PAI Pharma
PAI Pharma is a U.S. specialty generic drug manufacturer of oral liquids, unit-dose cup medications (DURA-DOSE®), and sterile injectables, serving retail pharmacies, hospitals, long-term care facilities, government agencies, and OTP clinics through 250+ NDCs distributed via major wholesalers.
- Company typePrivate
- Founded1968
- HeadquartersGreenville, United States
- Headcount251–500
- GTM typeB2B
- OfferingHardware or Manufacturing
What PAI Pharma does
PAI Pharma (legal entity PAI Holdings, LLC, formerly Pharmaceutical Associates, Inc.) is a U.S. specialty generic pharmaceutical manufacturer founded in 1968 and headquartered in Parsippany, NJ, with primary manufacturing operations at a 300,000+ sq. ft. FDA CGMP-compliant campus in Greenville, SC and a second aseptic manufacturing facility in Sacramento, CA acquired through Nivagen Pharmaceuticals in January 2026. The company develops, manufactures, and distributes generic oral liquid medications (suspensions, solutions, elixirs, syrups), sterile injectable ready-to-use (RTU) products (IV bags, vials, prefilled syringes, cartridges), and selected capsules and topicals, marketed under 250+ NDCs and sold under the DURA-DOSE® unit-dose cup brand. It is privately held by Olympus Partners following a February 2025 take-private.
PAI sells through a hybrid B2B model combining a direct enterprise sales force serving retail chains, independent pharmacies, hospitals, long-term care facilities, and government agencies, with channel distribution via 100+ authorized distributors including the four major U.S. pharmaceutical wholesalers (AmerisourceBergen, Cardinal Health, Cencora, McKesson) and regional wholesalers such as Morris Dickson. Differentiators include the broadest U.S. portfolio of generic oral liquids, proprietary DURA-DOSE® unit-dose packaging with unit-level barcoding, and a large catalog of free-from formulations (60+ dye-free products; many alcohol-, gluten-, lactose-, preservative-, and sugar-free). The Nivagen acquisition added aseptic manufacturing capability and a combined pipeline of approximately 30 sterile injectable products, expanding PAI's addressable market into hospital drug-shortage mitigation and medication-assisted treatment (via the VistaPharm acquisition of methadone, buprenorphine, and naloxone products for OTP clinics).
Revenue is generated from one-time product sales with pricing negotiated through representatives and distribution partners; specific unit prices and total revenue are not publicly disclosed. The company has been an active serial acquirer (VistaPharm in 2022, Nivagen in 2026) and launched 10+ new SKUs across March-June 2026 spanning sterile injectables, capsules, oral solutions, topicals, and pediatric OTCs. Operational signals suggest a company in an active expansion phase under PE sponsorship rather than a mature, steady-state operator, though the absence of disclosed financials limits precision around revenue and growth quantification.
PAI Pharma firmographics
Firmographics- Name
- PAI Pharma
- Legal name
- PAI Holdings, LLC
- Website
- https://paipharma.com
- Company type
- Private
- Founded year
- 1968
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- PAI Pharma is a U.S. specialty generic drug manufacturer of oral liquids, unit-dose cup medications (DURA-DOSE®), and sterile injectables, serving retail pharmacies, hospitals, long-term care facilities, government agencies, and OTP clinics through 250+ NDCs distributed via major wholesalers.
- Ownership category
- akta.pro rank
PAI Pharma industry classification
Industry- Product category
- Generic Liquid Pharmaceuticals
- NAICS
- Pharmaceutical Preparation Manufacturing (325412), Drugs and Druggists' Sundries Merchant Wholesalers (424210)
- SIC
- Pharmaceutical Preparations (2834), Wholesale-Drugs, Proprietaries & Druggists' Sundries (5122)
- akta.pro primary industry
- Generic Hospital & Institutional Products (HLAIABAL)
Keywords
Where PAI Pharma is headquartered
LocationHeadquarters
- HQ city
- Greenville
- HQ country
- United States
- HQ region
- North America
Offices3 records
Markets served
PAI Pharma business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Operations, Personnel, Supply Chain, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- Generic Pharmaceutical Product Sales: PAI Pharma generates revenue through the manufacture and sale of generic oral liquid medications and sterile injectable products. The company offers over 250 product NDCs across multiple dosage forms including suspensions, oral solutions, elixirs, syrups, and unit-dose packaging. Revenue is derived from direct sales to healthcare providers and through distribution channel partners.
