PHARMA'S RICHEST RIDE DEMAND TAILWINDS

The stellar run continues post-Covid as promoters reap benefits of growth in India and new launches in key markets.

-  Joe C. Mathew

DILIP SHANGHVI AND FAMILY

WEALTH: ₹1,42,282 crore

CYRUS SOLI POONAWALLA

WEALTH: ₹2,70,725 crore

HASMUKH CHUDGAR AND FAMILY

WEALTH: ₹68,491 crore

SINCE THE START OF COVID-19, Centre has procured 175.41 crore doses of vaccines, of which 130.1 crore (Covishield) were supplied by one company—Pune-based Serum Institute of India Pvt. Ltd. (SIIPL). SIIPL got ₹25,585.88 crore out of ₹36,397.65 crore the government spent on buying Covid-19 vaccines till July 31, 2023.

For healthcare industry, Covid revenues are history now, but SIIPL, the world’s largest vaccine maker by volumes which produces over 1.5 billion vaccine doses every year for sale in 170 countries, continues to enjoy economies of scale. “SIIPL’s diversified product profile and new products under development shield it from sharp revision in price of any vaccine. Further, vaccine manufacturing is highly regulated. Need for approvals from WHO and USFDA (for sale in U.S.) along with huge capital and research and development expenditure limit threat from new entrants,” says credit rating firm Care Edge. SIIPL has been enjoying profit before interest, lease, depreciation and tax (PBILDT) margins of 54-55%. The all-weather performance explains the 66.24% jump in wealth of promoter Cyrus Soli Poonawalla in Fortune India’s Rich List this year.