Dilip Shanghvi, the 69-year-old chairman and managing director of Sun Pharma, India’s largest pharmaceutical company, reflects on his 42-year journey of building the company from scratch. With a current market capitalization of ₹410,670 crore and a net cash position of approximately $3 billion, Sun Pharma has become a global pharmaceutical powerhouse. Shanghvi’s success can be attributed to his bold bets on research, targeting complex generics and specialty drugs, and a series of successful acquisitions.
Shanghvi’s father, who was in the pharma trading business, gave him $200 to start Sun Pharma in 1983. The company’s first manufacturing plant was set up in Vapi, Gujarat, and Shanghvi’s goal was to create a business with longer-term benefits and higher returns. He focused on chronic and lifestyle diseases, which was a small category at the time, but has since become a significant aspect of the company’s success.
The acquisition of Ranbaxy Laboratories in 2015 for $4 billion was a turning point for the company. Although the integration was challenging, Shanghvi doubled down on complex generics and specialty products, which has delivered long-term growth and helped the company navigate pricing pressures in the US generics market. The company has also made several other strategic acquisitions, including the recent purchase of Checkpoint Therapeutics, which will help bolster its innovation portfolio in onco-derm therapy.
Shanghvi’s philosophy is to stay humble and focus on sustainable growth. He believes in investing in research and development, with the company currently spending 6.7% of its revenue on R&D. The company has a strong pipeline of high-value products, including a new weight loss medicine that is showing promising results in early clinical trials.
Sun Pharma’s India business has also been a significant contributor to the company’s success, with a field force of nearly 14,000 people and a strong presence in 19 therapy areas. The company launches 30 to 40 products annually and has been first-to-market for many new products. Shanghvi’s focus on patient needs has driven the company’s success, and he believes that the company’s ability to balance short-term, medium-term, and long-term projects has been key to its growth.
Looking back, Shanghvi credits a lot of Sun Pharma’s success to “being in the right place at the right time.” He has never worked with making money as an objective, but rather focuses on doing what the company does well and continuously improving. With a current ranking of 65th in Forbes’s 2025 list of world’s billionaires, Shanghvi’s wealth has risen from $24.9 billion to $27.4 billion in just a few weeks.
Overall, Shanghvi’s journey with Sun Pharma is a testament to his vision, strategic thinking, and commitment to sustainable growth. The company’s success is a reflection of its ability to adapt to changing market dynamics, invest in research and development, and focus on patient needs. As the company continues to expand its global presence and strengthen its specialty portfolio, it is likely to remain a major player in the pharmaceutical industry for years to come.