Shanghvi to Become the Richest Man in India

Mr. Dilip Shanghvi is one of the richest Indian businessmen and the founder of Sun Pharmaceutical. He founded Sun Pharmaceuticals in 1983 with his partner, Pradeep Ghosh. He was awarded the civilian award of the Padma Shri in 2016.          

He started his career by helping his father to run their wholesale generic drug business in Kolkata. It was throughout his time working as a drug distributor he took consideration be the owner of his own manufacturing drug business rather than selling others.

He started Sun pharmaceuticals industries with funds of ten thousand in 1982 at Vapi. In the beginning, Mr. Shanghvi had only one psychiatry drug and a partner. Caraco Pharma an American loss-making company was acquired by Sun Pharma with the aim of increasing Sun’s reach into the United States. Later they got hold of Israel’s Taro Pharma in 2007. After their company started running successfully Mr. Shanghvi stepped down as chairman and CEO in 2012. Israel Makov was chosen to be the successor after Mr. Shanghvi stepped down. Israel Makov was the former CEO of Teva Pharma after that Mr. Shanghvi became the managing director.

Everything turned around when Ranbaxy, Sun and Daiichi Sankyo who holds the majority shares in Ranbaxy decided that Sun Pharma should get hold of all outstanding shares worth $3.2 billion of Ranbaxy in Sun’s stock and that Sun would retain $800 million in Ranbaxy debt. Later on, the deal closed in March 2015 and made Sun the major drug company in India and the 5th major in the world.

Modalert is the number one seller of Sun Pharma. In the US Modafinil is sold under the trade name Provigil. Over the years the prices of Provigil kept on increasing which was the main reason Sun Pharma developed Modalert. More than 72% of Sun’s sales are marketed outside India, mainly in the United States.

The United States alone is the largest market accounting for about 50 percent of turnover; altogether it accounts for 93 percent of the turnover including finished dosage forms. Sun Pharma has its manufacturing around 26 location including plants in the US, Canada, Mexico, Brazil, and Israel. The expensive prices of Provigil turned around a lot of profit to Sun Pharma.

Modalert is wakefulness –promoting agent used for the treatment of sleeping disorder like narcolepsy, sleep apnea, and excessive sleeping disorder. Modalert is used off-labeled for fatigue. It has been very popular among students as “study pill”. Modalert helps improve cognitivety and helps gain concentration which is the reason students prefer it over coffee as only a single tablet gives them impressive results. Modalert has been proven to be effective for the treatment of ADHD in adults but is yet not approved by the FDA officially. The US Air Force have approved Modalert for pilots during important missions, as the effectiveness of Modalert would help them stay awake for a longer time and help them be alert.

The effectiveness of Modalert compared to other eugeroic drugs is better and it shows mild side effects. The development of Modalert in alternate to Provigil is one of the reasons Mr. Shanghvi is one of the richest men in India.