Organisational Theatre

India has 135 approved biosimilars. More than any country on earth. So why has only ONE Indian pharma company built a biologics business that the world has actually heard of?It’s what happens when a listed pharma company creates a biologics subsidiary, gives it a futuristic name, a modest budget, and a press release and then waits to see whether the world forces it to take it seriously.We mapped ten such subsidiaries and found:→ CuraTeQ (Aurobindo) got three EMA approvals in a single calendar year. Indian pharma has never done that before.→ Enzene (Alkem) built a proprietary manufacturing platform that Fidelity’s biotech VC arm co-funded. A US facility opened in New Jersey in September 2025.→ Gennova (Emcure) is the only Indian pharma subsidiary with an operational mRNA platform. CEPI funded their Nipah vaccine program.→ Wockhardt got India’s first biosimilar glargine approval in 2007 five years before EMA. Then financial distress destroyed the program. Hopefully Zaynich can set that right soon.Most of these subsidiaries function as organisational hedges, not genuine platforms. The subsidiary structure ring-fences capital risk. It also ring-fences leadership attention.The next five years will sort these ten into three clusters. Two or three will become global platforms. The rest will consolidate, partner, or quietly fade.Full report in the podcast. Listen in. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit mypharmareviews.substack.com