Samprada Singh is one of the successful entrepreneurs ofpharmaceutical industry in India. He is the founder and the chairman of Alkem Laboratories, Ltd. which isheadquartered in Lower Parel, Mumbai. It was founder in the year 1973, along with his brother Basudeo Narayan Singh who is the Managing Director of Alkem.Now it is the the 5th largest pharmaceutical company in India. Samprada’snet worth is about $ 2 Billion which leads him in India’s richest people.
The success story of Mr. Singh
Samprada hails from a simple family background. His aim was to become a doctor, but due to some circumstances he could not fulfill his dream. He completed his B. Com commerce from Gaya College of Engineering from Patna University in Bihar. Later he pursued post-graduate degree in Political Science. He wanted to work in agriculture like his parents, though his dream could not be relished.He had participated in the Quit India Movement at the very young age.
In the year 1953, he opened asmall chemist retail store in Patna. He felt this did not serve him his household needs. He started the ‘MagadhPharma’ which was a pharmaceutical distribution in the year 1960. He started serving the doctors and senior executives from pharma companies. He understood that there were not enough opportunities in Patna. He thought to start bigger. Hence, he moved to Mumbai and set his own pharmaceutical company ‘Alkem Laboratories’. Initial years were very difficult to earn due to financial aspects.
He focused mainly on anti-bacterial which was the prime therapeutic segments. This capitalized the Alkem Laboratories as the major pharmaceutical company. It started the Taximand Clavamwhich was a generic version of the antibiotic cefotaxime. This brand was dominated in the market and helped Samprada to achieve his goal in the world of Pharma. Taxim and Clavam changed the profile of the company. It is ranked one of the best companies in domestic market. It gives 15% of the company’s revenues. It is also featured in the top 300 pharma brands in India.
He says “gaining people’s trust and commitment is one of the most important things to succeed. You have to make sure that all people you work with, whether they work within or with the company, are happy and you have to make them grow too, as the company expands.”
At the age of 88, he still has great plans for the future of the company. He vision leads him towards a new division dedicated to nutraceuticals and food processing. He still attends meetings regularly. He believes that his brother Basudeo Singh is one of the possible successes of the company.Alkem also launched the sugar free toffee, rasgollas, biscuit, tilkut and other products which have diversified the business.
Samprada’s eldest son N.K. Singh is the founder of Galpha Laboratories Ltd. The positive influence and guidance of him has made his sons to grow vision and zeal towards all motives. Galpha Laboratories has now healthy competitorsin the market place.Alkem has been expanding overseas which has bought acne gel Clindac A from Swiss skin-care firm Galderma. Now his grandson SandeepSingh oversees the international operations of Alkem.