Indravadan Modi: A Jewel of Indian Pharma Industry.
Here, you will read the Success Story of Indravadan Modi, Founder of Cadila Pharmaceuticals Limited. Reading success stories of Indian Entrepreneurs stimulates inspirational enzymes within us and we all wish to emulate them on the path of success.
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The Success Story of Indravadan Modi – A Jewel of Indian Pharma Industry
Who is Indravadan Modi?
Indravadan Ambalal Modi, Indravadan Modi. He was an Indian pharmaceutical industry tycoon and one of the pioneers of Indian Pharmaceutical industry. He founded Cadila pharmaceuticals in Ahmedabad.
On 18th February 1926, he was born in a village of Gujarat’s Bharuch district. In 1948, he graduated in Bachelor of Science from Baroda College.
He was the co-founder of Cadila Laboratory. He and his childhood friend Raman Patel started it in 1951.
They offered cheaper drugs in India, a country that was into mostly importing medicines.
Ramanbhai Patel and Indravadan Modi decided to split the Cadila Laboratory into two parts for second generation to take over In the year 1995.
I. A. Modi named his company Cadila Pharmaceuticals and Raman Patel formed Cadila Healthcare.
Modi was born in Hansot, Bharuch, Gujarat. His grandmother brought him up because he lost his mother at his young age.
In 1948, he graduated his Bachelor of Science from Baroda College and went to Bombay for higher studies.
He studied Pharmaceuticals and fine chemicals from Bombay University. Then he did a brief stint as a chemist in a chemical manufacturing unit for some time. After some time he started his own venture.
Entrepreneurial Journey: Founding of Cadila Laboratories:
After independence, India was dominated by multinational drug making companies. In the market, there were few drug-manufacturing facilities.
In the year 1952, Modi quit his job and established Cadila Laboratories with his close friend Ramanbhai Patel, a pharmacy professor.
They started making vitamins to treat Anemia, a disease prevalent in India at that time.
In the early days, Modi’s wife and grandmother helped in the company. He took out only Rs. 250 for his monthly expenses and invested rest into the business.
They started developing innovative products such as Cadila Gripe, Livirubra and formulations such as Isopar for treatment of Tuberculosis (TB).
Cadila focused on providing innovative products every two years. Cadila set up its first factory in 1967. R&D activities started happening in the company in 1967.
Cadila’s First Employee:
As Indravadan Modi was one of the founders of the company, his wife Shilaben Modi was the first employee.
She used to wash and label the product herself from a 3-room apartment in Azad society.
That was taken on rent for Cadila. She inspired her husband to start making of Gripe Water, the first indigenous Gripe Water made in the country.
Cadila Pharmaceuticals and Cadila Healthcare:
In the year 1995, Cadila Laboratories split up into two parts. They were Cadila Pharmaceuticals and Cadila Healthcare.
I. A. Modi, the owner of Cadila Pharmaceuticals brought his son Rajiv Modi with him to take care of the business.
Indravadan Modi’s Philanthropy:
In the year 1943, Modi’s cousin died at the age of 18 due to severe illness, due to lack of proper healthcare.
Inspired from that, he set up a Kakaba and Kala-Budh Public Charitable Trust under the Bombay Public Charitable Trust Act.
He started a 30-bed hospital in the village of Hansot to provide modern healthcare facilities for those who cannot afford it at one-third of the original rates.
Distinguished Positions:
- He was a founding member of Resurgent Group of Gujarat.
- He was a member of National Working Group on Patent Laws, India.
- He was also a member, Indian Drug Manufacturers’ Association.
- He was contributor to Indian Patents Act, 1970.
- He was contributor of 1986 Drug Policy of Government of India.
- He was Vice President of CHEMEXCIL.
- Modi was promoter of B.V. Patel Pharmaceutical Education and Research Development Centre (PERD).
- He was president of Ahmedabad Management Association, 1991-1993.
Awards and recognition:
- He was awarded by lifetime achievement award in June 2005 by Gujarat Chamber of Commerce and Industry.
- He received Express Pharma Pulse Lifetime Achievement Award.
- He received Lifetime Achievement Award by Indian Pharmaceutical Association’s Ramanbhai Patel Foundation.
- He received Lifetime Achiever, Power 100: Eminent Personalities of Gujarat.
- Modi received Gujarat Glories Power People 50.
- He received outstanding Entrepreneur Award 1993 from The Federation of Gujarat Mills and Industries, Baroda.
- Lifetime Achievement Award, 2009, All India Medical Association
- Schroff Memorial National Award 1992
- Lifetime Achievement Award by Pharmaceutical Leadership in 2010 at 3rd Annual Pharmaceutical Leadership Summit.
Death:
In his last days, he developed a lung disease. It started deteriorating and was put on the ventilator for the last 9 days.
He succumbed to the infection on 26th November 2012. Modi was cremated in Cadila’s campus of Dholka, near Ahmedabad.
We hope you find the Biography and success story of Indravadan Modi, Indian entrepreneur, founder of Cadila Pharmaceuticals Limited, inspiring through your entrepreneurial journey and will keep you inspired.
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