Alkem Laboratories achieved significant success with the launch of a drug called Taxim, used for treating various bacterial infections.
Success stories of individuals who reach great heights from humble beginnings always serve as an inspiration to people aspiring to carve a niche. Several people leave small towns and move to bigger cities to earn a living and make a mark. In this article, we will delve into the success story of someone who made a mark in the business world after moving to Mumbai from Bihar's Jehanabad district.
This is the story of 83-year-old Basudeo Narayan Singh, the Executive Chairman of Alkem Laboratories, one of India's leading pharmaceutical and nutraceutical companies. The current market capitalisation of the company is over Rs 45,000 crore. However, the company was founded with an initial investment of just Rs 5 lakh.
Originally from Bihar, Basudeo Narayan Singh, once a professor, nurtured a dream of becoming an entrepreneur. Leaving his job, he started a business venture with his brother Samprada Singh. After completing his graduation, Samprada Singh tried his hand at various businesses. The big breakthrough came when he founded Alkem Laboratories in 1973. After setting up his business, he roped in his younger brother Basudeo Narayan Singh.
The family got a stake in the company in 2019 after its Founder and Chairman Emeritus of the board, Samprada Singh, died.
In an interview with Forbes, Basudeo Narayan Singh shared that their pharmaceutical company was founded with just Rs 5 lakh. Although it wasn't an easy journey, Basudeo Narayan Singh was determined. After numerous efforts, in 1973, the brothers jointly founded Alkem Laboratories. It took 11 years, and in 1984, the company successfully touched a revenue milestone of Rs 10 crore.
Alkem Laboratories achieved significant success with the launch of a drug called Taxim, used for treating various bacterial infections. Taxim became the first antibacterial drug in India to surpass annual sales of Rs 100 crore. Following this, the company surpassed the Rs 1,000 crore revenue mark by 2008.
Basudeo Narayan Singh's journey from a small town in Bihar to the helm of Alkem Laboratories exemplifies resilience, determination, and the ability to turn a modest investment into a thriving business. His story continues to inspire budding entrepreneurs and serves as a testament to the potential for success that lies within each individual.
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