Go-to-market motion2 records
Distribution channels3 records
Marketing channels4 records
PAI Pharma product offering
Product offeringCore offering
PAI Pharma develops, manufactures and distributes generic liquid pharmaceuticals in the U.S., offering over 250 product NDCs across oral liquid medications (suspensions, solutions, elixirs, syrups), proprietary DURA-DOSE unit-dose cup packaging, and ready-to-use sterile injectables. The company manufactures products at FDA CGMP-compliant facilities in Greenville, SC and Sacramento, CA, and serves retail pharmacies, hospitals, long-term care facilities, government agencies, and opioid treatment program clinics through direct sales and an authorized distributor network.
Differentiator
Problem solved
Functional benefit
Brands
- DURA-DOSE: PAI Pharma's registered trademark for unit-dose cup packaging format used for oral liquid medications.
Products and services
- Generic Oral Liquid Medicines Broad portfolio of generic oral liquid medications including suspensions, oral solutions, elixirs, and syrups in standard bottle packaging for retail chains, independent pharmacies, hospitals, and government agencies.
- DURA-DOSE Unit-Dose Cup Packaging Proprietary registered-trademark unit-dose cup delivery system featuring barcoding at unit of dose level, designed for accurate dosing and reduced medication errors in hospital pharmacy operations, long-term care facilities, and retail pharmacy dispensing.
- Ready-to-Use Sterile Injectables Ready-to-use sterile injectable products including IV bags, vials, prefilled syringes, and cartridges manufactured via advanced aseptic processing at the Sacramento facility for hospitals and health systems to address persistent drug shortages.
- Voriconazole Injection 200 mg per 20 mL Injectable azole antifungal indicated for treatment of invasive aspergillosis, candidemia, esophageal candidiasis, and serious fungal infections in hospitals.
- Vancomycin Hydrochloride Capsules, USP 125 mg and 250 mg Oral antibiotic capsule formulations for treatment of C. difficile-associated diarrhea and enterocolitis caused by Staphylococcus aureus, available in 125 mg and 250 mg strengths.
- Brivaracetam Injection CV and Oral Solution CV Antiepileptic injectable and raspberry-flavored oral solution for treatment of partial-onset seizures in patients 1 month of age and older.
- Lithium Oral Solution, USP Mood-stabilizing oral solution indicated as monotherapy for treatment of bipolar I disorder, available in 500 mL bottle and DURA-DOSE unit-dose cup formats.
- Pentamidine Isethionate Injection and Inhalation Solution Anti-infective products including an injectable formulation for treatment of Pneumocystis carinii pneumonia and an inhalation solution for prevention of PJP in high-risk HIV-infected patients.
- Children's and Infants' Simethicone Drops Prefilled oral syringe simethicone products for relief of gas symptoms in infants under 2 years old and children 2 years or older.
- Children's Multivitamin (With Iron and No Iron) Alcohol and sugar free multivitamin supplements for infants and toddlers, available with iron (cherry flavor) and without iron formulations for immune system development.
- Benzocaine 20% Solution 0.5 mL Single-Unit Dose Applicators Topical anesthetic in 0.5 mL single-unit dose applicators for temporary relief of minor irritation and pain associated with sore mouth and throat.
- Mupirocin Ointment USP, 2% Topical antibiotic ointment indicated for topical treatment of impetigo due to susceptible isolates of Staphylococcus aureus and Streptococcus pyogenes.
- Free-From Formulation Portfolio (Dye-Free, Alcohol-Free, Gluten-Free, Lactose-Free, Preservative-Free, Sugar-Free) Specialized oral liquid formulations free from common additives such as Red No. 3 dye, alcohol, gluten, lactose, preservatives, and sugar for patients with sensitivities or ingredient restrictions.
- Opioid Treatment Medications (VistaPharm portfolio) Generic pharmaceuticals and OTC products including methadone, buprenorphine, and naloxone-based medications distributed to opioid treatment program clinics for medication-assisted treatment of opioid use disorder.
Quantifiable outcome
- Over 250 product NDCs offered across oral liquids and sterile injectables
- +2 more outcomes
Companies that use PAI Pharma
Customer profileSegments5 records
Ideal customer profiles5 records
PAI Pharma technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
PAI Pharma partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered core and major.
- AmerisourceBergencoreMajor pharmaceutical wholesaler and authorized distributor of PAI Pharma products, providing nationwide distribution reach to retail pharmacies, hospitals, and healthcare providers.
- Cardinal HealthcoreMajor pharmaceutical wholesaler and authorized distributor of PAI Pharma products, enabling broad market access across healthcare channels.
- CencoracoreMajor pharmaceutical wholesaler and authorized distributor of PAI Pharma products, supporting product availability across healthcare provider networks.
- McKesson Drug CorpcoreMajor pharmaceutical wholesaler and authorized distributor of PAI Pharma products, providing distribution infrastructure across healthcare channels.
