IPCA Laboratories (NSE: IPCA) is a fully-integrated manufacturer of branded and generic formulations and the world’s largest manufacturer of a dozen APIs (active pharmaceutical ingredients), particularly anti-malarial, rheumatoid arthritis/NSAID, antihypertensive etc. IPCA is also one of India’s largest exporters of APIs. IPCA has a dominant anti-malarial franchise in India with a 49% market share, is prequalified by WHO for six anti-malarial drugs, is the only fully-integrated player amongst the five WHO pre-qualified players in the most used drug treatment. The company is listed in 1994 and employs 10,909, out of which 5,568 are engaged in the marketing and distribution of the company’s pharmaceuticals.
What Makes It a Wide-Moat Business?
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