 Cr.
• Sales (latest quarter): ₹ 4960.79 Cr.
• Net Profit (latest quarter): ₹ 368.22 Cr.
• Quarterly profit growth: 52.33 %
• Exchange: BSE, NSE
• Official Website: lupin.com

Lupin's journey is a testament to the potential of human imagination, compassion, and unfailing determination. From humble beginnings in 1968, Lupin has evolved into a global healthcare leader under the leadership of our visionary founder, Dr. Desh Bandhu Gupta. The company is headquartered in Mumbai, India, and operates across North America, Latin America, Asia-Pacific, and Europe, offering over 1,000 products in more than 100 countries.

Lupin continues to be committed to its mission of making quality healthcare accessible to everyone, inspired by the resilient lupin flower that grows in challenging conditions. Our goal is to leave a positive impact on society and nurture the communities we serve.

We are the leading manufacturer of generics, complex generics, APIs, specialty, and biologics thanks to our strong manufacturing capabilities and research and development capabilities. Its commitment to innovation and patient-centricity has fueled Lupin's success in therapeutic areas such as cardiovascular health, tuberculosis, diabetes, respiratory disorders, gastrointestinal disorders, and women's health.

We at Lupin believe that true success lies in the convergence of business growth and social impact. We are committed to uplifting the communities we serve beyond healthcare. Lupin Human Welfare and Research Foundation (LHWRF) channels this commitment through two pillars: Improving Lives and Improving Livelihoods. As a result of our commitment to social responsibility and sustainable change, we positively impact the lives of over 2.5 million people in 5,431 villages across nine states in India.

9. Aurobindo Pharma Ltd

• Market Cap: ₹ 74,130.02 Cr.
• Sales (latest quarter): ₹ 7580.15 Cr.
• Net Profit (latest quarter): ₹ 907.35 Cr.
• Quarterly profit growth: 92.29 %
• Exchange: BSE, NSE
• Official Website: aurobindo.com

Aurobindo Pharma was founded in 1986 by Mr. P.V. Ramprasad Reddy and Mr. K. Nityananda Reddy, along with a small group of highly committed professionals. At Pondicherry, the company began operations in 1988-89 with a single unit manufacturing semi-synthetic penicillin (SSP).

The shares of Aurobindo Pharma were listed on the Indian stock exchanges in 1995 after the company became a public company in 1992. Furthermore, Aurobindo Pharma has a presence in key therapeutic segments including neuroscience (CNS), cardiovascular (CVS), anti-retrovirals, anti-diabetics, gastroenterology, and antibiotics.

A few loyal customers and cost-effective manufacturing capabilities helped the company enter the high margin specialty generic formulations market. Today, Aurobindo Pharma manufactures active pharmaceutical ingredients and formulation products. With manufacturing facilities in several countries, it is focused on R&D and has a multi-product portfolio.

Formulation business is systematically organized with a divisional structure, and key international markets are covered by a focused team. Through its large manufacturing infrastructure for APIs and formulations, wide and diversified product portfolio, and confidence of its customers, Aurobindo achieved revenue of USD 2.6 billion in FY2017-18. Aurobindo's 11 API/intermediate units and 15 formulation units (10 in India, 3 in USA, 1 in Brazil, 1 in Portugal) meet both advanced and emerging market requirements.

In terms of consolidated revenues, Aurobindo Pharma ranks among the top two pharmaceutical companies in India. Around 90% of Aurobindo's revenues come from international operations, which extend to over 150 countries across the globe. Multinational companies are among our customers. With multiple facilities approved by leading regulatory agencies such as USFDA, EU GMP, UK MHRA, South Africa-MCC, Health Canada, WHO and Brazil ANVISA, Aurobindo utilizes its in-house research and development to rapidly submit patent applications, drug master files (DMFs), and abbreviated new drug applications (ANDAs) worldwide. Aurobindo Pharma is one of India's largest filers of DMFs and ANDAs.

10. Alkem Laboratories Ltd

• Market Cap: ₹ 59,257.61 Cr.
• Sales (latest quarter): ₹ 2935.82 Cr.
• Net Profit (latest quarter): ₹ 304.48 Cr.
• Quarterly profit growth: 201.04 %
• Exchange: BSE, NSE
• Official Website: alkemlabs.com

Alkem began its remarkable journey 50 years ago with the vision of transforming India's pharmaceutical sector. Today, with a footprint in 40 countries, 19 manufacturing plants, over 800 brands, and many, many milestones later, we have an assemblage of stories enriched with pioneering work. The generic and specialty pharmaceutical sector in India is dominated by Alkem. Hard work, perseverance, and grit contributed to our legacy by taking a path with barely any footprints and a lot of latent potential. Our commitment to people, innovation, and service to the community led to Alkem - a journey driven by a single idea.

Ranking consistently among the top ten pharmaceutical companies in India, we are committed to making a positive impact on people's lives. Among our portfolio are eminent brands like Clavam, Pan, Pan-D and Taxim-O, which rank among the top 50 pharmaceutical brands in India.

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Conclusion

In conclusion, the pharmaceutical industry in India holds highly potential and plays a significant role in providing affordable and accessible healthcare solutions. The government's supportive policies, advancements in technology, and a growing market provide bumper opportunities for growth. However, the industry also faces challenges, such as rising costs and competition from generic manufacturers. To capitalize on the opportunities and overcome these challenges, the Indian pharmaceutical industry needs to focus on innovation, cost competitiveness, and quality of products.

Indian pharmaceutical industry is home to several renowned companies that play a significant role globally. These top 10 pharmaceutical companies in India are at the forefront in terms of product development, manufacturing, and commercialization. Their contributions to the healthcare sector are commendable and they continue to drive advancements in drug discovery and treatment.