- Morris DicksonmajorRegional pharmaceutical wholesaler and authorized distributor of PAI Pharma products serving healthcare providers in their distribution territory.
Scale indicators5 records
Recent moves7 records
Expansion highlights6 records
PAI Pharma competitors and assessment
Company assessmentDirect peers
- Lannett: U.S. generic pharmaceutical manufacturer producing oral solids, liquids, and topical generics for retail and institutional channels. Highly comparable to PAI as a mid-market U.S. generic pharma with similar customer base and distribution model.
- Padagis: U.S. specialty generic pharmaceutical company producing generic Rx and OTC products, including topical and oral dosage forms. Comparable as a U.S.-focused generic manufacturer serving retail pharmacy and institutional customers.
- Amphastar Pharmaceuticals: Specialty generic injectable and intranasal pharmaceutical manufacturer focused on hospital and institutional customers, including RTU injectables. Direct competitor in PAI's newly entered sterile injectable segment.
- Hikma Pharmaceuticals: Global generic pharmaceutical manufacturer with significant U.S. injectable portfolio serving hospitals and healthcare systems. Comparable business mix spanning sterile injectables and oral generics distributed via Big-3 wholesalers.
- Akorn Operating Company: U.S. specialty generic pharmaceutical manufacturer with portfolio spanning sterile injectables, oral liquids, and topical products for hospitals and retail pharmacies. Comparable across multiple dosage forms and customer segments PAI serves.
- Mayne Pharma: Specialty pharmaceutical company focused on generic and branded dermatology, women's health, and hospital products including injectables. Comparable as a mid-sized specialty generic player serving similar institutional customers.
- Upsher-Smith Laboratories: U.S. generic pharmaceutical manufacturer producing oral solids, liquids, and topical products for retail and institutional channels. Comparable mid-market U.S. generic manufacturer with similar distribution model.
Broad incumbents
- Apotex: Large Canadian-headquartered generic pharmaceutical manufacturer with broad portfolio of oral solids, liquids, and injectables across retail and institutional channels. Larger scale but directly comparable product categories.
- Sandoz (Novartis): Global generic and biosimilar pharmaceutical company (now independent of Novartis) with broad oral and injectable portfolio across U.S. retail and hospital channels. A scaled incumbent competing across many of PAI's therapeutic categories.
- Bausch Health (generic/specialty portfolio): Diversified pharmaceutical company with significant generic and specialty pharmaceutical operations across U.S. retail, hospital, and government channels. Larger incumbent with overlapping product categories.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks7 records
Key highlights7 records
Customer concentration
PAI Pharma social profiles
Digital presencePAI Pharma financial estimates
Financial estimateRevenue estimate
Valuation estimate
PAI Pharma leadership team
Management profileNumber of profiles
Profiles1 record
PAI Pharma subsidiaries and ownership
Company hierarchySubsidiaries2 records
PAI Pharma funding detail
Funding detailFunding overview
Funding rounds1 record
Investors2 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
PAI Pharma M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about PAI Pharma
What does PAI Pharma do?
PAI Pharma develops, manufactures and distributes generic liquid pharmaceuticals in the U.S., offering over 250 product NDCs across oral liquid medications (suspensions, solutions, elixirs, syrups), proprietary DURA-DOSE unit-dose cup packaging, and ready-to-use sterile injectables. The company manufactures products at FDA CGMP-compliant facilities in Greenville, SC and Sacramento, CA, and serves retail pharmacies, hospitals, long-term care facilities, government agencies, and opioid treatment program clinics through direct sales and an authorized distributor network.
Is PAI Pharma a public or private company?
PAI Pharma is a private company. It is classified as private equity controlled and is currently operating.
When was PAI Pharma founded?
PAI Pharma was founded in 1968. It employs 251 to 500 people.
Where is PAI Pharma based?
PAI Pharma is headquartered in Greenville, United States, in the North America region.
How does PAI Pharma make money?
One revenue line is on record: generic Pharmaceutical Product Sales.
Who are PAI Pharma's main competitors?
Direct peers on record are Lannett, Padagis, Amphastar Pharmaceuticals, Hikma Pharmaceuticals, Akorn Operating Company, Mayne Pharma and Upsher-Smith Laboratories. Broad incumbents are Apotex, Sandoz (Novartis) and Bausch Health (generic/specialty portfolio).
Does PAI Pharma have an API?
No public API is recorded for PAI Pharma.
What industry is PAI Pharma in?
PAI Pharma's product category is Generic Liquid Pharmaceuticals. Its primary akta.pro industry code is HLAIABAL, Generic Hospital & Institutional Products. Its NAICS code is 325412 and its SIC code is 2834.