Lupin Limited | Success Story of becoming a multinational pharma company

Lupin Limited | Success Story of becoming a multinational pharma company
Lupin Logo

Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Lupin Limited.

The roots of the pharmaceutical industry come from the era of the 19th century. Knowing how traditional remedies were given based on folk knowledge is amusing. Slowly, the industry saw various developments of new classes of medicines manufactured by giant pharma companies.

Lupin Limited founded in 1968, is one such Indian multinational company that focuses on producing generic products in therapeutic areas including cardiovascular, diabetology, pediatrics, anti-infectives, asthma, and anti-tuberculosis.

If you're interested to know how Lupic became a multination pharmaceutical company, then read this article to find out about its founders and team, its key products, its business model, how it generates its revenue, and many other details.

Lupin Limited - Company Highlights

Headquarters Mumbai
Type Private
Founder Desh Bandhu Gupta
Founded 1968
Revenue 15299.25 Crores- (FY2020-21)

About Lupin Limited
Lupin Limited - Industry details
Lupin Limited - Founder and Team
Lupin Limited - Startup Story
Lupin Limited - Mission and Vision
Lupin Limited - Name, Tagline, Logo
Lupin Limited - Business Model
Lupin Limited - Revenue Model
Lupin Limited - Funding and Investors
Lupin Limited - Mergers and Acquisitions
Lupin Limited - Advertisements and Social Media Campaigns
Lupin Limited - Awards and Achievements
Lupin Limited - Competitors
Lupin Limited - Future Plans

About Lupin Limited

Founded in 1968, Lupin Limited is an Indian global pharmaceutical corporation headquartered in Mumbai, Maharashtra. It offers Branded and Generic Formulations, Biosimilars, and Active Pharmaceutical Ingredients (APIs). It is one of the world's largest generic pharmaceutical firms in terms of revenue. Presently, Lupin is the 6th Largest Indian Pharma as per Market Ranking.

The company is also a major player in the United States, India, and Japan, as well as other countries in APAC, EMEA, and LATAM. Besides this, it is a  global market leader in the Anti-TB and Cephalosporin categories.

Lupin claims to employ almost 20,000 people in 11 countries on six continents, ensuring the safe and dependable supply of medications to patients in 100+ countries. It has 18 world-class production facilities that meet international standards scattered across India, Japan, the United States, Mexico, and Brazil. With seven R&D centers, the company has a powerful research and development team that has aided them in achieving leading positions in generics, complicated generics, APIs, biosimilars, and specialties.

The company has submitted 437 ANDAs (Abbreviated New Drug Applications), 45 first-to-files, and 289 ANDA approvals.

Lupin Limited - Industry details

The constant improvement in the areas of medicines and drugs with huge technological advancements has significantly impacted this space of the pharma industry. Due to this progress, it is anticipated that the pharma industry will see growth at a compound annual growth rate (CAGR) of 11.34% from 2021 to 2028.

Lupin Limited - Founder and Team

Lupin Limited is founded by Indian entrepreneur and billionaire Desh Bandhu Gupta.

Manju Gupta & Desh Bandhu Gupta

Desh Bandhu Gupta

Desh Bandhu Gupta was born in Alwar, Rajasthan 9 years before India got Independent. He had four siblings and was the oldest of them. Mr. Gupta had a master's degree in chemistry from Bombay University. His career began as an associate professor at Rajasthan's Birla Institute of Technology and Science in Pilani. But soon quit teaching and wanted to change and improve the healthcare sector in India.

It is told that Mr.Gupta created Lupin with a start-up capital of Rs 5,000 borrowed from his wife, Manju Gupta. He received an Ernst & Young Entrepreneur of the Year Award in the healthcare sector in 2011, as well as a Frost & Sullivan Lifetime Achievement Award in 2013. Mr. Gupta was also honored into the Hall of Fame posthumously at the CNBC TV18 India Business Leader Awards 2018.

Desh Bandhu Gupta died on June 26, 2017, at the age of 79, in Mumbai. He was married to Manju Gupta. They have five children; four daughters and one son. He was fondly called DBG by his well-wishers.

Desh Bandhu Gupta's net worth was reported to be $3.6 billion at his death.

Manju Gupta

Manju Gupta is the Chairman of Lupin Limited. She is a graduate of Arts from the University of Delhi. Mrs. Gupta has been on the Board of Directors since its inception. She is credited for all the strategic decisions she took and her important contributions to making Lupin one of India's top corporations. She is also the Chairman of the Corporate Social Responsibility (CSR) Committee.

