After a period of two years out of the billionaire club, Hyderabad-based businessman PV Ramprasad Reddy has marked his return to the list of wealthiest Indians in 2023. The pharma tycoon today commands a massive net worth of over Rs 21,600 crore ($2.6 billion), having begun his career as a humble clerk. His meteoric rise has inspired many other self-made billionaires of the country.
The story of PV Ramprasad Reddy and Aurobindo Pharma is different from the usual stories of success in the pharmaceutical sector. He did not have the science degree and knowledge that most pharma founders rely on. He did his graduation and masters in economics from the Venkateswara University. After working for different companies for a while, he became a small trader in chemicals. Alongside co-founder Nityanand who had some experience of the sector, Reddy started Aurobindo Pharma in 1986 with a single factory in Pondicherry.
Reddy was an entry-level clerk in a purchase department of a firm at one time. Educated in vernacular language and coming from a humble home, Reddy rose over the shortcomings to carve a strategy which ensured growth and least risk. He took his company public in 1995. Instead of focusing on APIs, Aurobindo made a niche in formulations and turned into a generic drug manufacturing giant.
The company today is a leader in cardiovascular, gastroenterological, anti-diabetic and anti-retroviral drugs. Nearly three quarters of its revenue comes from business in Europe and the US. The listed firm Aurobindo Pharma currently has a market cap of over Rs 57,000 crore. One of the most significant moments in his life was when he won the rare honour of being invited by then UN Secretary General Kofi Annan to speak at the United Nations in November 2006, one of the few to do so from his sector.
