Introduction to Sun Pharmaceutical Industries Ltd.
Established in 1983, listed since 1994 and headquartered in India, Sun Pharmaceutical Industries Ltd is an international, integrated, speciality pharmaceutical company. It manufactures and markets a large basket of pharmaceutical formulations as branded generics as well as generics in India, U.S. and several other markets across the world. In India, the company is a leader in niche therapy areas of psychiatry, neurology, cardiology, diabetology, gastroenterology, and orthopaedics. The company has strong skills in product development, process chemistry, and manufacturing of complex API, as well as dosage forms. Sun Pharma was a start-up company with five products. Since 1996, Sun has grown largely through a combination of internal growth, and acquisition of other pharmaceutical companies. The company has shifted work related to new molecules and drug delivery systems to a company, SPARC, which is listed on the Indian stock exchange. Social concerns for Sun Pharmaceutical Industries Ltd.
The sun pharmaceutical company has benefited patients in India and many poor countries by providing them access to affordable drugs and treatments. It is also increasingly complying with good manufacturing practices (GMP) and investing in R&D for diseases like malaria and tuberculosis that are peculiar to tropical countries. Further, for greater market access the company has also started acquiring foreign firms. As an example Sun Pharmaceuticals acquired Caraco of the U.S. in 1997 and increased its stakes further in 2003.It is imperative that the deregulation and decontrol of the industry should proceed in such a manner that prices of essential drugs remain affordable to consumers since this industry has direct implications for healthcare and social welfare. Along with emerging national and international pharmaceutical standards and other high barriers to entry in the global industry, top firms and companies are attempting to further define their particular company by developing appropriate business standards in a manner that insures product safety. Often, the regulations and standards developed by individual firms are more stringent than the international standards and they attempt to establish confidence among the firms core constituency. Many of the "responsible business standards" developed by the top firms in the pharmaceutical industry (Pfizer, Johnson and Johnson, Merck, and GlaxoSmithKline) are being created voluntarily in order to secure a niche in a global market place where product liability is a key factor in determining success. Many of the standards developed by these firms address issues like child labor, workplace conditions, and the "responsible care" of the environment. Threats and Opportunities for Sun Pharmaceutical Industries Ltd. The challenge before the pharma companies is a difficult one. The dilemma is to balance increased commitment to CSR in developing countries and elsewhere against the demands of investor and financial markets to generate sufficient financial returns on extensive investments in R&D. Further it is necessary for pharma companies to deliver drugs at a price the consumer can afford. But taking example from the other pharmaceutical companies like Ranbaxy, Sun pharma can also work in the research of Anti-Malaria, Anti-HIV Drugs and other such areas which the current developing countries are finding difficult to handle. This will also act a solution to the problem cited above and thus the companies R&D and CSR can both go hand in hand.
Initiatives taken by Sun Pharmaceutical Industries Ltd.
The organization has identified health, education, disaster relief, and periodically, patient awareness, as areas of priority. The emphasis has been assistance on a need basis, and that too, assistance at a local level. Considering the above these are the initiatives the company has taken. •
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