Vinita D. Gupta

Vinita D. Gupta is the eldest daughter of Desh Bandhu Gupta and Manju Gupta. Presently, she is the Chief Executive Officer of Lupin Limited and the chairperson of Lupin Inc (LI), and its US subsidiary, Lupin Pharmaceuticals Inc (LPI).

Vinita Gupta did her bachelor's degree in Pharmacy from the University of Mumbai. She also has an MBA degree from the Kellogg School of Management at Northwestern University, Illinois. When Vinita was the chairman and CEO of Lupin Pharmaceuticals Inc from 2003 to 2013, she extended the US business from 5% to over 45% of Lupin's overall revenue. She joined Intrexon, an American Biotechnology company, as a non-executive director in April 2017.

Along with her brother Nilesh Gupta, the MD of Lupin was awarded Ernst & Young Entrepreneurs of the Year for India in 2015. She also received the Forbes India Leadership Awards 2016 - Entrepreneur of the Year. In 2014, Forbes Asia named her one of the Top 50 Power Businesswomen in the Asia Pacific. Vinita was voted Outstanding Business Woman Leader of the Year and inducted into the Hall of Fame as Most Powerful Women in Business 2016.

Vinita D. Gupta is married to Brij Sharma, a rich investor, and entrepreneur from the United States. They have a son named Krish Sharma and live in Florida.

Nilesh D. Gupta

Born in 1974, Nilesh d. Gupta, the only son of Desh Bandhu Gupta, is the Managing Director of Lupin Limited since September 2013. His key responsibility is in charge of the research, supply chain, production, quality, and regulatory activities of the company.

Nilesh D. Gupta holds a bachelor's degree in chemical engineering from the University Department of Chemical Technology in Mumbai. He also earned his MBA in 2002 from the Wharton School at the University of Pennsylvania in the United States, where he focused on healthcare, strategic management, and finance.

In addition to winning the Ernst & Young Entrepreneur of the Year Award for India in 2015, Nilesh Gupta and his sister Vinita Gupta, the CEO of Lupin, were named "Entrepreneurs of the Year" at the Forbes India Leadership Awards in 2016.

Nilesh D. Gupta's wife's name is Shefali Nath Gupta, and they have a son and a daughter together.

Lupin Limited - Startup Story

In 1968, Lupin commenced its first business. Desh Bandhu Gupta borrowed Rs 5000 from his wife to establish Lupin. In the initial days, the company had only two employees; a peon and a typist. Gradually, the firm was able to launch its production plant for making folic acid and iron tablets for the Government of India's mother and child health program after receiving additional funds from the Central Bank of India.

In 1979, the company established the first formulations facility and research and development center in Aurangabad, India. In 1987, Lupin's Cephalexin facility in Mandideep (Madhya Pradesh) and seven ADCA plants went online.  Afterward, Lupin began producing anti-TB pharmaceuticals, which at one point accounted for 36% of the company's revenues and made it the largest producer of TB medications in the world.

With the rise in the success of Lupin, Lupin Human Welfare and Research Foundation were established by Desh Bandhu Gupta (LHWRF) in 1888. LHWRF is an initiative to elevate poor communities in India through social development activities. This initiative was established long before CSR spending became a part of corporate vernacular.

In 1989, through a joint venture, Lupin Chemicals (Thailand) Ltd. was created in Thailand, and the Ankleshwar and Mandideep factories were given U.S. FDA permits. In 2001, Lupin Research Park, a cutting-edge R&D facility, was opened in Pune, India.

It was in 2003, the United States-based trade, marketing, and development company Lupin Pharmaceuticals Inc. was established. Around 2006, Lupin announced its initial issuance of $100 million worth of Foreign Currency Convertible Bonds (FCCB), which will be listed on the Singapore Stock Exchange. After two years, there was the expansion of the product line at Japan-Kyowa through the Ministry of Health and Labour Welfare's approval of 10 goods.

Since then, Lupin acquired many companies to strengthen its business operations. In 2012, Lupin was included in the NIFTY 50 Index.

Lupin opened a new facility in India's Visakhapatnam and a new plant in Tottori, Japan in 2016. After one year, Desh Bandhu Gupta, the company's founder, passed away in June 2017 and was succeeded as chairman by his wife, Manju Deshbandhu Gupta.

As of today, Lupin has a market capitalization of $ 3.6 billion and is among the top 10 largest generic pharmaceutical companies globally.

Lupin Limited - Mission and Vision

The mission statement of Lupin is, "To become a transnational pharmaceutical company through the development and introduction of a wide portfolio of branded and generic products in key markets."

The company aims to consistently produce high-quality and innovative products that are solely focused to improve the healthcare sector.

