In a quiet village, a man contemplated his years of hard work for others, realising he had the potential to build something monumental for himself. Gracias Saldanha, after 12 years of earning for others, returned to his village with a dream and a modest investment of just ₹1 lakh. That dream, conceived in 1977, laid the foundation for what is today Glenmark Pharma, a company valued at an astonishing ₹41,000 crores.
Born in the picturesque village of Saligao, Goa, Gracias Saldanha named his company Glenmark after his two sons, Glenn and Mark. Despite its international-sounding name, Glenmark Pharma is a true Indian success story. Saldanha, one of Saligao's first graduates with a master's degree in science, noticed the poor health conditions in his village upon returning home. This observation sparked his desire to create affordable and effective medicines.
Starting Glenmark with a clear mission to manufacture generic medicines and active pharmaceutical ingredients (APIs), Saldanha faced numerous challenges. However, within two years, his perseverance paid off. In 1979, Glenmark launched its first product, Candid cream, which quickly became a trusted remedy for fungal infections. Following this success, the company introduced Ascoril for cough relief in 1985, further cementing its reputation.
Glenmark's innovative products did not just make waves in India but also garnered international attention. By 1999, Glenmark had gone global, establishing a Research and Development centre in Sinnar, Nashik, and launching an IPO in 2000. With strategic research and four major out-licensing deals, Glenmark became India’s fifth-largest pharmaceutical company by 2008, with a valuation of ₹8,160 crores.
From 2003 to 2014, Glenmark's revenue soared from ₹260 crores to ₹6,010.37 crores, with 66% of its income derived from international markets. By 2018, Glenmark’s portfolio had expanded to over 6,000 products, including treatments for respiratory conditions, skin disorders, and cancer, making it India’s fourth-largest pharma company.
As of March 2024, Glenmark reported an impressive revenue of ₹9,059.1 crores, with a net profit of ₹5,167.3 crores. Gracias Saldanha’s legacy endures through the Saldanha family trust, which holds 45.45% of the company's shares. Although Saldanha passed away in 2012, his vision and dedication have left an indelible mark on the global pharmaceutical industry.
