Family businesses can last beyond the third generation. This has been proved by many Indian companies which have built a name in Ayurvedic medicines and Herbals. Many Ayurvedic companies in India have literally defied third-generation curse. This is in contrast to pharmaceutical companies in India where the number of such companies is in single digit. Not only that, these Ayurvedic companies have laid foundation of Ayush & Herbal products’ category in overall pharmaceutical industry in India.
Shree Dhootapapeshwar Limited is considered the world’s oldest Ayurvedic enterprise as it was formally established in 1872 by Vaidyaraj Shri Krishnashastri Puranik (1839-1905). By forming ‘Shree Dhootapapeshwar Aryaushadhi Karkhana’, Shri Puranik kept Ayurved alive while facing onslaught of the British Raj in its early days and their western medicinal approach. Prominent leaders of the independence struggle such as Sardar Patel, Bal Gangadhar Tilak among others had visited the factory of the company in Panvel. Presently, Shree Dhootapapeshwar Limited is being run by 5th Generation family members.
Dabur was founded by Dr. S. K. Burman in 1884 in Calcutta (now Kolkata). ‘Dabur’ got its name from the Devanagri rendition of Daktar (“Da”) Burman (“Bur”). Presently, the family’s 5th generation is on the driving seat. Contrary to popular perception, the Burmans are not Bengali but Punjabi Khatris. Mission statement of the company – ‘Ghar Ghar Ayurveda – Contemporise Ayurveda and make it relevant for the new generation’ conveys a lot about the contribution of Dabur India that had Revenue from Operations amounting to ₹12,563.10 Crore in 2024-25 that comprised other segments too. Dabur India remains the largest Ayurvedic company and worldwide.
Unjha Ayurvedic Pharmacy was set up in 1894 by Vaidyaraja Shree Nagindas Shah on the occasion of Dhanvantri Jayanti in Unjha, a town in Gujarat which was also the hometown of the founder. The founder published ‘Bharat Bhaishjya Ratnakar’ (in five volumes containing details of 9598 Ayurvedic preparations) which is approved in Schedule I of the Drugs and Cosmetics Act, 1940. For the last 5 generations, the family has been engaged in serving Ayurveda.
Arya Vaidya Sala Kottakkal (AVS) was founded by Vaidyaratnam P. Sankunni Varier in 1902. He is considered a pioneer in the domain of industrialisation of Ayurveda drug manufacture. Under AVS as an umbrella organization, other sub- institutions were set up such as Aryavaidya Samajam, Aryavaidya Pathashala, Charitable Hospital, Medicinal Plant Estate to name a few. His Will written in 1939 became the Constitution of AVS after his demise in 1944. The Trustees of the seven-member Trust comprises five members from family. Financial earnings are earmarked for charitable and educational purposes. There is no individual or family beneficiary.
Hamdard Dawakhana was founded by Hakeem Hafiz Abdul Majeed in 1906 in Delhi. It is a leading Unani medicine brand but also offers a wide range of Ayurvedic medicines. Unani system of medicine is now part of AYUSH. Hakim Mohd. Saeed, the younger brother of Hakeem Hafiz Abdul Majeed left for Pakistan during Partition in 1947. After the death of the founder, his wife Rabia Begum ran Hamdard along with son – Hakim Abdul Hameed. Under the leadership of the founder’s son, various institutions were established such as Ghalib Academy, Jamia Hamdard University, etc. Currently, Hamdard India is being led by fourth-generation family members.
Zandu Pharmaceutical Works was founded in October 1910 to manufacture Ayurvedic medicines by Jugatram S. Vaidya who was the grandson of late Vaid Karuna Shankar Bhatt (aka Zandu Bhattji, then a renowned Physician). Mathuradas B. Parikh joined later, and Zandu became a public limited company in 1919. Zandu Foundation for Health Care was set up in 1990 to carry out R&D activities on medicinal plants. In 2008, Emami Limited acquired Zandu Pharma (a company with 98-year existence) as well as Zandu Foundation for Health Care. Dev Kumar Vaidya and his sister Anita Vaidya whose great grandfather set-up the company, sold their 23.6% stake. The reason cited by Dev Kumar Vaidya was denial of a seat on the Zandu Board by the other promoters. Parikh family (Girish Parikh and D. M. Parikh) also sold their stake to Emami as joint management was not considered a smooth option.
