Shilpa Medicare

What Shilpa Medicare does

Shilpa Medicare Limited is an Indian publicly-listed pharmaceutical company (BSE:530549; NSE:SHILPAMED) founded in 1987 in Raichur, Karnataka, with commercial production starting in November 1989. Operating with 1,001–5,000 employees across six manufacturing facilities, the company runs an integrated pharmaceutical platform spanning chemical synthesis (oncology and non-oncology APIs), peptide manufacturing (SPPS and hybrid), polymer science (PBD-b-PEO, PLGA-b-PGlu, polyorthoesters, hydrogels), continuous flow chemistry, biologics (mammalian CHO/HEK-293 and microbial E. coli/yeast), high-potency API with isolator technology, transdermal patches, and orally disintegrating films. The portfolio reaches patients in 100+ countries, backed by 250+ patent applications filed across IN/PCT, US, EP, JP, AU, CA, and NZ.

The revenue model blends three streams: (1) one-time licensing/API and formulation supply to generic and branded pharma customers globally; (2) CDMO professional services for chemical and biological products from lab to commercial scale; and (3) biosimilar/oncology licensing and royalty income. Customers include global pharmaceutical firms requiring contract manufacturing, regulated-market buyers in the US, EU, and Japan, biologics/biosimilars developers, and specialty pharmaceutical companies needing advanced delivery formats. India-domestic branded generics (SUNISHIL, IBRUSHIL, DASASHIL, Axishil, DMFShil) and consumer products (Swatchshil, Vomistrip, ORAAL, Molshil) reach healthcare providers and patients via standard distribution channels. Go-to-market combines dedicated enterprise business development, regional licensing partners (SteinCares for Latin America, European subsidiary Koanaa Healthcare), and pipeline assets such as OERIS (extended-release ondansetron, Phase 3 with 89% complete response) and the G2B-002 brain-cancer program via Gate2Brain.

The business is anchored by a multi-jurisdictional regulatory dossier footprint (USFDA, EUGMP, TGA, PMDA, KFDA, ANVISA, COFEPRIS, UK MHRA, EAEU, EDQM, Russian MOH) and zero-483 USFDA outcomes at API sites. Recent strategic additions include a fully integrated ADC manufacturing facility at Dharwad (commissioned 2026), equity stakes and development collaborations with Gate2Brain, NXI Therapeutics, mAbTree Biologics, Alveolus Bio, and Orion Corporation, plus a recently appointed COO-Formulations (Dr. Vellaian Karuppiah) from Gland/Strides/Dr. Reddy's/Teva/Wockhardt/Pfizer pedigree. Subsidiaries include Shilpa Biologicals (biologics/ADC/vaccines), Shilpa Biocare, Shilpa Pharma Lifesciences, Shilpa Therapeutics (oral strips), Koanaa Healthcare (Czech Republic), Loba Feinchemie (Austria), and US-based Shilpa Pharma, Inc. and Pilnova Pharma Inc.

Name

Shilpa Medicare

Legal name

Shilpa Medicare Limited

Website

https://vbshilpa.com

Company type

Public

Founded year

1987

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Shilpa Medicare Limited is an Indian publicly-listed pharmaceutical manufacturer of oncology APIs, generic formulations, biologics, peptides, and specialty polymers, offering integrated CDMO services to global pharmaceutical companies across 100+ countries.

Ownership category

akta.pro rank

Headquarters

HQ city

Bangalore

HQ country

India

HQ region

Asia

Offices13 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Supply Chain, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Generic Active Pharmaceutical Ingredients (API): Manufacture and supply of high-quality oncology and non-oncology APIs to pharmaceutical companies globally. Over 55 API products with DMF filings in multiple regulated markets.
2. Generic Formulations: Finished dosage forms including injectables, oral solids, transdermal patches, and orally disintegrating strips marketed globally under various regulatory approvals.
3. CDMO Services: Contract development and manufacturing organization services providing end-to-end support from lab scale to commercial production for chemical and biological products.
4. Biosimilars and Biologics: Development and manufacturing of biosimilar products including monoclonal antibodies, with partnerships for commercialization in international markets.

Go-to-market motion3 records

Distribution channels4 records

Marketing channels5 records

Core offering

Shilpa Medicare develops, manufactures, and supplies active pharmaceutical ingredients (APIs) and finished dosage formulations with a strong focus on oncology products. It also operates as a contract development and manufacturing organization (CDMO) offering chemical synthesis, peptide manufacturing, polymer technology, biologics, and advanced drug delivery (transdermal patches, oral thin films) services to pharmaceutical companies globally.

Product overview

Shilpa Medicare Limited is a pharmaceutical company offering integrated CDMO services and a diversified portfolio of generic APIs, formulations, peptides, polymers, and biologics. The company operates as both a contract development and manufacturing organization (CDMO) and a generic pharmaceutical manufacturer, providing end-to-end capabilities from API synthesis through finished dosage forms. Key product lines include Generic APIs (with over 58 oncology and non-oncology products), Generic Formulations (injectables and oral solids), Peptides (custom, GMP, and generic), Polymers for drug delivery, Biologics including biosimilars, and Transdermal/Oral Thin Film technologies. The company also markets branded generics including oncology drugs (SUNISHIL, IBRUSHIL, DASASHIL, Axishil, DMFShil), consumer products (SwatchShil, Molshil), and specialty formulations. Shilpa Medicare serves regulated markets globally through manufacturing facilities in India with approvals from FDA, EU GMP, PMDA, KFDA, ANVISA, and other regulatory authorities.

