Generic drug makers seek new ways to do business

Mumbai

SIXTEEN years ago, Glenn Saldanha took over his father's business making copycat versions of novel medicines and added a side bet of his own: Instead of just imitating old drugs, his family firm would try to innovate completely new ones too.

Investors complained, competitors were mystified and Mr Saldanha's father was sceptical. Nevertheless, Mr Saldanha pressed ahead in the painstaking trial and error process of new drug discovery. Now, he said, his Mumbai-based Glenmark Pharmaceuticals Ltd is in the home stretch and one of its candidates should hit the market in the next five years.