Pharmaceuticals has traditionally been a tricky business, even before the pandemic struck. Whether it is cost control or the increasing competition for generics, the industry has been rocked by a confluence of factors, directly impacting the growth of companies. Still, however difficult the conditions may have been in the pharma sector, some firms have still managed to register an unprecedented growth. From Sanjeev Nanda’s PharmAid to Gliead Sciences by Daniel O’Day, below are some of the most rapidly growing companies in the pharmaceutical sector, which have made their mark through innovation. Read on:
Established in 2017 as a joint venture between Russia’s Rostec State Corporation and Sanjeev Nanda’s Dubai-based Ishvan Pharmaceuticals Ltd, PharmAid is a relatively new name in the pharma sector. However, this hasn’t deterred the company’s MD Sanjeev Nanda from making progress. The venture managed to secure agreements with notable pharma leaders and is now working on the research and development of several vaccines and immunobiological preparations in Russia, including varicella vaccine, rotavirus vaccine, HPV vaccine and monoclonal antibody for rabies.
Over the last few years, Mark Alles’s Celgene has been registering tremendous growth. The enormous success of the company can partly be credited to its cancer treatment called Revlimid. The other half of its success lies in the able leadership of Alles, under which the company’s revenues have received a jump of 16 per cent year-over-year. The company took calculated steps towards expansion through obtaining approvals for providing treatment for multiple myeloma. Today, Celgene has a robust roster of alliances with a number of biotech giants as it inches towards phenomenal growth.
Spearheaded by Daniel O’Day, Gilead Sciences rose to prominence owing to Hepatitis-C drugs Harvoni and Sovaldi – two of its immensely popular offerings. While the company was the subject of some ire due to the higher costs of its drugs (nearly $1000 before slashing down the prices), it still pulled up an impressive hike in the revenues over the last five years – a compound growth rate of 28.8 per cent a year. The quality of products by Gilead Sciences has never been under question, and it is the trust that the company has gained in the market that propels it towards unprecedented growth.
With these pharma companies registering rapid growth, the future of the pharmaceutical sector seems brighter than ever despite the dark shadow cast by the pandemic.