Differentiator

Problem solved

Functional benefit

Brands

• OERIS: Once-weekly ondansetron extended-release injection for chemotherapy-induced nausea and vomiting (CINV)
• VOMISTRIP
• SUNISHIL
• IBRUSHIL
• DASASHIL
• AXISHIL
• DMFShil
• Lenshil
• Swatchshil
• Molshil
• Posashil
• ORAAL
• CAPEBEL DT
• Onkoshil

Products and services

• Generic APIs (Oncology and Non-Oncology)
• Generic Formulations

Quantifiable outcome

• 89% complete response rate in Phase 3 CINV trial for OERIS
• +2 more outcomes

Named customers3 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Partnerships

Eight partnerships are on record, tiered core, strategic and minor.

• Gate2BraincoreStrategic or Co-development Partner · 18 June 2026Shilpa Biocare, a wholly owned subsidiary, invested €7 million for a 30.4% equity stake in Gate2Brain. Shilpa will serve as CMC, manufacturing, and regulatory partner for G2B-002, a first-in-class therapy for pediatric brain cancers (DIPG and pGBM) with Orphan Drug Designation from FDA and EMA. First-in-human trials targeted for FY28.
• SteinCarescoreGTM or Marketing Partner · 25 February 2026Licensing agreement for commercialization of a biosimilar across Latin America (30 countries). SteinCares holds exclusive rights for registration, commercialization, and distribution while Shilpa Biologicals handles development and manufacturing from its Dharwad, India facility.
• NXI Therapeutics AGstrategicStrategic or Co-development Partner · 13 February 2026Development and supply agreement for a New Chemical Entity (NCE) targeting autoimmune and alloimmune disorders. Collaboration includes support for clinical development and GMP manufacturing.
• Dr. Reddy's LaboratoriescoreStrategic or Co-development Partner · 1 May 20213-year definitive agreement for production-supply of Sputnik V vaccine. Shilpa Biologicals leveraged its biologics manufacturing capabilities for COVID-19 vaccine production.
• Navya Biologicals Pvt. Ltd.strategicStrategic or Co-development Partner · 1 January 2017Acquired stake in Navya Biologicals to strengthen biologics pipeline and development capabilities.
• Orion Corporation (Finland)strategicStrategic or Co-development PartnerStrategic partnership with Orion Corporation for development and manufacturing activities. (Details from press releases section)
• mAbTree Biologics AGstrategicStrategic or Co-development PartnerStrategic development partnership for a Novel Immunooncology Asset. Shilpa Biologicals leveraging its biologics capabilities for co-development.
• Alveolus BiominorStrategic or Co-development PartnerStrategic partnership to accelerate next-generation lung disease therapies. (Details from press releases section)

Scale indicators15 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Biocon: Indian biopharmaceutical company with strong biosimilars, biologics CDMO, and complex generics franchise. Directly comparable in biologics manufacturing, biosimilars pipeline (insulin, mAbs), and CDMO positioning across regulated markets.
• Piramal Pharma: Indian pharmaceutical and CDMO company with comparable contract manufacturing services, complex generics, and biologics capabilities. Overlapping customer base of global pharma seeking CDMO partners and overlapping geographic reach in regulated markets.
• Aurobindo Pharma: Major Indian generic pharmaceutical manufacturer with strong API manufacturing base, USFDA-approved facilities, and injectable/oncology portfolio. Direct overlap in regulated-market generics and finished dosage forms, particularly in oncology and complex generics.
• Syngene International: Pure-play Indian CDMO offering contract research and manufacturing services for small molecules and biologics. Comparable CDMO service model targeting global pharma clients, with overlapping biologics capabilities and analogous customer base.
• Divi's Laboratories: Leading Indian API manufacturer and contract manufacturer with strong global customer base. Directly comparable in API manufacturing expertise, custom synthesis services, and regulated-market quality compliance.
• Dr. Reddy's Laboratories: Indian pharma major with comparable integrated API+formulations platform and growing biologics/CDMO business. Shilpa has an existing production-supply partnership with Dr. Reddy's for Sputnik V vaccine, indicating direct operational overlap and comparable customer base across global generics and CDMO services.
• Cadila Healthcare (Zydus): Indian pharma major with integrated API, formulations, biosimilars, and consumer healthcare businesses. Direct overlap across oncology generics, biologics pipeline, transdermal/specialty dosage forms, and global market presence.
• Laurus Labs: Indian pharmaceutical manufacturer focused on APIs, formulations, and custom synthesis/CDMO services. Comparable in API manufacturing scale, regulated market focus, and emerging biologics/CDMO ambitions.
• Cipla: One of India's largest pharma companies with strong API, formulations, and emerging biologics footprint. Comparable oncology, complex generics, and CDMO positioning across USFDA, EUGMP, and emerging markets.

Broad incumbents

• Lupin: Larger Indian pharma major with broad generic formulations and API portfolio. Comparable in oncology and complex generics, though with substantially larger scale and broader therapeutic area coverage than Shilpa's oncology-focused portfolio.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/shilpa-medicare-ltd
• Xx.com/shilpamedicare
• Facebookfacebook.com/shilpa.medicare

Compliance17 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries9 records

Funding overview

Funding rounds3 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Shilpa Medicare