Themis Medicare

What Themis Medicare does

Themis Medicare Limited is a publicly listed Indian pharmaceutical company headquartered in Mumbai and trading on the BSE and NSE under the ticker THEMISMED. Founded in 1969 as a joint venture with Gedeon Richter Ltd. of Hungary, the company has operated for over five decades across Pain Management, Critical Care, and Anti-Infectives therapeutic areas, with a stated global presence in 44 countries across four continents.

The company operates through two core divisions. The Critical Care Division sells a portfolio of more than 80 differentiated injectable products covering sedatives, anesthesia, muscle relaxants, anti-emetics, antibiotics, analgesics, and wound management, targeting anesthesiologists, ICU intensivists, surgeons, and gynecologists via a 250-person dedicated field force and direct hospital relationships. The Pharma Division markets 30+ products in proton pump inhibitors, antiallergics, NSAIDs, antimalarials, antibacterials, and wound management through a network of 2,000+ distributors and 40,000+ chemists, supported by 450+ professionals. Underlying technology centers on a 'platform technology' for high-response differentiated injectables with first-in-the-market formulations and re-engineered delivery systems; the company holds WHO GMP, EU GMP, and EDQM manufacturing certifications, and has three wholly-owned subsidiaries (Artemis Biotech, Dr. Themis Private Limited, Themis Chemicals) consolidated via a 2024-25 Scheme of Amalgamation.

The revenue model is a traditional pharmaceutical product sale model: one-time sale of branded formulations and APIs to domestic distributors, hospital channels, and export partners, with no disclosed licensing, subscription, or recurring SaaS-type streams. Go-to-market is sales-led through a two-channel structure (hospital direct sales for critical care; distributor and chemist network for retail pharma), supplemented by participation in specialty medical conferences such as ISACON and the company's own Themis Anesthesia Academy. Customer segments span government and private hospitals, specialty physicians, retail pharmacies, and international buyers, with the Patel-family-controlled Vividhmargi Trust holding a 27.49% pledged stake.

Name

Themis Medicare

Legal name

Themis Medicare Limited

Website

https://themismedicare.com

Company type

Public

Founded year

1969

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Themis Medicare is a Mumbai-based, publicly listed Indian pharmaceutical company that manufactures and sells differentiated injectable and oral formulations for Pain Management, Critical Care, and Anti-Infectives via two divisions: a 250-person hospital field force and a 450+ person distributor network reaching 40,000+ chemists across India and 44 countries.

Ownership category

akta.pro rank

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices18 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Pharmaceutical Products: Manufacture and sale of differentiated injectables, therapeutic pharma products, and APIs for Pain Management, Critical Care, and Anti-Infectives segments

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Themis Medicare is a research-based pharmaceutical company that manufactures and markets differentiated injectable formulations, therapeutic pharma products, and Active Pharmaceutical Ingredients (APIs) focused on Pain Management, Critical Care, and Anti-Infectives. The company operates through two divisions: a Critical Care Division offering 80+ products (sedatives, anesthesia, muscle relaxants, anti-emetics, antibiotics, analgesics, wound management) to hospitals and specialists, and a Pharma Division offering 30+ products (PPIs, antiallergics, NSAIDs, antimalarials, antibacterials) distributed through 2,000+ distributors and 40,000+ chemists across India and 44+ countries.

Product overview

Themis Medicare is a research-based pharmaceutical company specializing in differentiated injectables and therapeutic products for Pain Management, Critical Care, and Anti-Infectives. The company operates through two main divisions: the Critical Care Division (80+ products for hospital segment) and the Pharma Division (30+ products). Key products include VIRALEX (DCGI-approved COVID-19 treatment), and the company maintains leadership in Antimalarials. Themis develops high-response differentiated products through platform technologies with focus on patient benefit, serving 44+ countries globally through 4000+ stockists.