Pt. Ramnarayan Sharma (Vaidyaraj, the practitioner of Ayurveda) and Pt. Ram Dayal Joshi started manufacturing Ayurvedic medicines at Baidyanath Dham in Bihar (now in Jharkhand) in 1917. Baidyanath came up with the syrup, ‘Pranda’ to treat malaria way back in 1930s. Pt. Ram Dayal Joshi was against British colonialists, and during a Congress National Adhiveshan in 1922, it was Baidyanath family that opened their production Bhawan for Congress functionaries to stay as others feared British regime (Poet Ramdhari Singh Dinkar in ‘Ram Dayal Joshi Smriti Granth’). Under the flagship of ‘Shree Baidyanath Ayurved Bhawan’ production of Ayurvedic formulations on large scale was initiated at five places – Kolkata (1921), Patna (1940), Jhansi (1941), Nagpur (1942), and Prayagraj (then Allahabad) (1958). Later, it came up with facilities at Baddi and Barotiwala in Himachal Pradesh, Kashipur in Uttarakhand, and Seoni in Madhya Pradesh. Vikram Baidyanath, third-generation member adopted ‘Baidyanath’ as his last name by replacing ‘Sharma’. Ajay Sharma, 3rd Generation member wrote an interesting book titled, ‘How to thrive in a family business: Business lessons from my Baidyanath Journey’ and offered insights highly relevant for family businesses.
G. D. Pharma came into existence in 1929 when Gour Mohun Dutta, an importer of foreign goods, decided to join the Swadeshi Movement. The company is well known for the products such as Boroline, Suthol Antiseptic Body Hygiene Liquid, among others. Fourth generation of founding family has joined the company to take over leadership positions.
Multani Pharmaceuticals was started in 1938 by Pandit Thakur Datta Multani Vaidya. Vaidya Jagmohan Datta Multani carried forward the legacy. Dr. Pradeep Multani, a third-generation member of the Multani family. As the Chairman of Multani Pharma for more than 30 years, he has more than 45 years of experience in the field of Ayurvedic and Unani medicines. Fourth generation represented by Arjun Multani and Nakul Multani is leading the company.
Himalaya Drug Company (name changed to Himalaya Wellness in 2001) was founded by Mohd. Manal in 1930 with the first establishment in Dehradun. It is said that the founder saw a man feeding some agitated elephants the roots of a local herb, which calmed them down. On scientific evaluation, it was found that the herb (Rauwolfia serpentina) possessed antihypertensive properties. Serpina, the world’s first natural antihypertensive drug was launched by Himalaya in 1934. In 1943, the company launched Cystone that was developed for the management of kidney stones. In 1955, Liv.52, a supplement to aid the healthy functioning of the liver was launched. Septilin, a natural immune booster useful in the fight against infections was launched in 1960. The company has manufacturing facilities in Dehradun, Mumbai and Bengaluru. A R&D Centre has also been set-up in Bengaluru. Nabeel Manal – the CEO, the grandson of the founder, is taking the legacy forward. The company’s products are offered in more than 100 countries.
Charak Pharma, another notable company, was founded by D. N. Shroff and Dr. S. N. Shroff in 1947 which is exporting ayurvedic and herbal medicines in more than 35 countries. Third generation of the Shroff family is running the group.
The Vishnu Industrial Chemical Company (Vicco) Laboratories was set-up in 1952 by Keshav V. Pendharkar. Gajanan Keshav Pendharkar joined his father’s business in 1959. G. K. Pendharkar was instrumental in formulation of the first Ayurvedic paste in the world with 20 rare medicinal natural herbs, and also brought out the first yellow-coloured face cream in 1975 which is popular as Vicco Turmeric Skin Cream, an Ayurvedic product. One of the most popular jingles is of toothpaste that conveyed ‘Ayurvedic origin’ as well as ‘Swadeshi’ message in the jingle- ‘Ayurvedic jadibootiyon se bana Sampoorn swadeshi’. Presently, Sanjeev Pendharkar, the grandson of the founder, and third generation representative is guiding the company.
Experience of these old Ayurvedic companies in terms of organization, product portfolio, expansion, diversification while retaining and expanding family business in Ayurved and Herbal category, is relevant for other companies in Ayurvedic and Herbals category (6,998 Licensed Pharmacies or Manufacturing Units as on 01.04.2020) to tread the path for long-term existence.
Dr. Anil Kumar Angrish- Associate Professor (Finance and Accounting), Department of Pharmaceutical Management, NIPER S.A.S. Nagar (Mohali), Punjab.
Disclaimer: Views are personal and do not represent the views of the Institute.
