Torrent Pharma keen to break into big league

Ahmedabad-based
Torrent Pharma
is revving up for acquisitions in India as part of its plans to break into the top three drugmakers over a span of three to five years. Currently at seventh position by market share, Torrent has dramatically scaled up its India operations over the last five years with bolt-on deals for leading brands and small companies.
For FY25, Torrent had sales of Rs 11,516 crore, of which India contributed Rs 6,393 crore. In the first media interaction following the announcement of his new role starting August 1,
Aman Mehta
, managing director-designate at Torrent Pharma, told ET that the commitment to the Indian market remains as strong as ever.
"To be in the top three looks to be an ambitious but realistic goal," he said. "Even with some of the structural changes that are happening or have happened in the recent years, we believe that the inherent demand of the Indian pharma market is not going to change."
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His confidence stems from a consistent growth in the Indian market compared to those like US or Europe that have been under pressure due to regulatory challenges and a headlong drop in prices of generic drugs. On a 12-month moving annual total (MAT) basis, the Indian pharma market has grown at 7.2% to Rs 2.29 lakh crore ($26.7 billion) in May. That growth is led by a mix of drugs for cardiac issues, gastrointestinal products, anti-infectives, anti-diabetes, vitamins and respiratory issues.
But for Torrent, the task to take the third rank will be a tough one. Torrent must have a faster growth rate to topple giants such as
Cipla
, Alkem and Intas Pharma.
Sun Pharma
and Abbott lead the stack as the top two in the Indian market.
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Torrent's deals-led growth strategy is already in play. In 2022, the company shelled out Rs 2,000 crore for private equity-backed Curatio Healthcare, makers of popular cosmetic dermatology brands. More recently in December, it lapped up a set of new generation medicines to treat diabetes from German drug maker Boehringer Ingelheim. A year later in 2023, Torrent came close to buying Cipla for an audacious $7 billion deal. Although it could not be officially confirmed, the talks failed on valuation mismatch.
Torrent was also named as a frontrunner to acquire a majority stake in JB Pharma from private equity firm KKR, but that deal was also called off, at least temporarily. Mehta, who has steered most deal discussions for Torrent, says the company is at a stronger position to invest further and grow business.
Sheetal Sapale, VP, PharmaTrac, a data intelligence firm that tracks medicine sales, said Torrent Pharma's revenue has grown 1.6x in the last five years, with cardiac treatments making up over a fourth of its domestic sales. She added that strategic acquisitions have helped Torrent consolidate its position in pain drugs, gastrointestinal medicines and skin care range.
In the last four years, Torrent has expanded its field force. From 3,600, that may now double to 7,000 medical representatives this year, which Mehta called "methodical expansion for better territorial reach".

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