01 April 2022 | Features
Developing novel therapeutic assets
Domain- Drug discovery
Founders- Dr Anand Anandkumar – Chief Executive Officer, Dr V Balasubramanian – Chief Operating Officer, Dr Santanu Datta – Chief Scientific Officer, and Dr Shahul Hameed P – Chief Product Officer
Total team strength- 35
Total funds raised- Rs 258 crore through institutional investors and around Rs 75 crore from government and non-government funding agencies
Investors- BIRAC, CARBX, UTEC Japan, LightRock India, 3one4 Capital, Global Brain Japan, Acquipharma South Africa, and Dr. Kiran Mazumdar Shaw (Biocon)
Revenue generated since inception- NA
"Since the return on investment (ROI) in the areas of infection are not attractive to investors, raising funding as a startup focused on discovering and developing anti-infective drugs continues to be a challenge. We have been very fortunate and successful in identifying a group of high net worth individuals (HNIs) and global institutional investors who have been looking for the impact of our innovation for the greater benefit of society and who are not purely looking at ROI additionally to the greater common good to humanity. The Indian ecosystem does not have much precedence for doing novel drug discovery; so we had no choice but to blaze new trails, learning along the way.
The global pharmaceutical industry is divided into 2 sectors – innovative drugs and generics. India is one of the world's leaders in generic drug manufacturing and formulation. However, we are seriously lagging in the novel drug discovery arena. The growth of novel drug development in India is likely to be slow as it requires a large, sustainable pool of funds. In addition, it requires an investment mindset willing to take risks due to the long gestation period in transforming ideas into life-saving products. Hopefully, the success of a company like Bugworks and others in India, and an evolving mature funding ecosystem should catalyze widespread innovation and expansion of new companies pursuing novel drug discoveries in India."
- Dr Anand Anandkumar, Chief Executive Officer, Bugworks