Veteran industrialist and the founder chairman of Ahmedabad-based privately held pharmaceutical firm Cadila Pharmaceuticals Ltd I A Modi passed away in Ahmedabad on Monday.
The 87 year old who was suffering from respiratory disorder and was admitted at a city hospital breathed his last at around 5:00 pm on Monday.
Modi is revered in the Indian Pharmaceutical Industry as the Champion of Indian Patents Act, 1970. He played a major role in giving shape to the 1986 Drug Policy of Government of India.
Born in a small village of Hansot of Bharuch district in South Gujarat on February 18, 1926, Modi pursued higher studies at Bombay University where his chosen area of study was pharmaceuticals and fine chemicals.
Modi quit his job as a chemist in a chemical manufacturing unit and launched Cadila Laboratories in 1951 as a partnership with a school friend Ramanbhai B Patel.
The two friends, however, parted ways in 1995 and Cadila Pharmaceuticals came into being. Typical of a start-up Cadila had no depth of management.Modi was the producer, promoter, distributor and deliveryman-all rolled into one. He was also the manager, administrator and accountant of his business.
His wife and grand mother helped him in chores up to the packing stage. He drew a paltry Rs 250 a month for sustenance and whatever additional revenues that were generated were ploughed back into business.
Cadila Pharmaceuticals Ltd. is one of the largest privately held pharmaceutical companies in India, headquartered at Ahmedabad, a company release said.