Differentiator

Problem solved

Functional benefit

Brands

• VIRALEX: DCGI approved immunomodulatory drug with broad spectrum antiviral action, approved for restricted emergency use as add-on therapy for treatment of mild to moderate COVID-19 in India.
• Themis Anesthesia Academy (TAA)

Products and services

• VIRALEX (Inosine Pranobex) DCGI approved immunomodulatory drug with broad spectrum antiviral action, approved for restricted emergency use as add-on therapy for mild to moderate COVID-19 in India.
• Critical Care Division Products Diversified portfolio of 80+ products covering sedatives, anesthesia, muscle relaxants, anti-emetics, antibiotics, analgesics, and wound management therapies for anesthesiologists, ICU intensivists, surgeons, and gynecologists in hospital settings.
• Pharma Division Products Portfolio of 30+ products including Proton Pump Inhibitors, antiallergics, NSAIDs, antimalarials, antibacterials, and wound management therapies, with leadership position in antimalarials. Distributed through 2,000+ distributors and 40,000+ chemists nationwide.
• Active Pharmaceutical Ingredients (APIs) Active Pharmaceutical Ingredients manufactured by Themis Medicare for use in pharmaceutical formulations.

Quantifiable outcome

• Presence in 44 countries
• +1 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Two partnerships are on record, tiered core.

• Gedeon Richter Ltd. HungarycoreStrategic or Co-development PartnerThemis was founded as a joint venture with Gedeon Richter Ltd. Hungary, one of the largest pharmaceutical companies in Central and Eastern Europe. The partnership demonstrates deep aptitude for collaborations and belief that answers have to be found together. Gedeon Richter brings expertise in pharmaceutical development and manufacturing.
• Central Drug Research Institute, LucknowcoreStrategic or Co-development PartnerThemis Pharma Division partners with Central Drug Research Institute (CDRI), Lucknow for research and development initiatives, particularly in the antimalarial segment where Themis maintains leadership position.

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Cipla: One of India's largest pharma companies with significant presence in critical care, anti-infectives, and respiratory. Comparable as a broad-spectrum Indian pharma incumbent overlapping with Themis's Critical Care and Anti-Infective franchises.
• Lupin: Major Indian pharma with specialty injectables and a global branded-generics presence. Comparable in critical care and anti-infective categories, though at substantially larger scale.
• Dr. Reddy's Laboratories: Large diversified Indian pharma with significant injectable, API, and biosimilar operations. Comparable business architecture (API + formulations + global markets) but at much larger scale.
• Zydus Lifesciences (Cadila Healthcare): Diversified Indian pharma with injectable, API, and biologics operations. Comparable on manufacturing platform and anti-infective exposure, broader therapeutic mix than Themis.

Others

• Gedeon Richter: Central/Eastern European pharma major and Themis's founding JV partner. Useful as a strategic reference point for Themis's API/formulation technology base and for benchmark international expansion in generic injectables.

Direct peers

• Alembic Pharmaceuticals: Indian-listed pharma with a strong API, generics, and specialty injectables portfolio including critical care antibiotics. Comparable scale, similar therapeutic mix, and parallel international expansion trajectory.
• Aurobindo Pharma: Large Indian generic injectables and API manufacturer with a global distribution footprint. Directly comparable as an Indian-listed pharma producing sterile injectables and APIs for regulated and emerging markets.
• Emcure Pharmaceuticals: India-listed pharma specializing in sterile injectables, biosimilars, and women's health (similar specialty mix to Themis). Closely comparable business model with hospital-focused critical care + retail pharma + API manufacturing.
• Neuland Laboratories: Indian API and formulation manufacturer with CDMO capabilities serving global regulated markets. Comparable as an India-headquartered mid-cap with an API-first strategy and differentiated formulations portfolio.

Regional players

• Torrent Pharmaceuticals: India-headquartered mid-cap pharma with strong domestic critical care and pain management portfolios. Comparable therapeutic focus but its scale (~$1B+ revenue) is materially larger than Themis.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries3 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Themis Medicare