The core values that define Lupin are:

  • Integrity
  • Teamwork
  • Passion for Excellence
  • Customer Focus
  • Respect & Care
  • Entrepreneurial Spirit
Lupin's Logo
Lupin's Logo

Desh Bandhu Gupta was inspired by the 'Lupin flower' for which he named the company after it. The Lupin flower is said that it can grow even in harsh conditions and can also nourish the soil at the same time. The flower's ability of unselfish giving and resiliency is what roused Desh Bandhu Gupta to provide quality medical needs to people.

The tagline of Lupin reads, "Research Driven. Quality Committed. Customer Focused."

Lupin Limited - Business Model

The business operations of Lupin cover the whole pharmaceutical value chain, from biotechnology to branded and generic formulations, APIs, biosimilars, specialty drugs, therapeutic areas, and cutting-edge drug delivery technologies. It has produced over 10,000 products till now.

With the creation of medications for the treatment of multi-drug resistant (MDR) tuberculosis, Lupin continues to improve its anti-TB portfolio as the market leader in the anti-tuberculosis market.

The three main business segments of Lupin are:


As mentioned earlier, Lupin is a global leader in Cephalosporins, Cardiovascular, and the anti-TB space. Through GDF procurement, Lupin's business supplies its formulations to more than 50 countries as a strategic provider of anti-TB drugs to the Stop TB Partnership, a global initiative established in 2001 to end tuberculosis as a public health issue.

The top-selling anti-TB compounds from the corporation include ethambutol, rifampicin, and pyrazinamide.

Diagnostics Business

The previous year, in 2021, Lupin entered the diagnostics market. The company has announced to offer a wide variety of diagnostic tests in India, which include molecular diagnostics, cytogenetics, flow cytometry, microbiology, and serology.

Lupin Biotechnology Research Group

Based in Pune, the Lupin Biotechnology Research Group focuses on developing biosimilars. It provides capabilities for product development including clone development, process optimization, analytical method development, bioassay, formulation, stability studies, and non-clinical and clinical studies, all supported by a solid understanding of regulatory and IP issues. To name a few biosimilar products developed by Lupin are - Etanercept, Filgrastim, Peg-filgrastim, and Ranibizumab.

Lupin's business in India, which they call India Region Formulations (IRF) business focuses notably on Chronic illness therapy areas like Cardiology, the Central Nervous System (CNS), Diabetes, Anti-Asthma, Anti-Infective, Gastro Intestinal, and Oncology, and Lifestyle disorders. It operates its business in 12 manufacturing facilities in India, including those in Jammu (J&K), Mandideep & Indore (Madhya Pradesh), Ankaleswar & Dabasa (Gujarat), Tarapur, Aurangabad, and Nagpur (Maharashtra), Goa, Visakhapatnam (Andhra Pradesh), and Sikkim. It has two research facilities located in Pune and Aurangabad.

The corporation sells its medications in 70 different countries, with a presence that includes developed markets like;

United States

Lupin US Division
Lupin US Division

Out of the 77 items sold in the US generics market, the firm is the market leader in 28 of them, and it is in the top three by market share for 57 of them (IMS Health, December 2014): A pediatric antibiotic called Suprax (Cefixime) is Lupin's best-selling item in this region.


The areas of business for Lupin in the European Union include CNS, Cardiovascular, and Anti-Infectives therapies, as well as specialized potential in fields like ophthalmology, dermatology, and oral contraceptives. The company operates its business in Germany through its acquisition of Hormosan Pharma GmbH. Its business in the UK is a direct-market deal.


In Japan, Lupin is one of the Top 10 players in generic medicines. Through its subsidiaries, Kyowa Pharmaceutical Industry Co. Ltd. (Kyowa), and I’rom, Pharmaceutical Co. Ltd (IP), Lupin does business in Japan.


Lupin does business with the help of its subsidiary Generic Health Pte. Ltd. (GH).

South Africa

Lupin South Africa's business dominates the Cardiovascular sector and is expanding in the Neurology, Gastroenterology, and Over-The-Counter (OTC) markets. The company has a variety of wellness initiatives to assist patients in achieving holistic well-being.


Multicare Pharmaceuticals (Multicare), a branded generic firm with a focus on women's health, pediatrics, gastro-intestinal care, and diabetes care, is a subsidiary of Lupin in the Philippines. Its other focus area also includes - rheumatology, respiratory, oncology, neuroscience, and nephrology.

Lupin's business is also spread across Mexico and Brazil with focus areas in visual health, food supplements, respiratory diseases, algology, male health, and angiology.

Lupin's Covid-19 Response

Lupin is said to be among the first of the few companies that offered its support in the fight against Covid-19. The company gave donations in form of money and other materials as a part of its Global Giving Programmes. It has contributed to PM Cares Fund, Launching the Jan Kovid helpline in Mumbai, Bhopal, Indore, and Pune. Furthermore, the company donated meals to frontline healthcare workers and delivered masks and PPE kits to various healthcare institutions in the USA.

Lupin Limited - Revenue Model

As of FY22, the total revenue of Lupin stood at $2.2 billion.

Lupin generates its maximum revenue from India around 38% of revenue, from North America - 36%, Growth Markets (Australia, Brazil, and Mexico)- 9%, EMEA (South Africa and EU)- 9%, and the Rest of the World - 2%. It is also reported that it renders 6% of its revenue through APIs and anti-TB business.

Lupin Limited - Funding and Investors

Baring Private Equity India provided funds to Lupin in Post-IPO Equity round on September 1, 2013. However, the details of the total funds raised by Lupin are undisclosed.

Lupin Limited - Mergers and Acquisitions

Till now, Lupin has purchased nine different businesses. Southern Cross Pharma, a  privately held corporation that supplies pharmaceutical items to the Australian and New Zealand markets, was their most recent purchase as of July 30, 2021.

Date Acquiree name
January 19, 2018 Bio-Pharm
August 1, 2016 Glochem - manufacturing unit
May 5, 2015 ZYG Pharma
December 13, 2013 Elder Pharmaceuticals
June 27, 2005 Excella GmbH

Lupin Limited - Advertisements and Social Media Campaigns

In 2022, Lupin came up with the campaign #BanoKhudSeBehetar to promote its 100% Ayurvedic Energy and Immunity capsules. The ad features Bollywood actor, Hrithik Roshan.

Here's what Anil Kaushal, Head of OTC Business, Lupin, said about the campaign, "In today’s highly demanding times, a product like ‘Be One’ is only increasing in relevance. The consumer today is looking to constantly better themselves and this is where ‘Be One’ comes in as a motivator to ensure they have the energy and health needed in this journey."

During the pandemic time, Lupin launched a campaign with the #BeSafeWithLupiSafe to promote its newly designed hand sanitizer wipes called LupiSafe Wipes. The firm, Contract Advertising, a Wunderman Thompson Group affiliate and a participant in the WPP network, was entrusted with proving the effectiveness of the recently launched germ-kill wipes. The said campaign was introduced during the IPL with a collection of 4 short films for TV and social media channels to improve attention.

Lupin Limited - Awards and Achievements

The list of awards and achievements won by Lupin are:

  • Lupin has won the prestigious ATD (Association of Talent Development) BEST Award
  • Lupin has earned recognition at the 5th Edition of the Global CX Summit, India, for the Joint Airway Initiative (JAI)
  • Lupin was Named Among the ‘Factories of the Future at the Economic Times Promising Plant Awards 2022
  • Lupin's Pithampur team won two awards- 1 Platinum, and 1 Gold at the CII National Technology Competition
  • Lupin has won the Bioprocessing Excellence in South Asia Award at the prestigious Asia Pacific Bioprocessing Excellence Awards 2022 by IMAPAC
  • Lupin's corporate communication team was named among the Top 30 Corporate Communications Teams for 2022 by Reputation Today
  • Lupin won the ‘Digital Pharma Marketing Excellence Award’ for ‘Leveraging Technology for Patient Care at the 6th Edition of DIGIPHARMAX Conclave on Emerging Health Trends in Pharma Digital Marketing & Awards 2022
  • Lupin was awarded Marketing Campaign Of The Year by ET India Pharmaworld Awards for its Awareness, Screening, and Treatment (AST) Campaign
  • Lupin won Businessworld's Diversity and Inclusion Award 2022 for "Outstanding Diversity Network"

Lupin Limited - Competitors

The top competitors of Lupin Limited are:

  1. Sun Pharma
  2. Divi's Laboratories
  3. Dr. Reddy's Laboratories
  4. Cipla
  5. Aurobindo Pharma
  6. Apollo Hospitals
  7. Abbott India
  8. Biocon Limited
  9. Torrent Pharma
  10. Gland Pharmaceuticals
  11. Alkem Laboratories

Lupin Limited - Future Plans

The company is planning to enter the Chinese market to compete with its rivals, Sun Pharmaceuticals, and Dr. Reddy's Labs. Some of its products are waiting to be approved by China.

Lupin also has many new products lined up, which are soon going to be launched in the US. The company is aggressively working on respiratory products.


Who is the CEO of Lupin?

Vinita D Gupta is the CEO of Lupin.

Where is the head office of Lupin?

The head office of Lupin is in Mumbai.

Is Lupin a Multinational Company?

Yes, Lupin is a multinational company based in India.

When did Lupin go public?

Lupin went public on June 24, 1993.

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