Bilcare Ltd is a pharmaceutical services company that has spent three decades pivoting from making packaging films to running global clinical trials - a shift completed in 2023 when it sold its legacy packaging factory to its own subsidiary and became a pure-play clinical-supplies partner for drug developers worldwide. The company was founded in 1987 in Pune, India, and its entire history is shaped by one recurring approach: it takes a narrow, technically demanding problem inside the pharma industry - first protecting pills from moisture and counterfeits, now getting experimental drugs to trial sites across 19 countries - and builds proprietary systems around it. That same innovation-first instinct, once applied to anti-counterfeit films and child-resistant foils, now powers a clinical-services engine that handles everything from sourcing comparator drugs to destroying unused trial supplies, all under one roof. # Business segments A single engine built on the clinical-trial supply chain - from procuring the comparator drug to destroying the unused dose - serving pharma companies and research organisations globally. ## 1. Global Clinical Services: the full-stack partner for clinical trials **Bilcare GCS runs the behind-the-scenes logistics of drug trials - manufacturing placebos, blinding pills so no one knows which is real, storing temperature-sensitive vials, and shipping them to trial sites on every continent - so that pharma companies and CROs never touch the supply chain.** - **One umbrella, every step** - the division handles the entire lifecycle of an Investigational Medicinal Product (IMP): comparator procurement, manufacturing of IMPs and placebos, primary and secondary packaging with blinding techniques, storage at ambient and controlled temperatures, global logistics, returns, and destruction. That means a trial sponsor can hand off the whole supplies problem to one partner rather than stitching together five vendors. - **A depot network that reaches the patient** - Bilcare GCS operates through roughly 30 depots worldwide, each capable of storing, distributing, and handling returns and destruction of trial materials, with partnerships expanded to cover most locations globally. This distributed footprint is what lets the company manage a trial across 19 countries simultaneously, as it did for one Covid-19 study. - **Comparator sourcing, the fast-growing wedge** - the business of procuring the standard-of-care drug against which a new molecule is tested has doubled in size over three years, because most drug candidates are studied against existing treatments and sponsors increasingly want local, transparent sourcing. Bilcare is positioning itself as a qualified local supplier that can export drugs for QP (Qualified Person) release, tapping a market that is shifting from centralized to regional procurement. - **Beyond pharma, into devices and nutraceuticals** - the division has expanded its scope to store and distribute cosmetics and nutraceuticals, and entered the medical-devices vertical by obtaining fast-track regulatory approvals to import rapid test kits, VTM tubes, RT-PCR kits, and RNA extraction kits during the pandemic. That diversification means the same depot and logistics backbone earns revenue from adjacent regulated industries. - **Audit-proof operations as the entry ticket** - the company has built robust Standard Operating Procedures and internal controls that have passed every major customer and client audit without critical observations, including a GMP audit for annual renewal and an ISO 9001:2015 audit that delivered a three-year certification. In an industry where a failed audit can disqualify a supplier overnight, that track record is the reason pharma companies and CROs keep coming back. # Group structure and partners **Bilcare Ltd is the listed holding company at the top of a simplified group - it sold its packaging factory to its majority-owned subsidiary, shed overseas entities, and now runs a clinical-services operation with a handful of subsidiaries while earning fees from the packaging business it no longer operates directly.** - **The packaging business lives on in a subsidiary** - in March 2023, Bilcare sold its Pharma Packaging Innovations division to Caprihans India Limited (CIL) via a slump sale, paid for with preference shares, making Bilcare debt-free and leaving CIL as the group’s packaging manufacturer. Bilcare holds a 59.56% stake in CIL as of March 25, 2026, and has been steadily converting warrants to increase its ownership. - **A corporate guarantee ties the two together** - Bilcare has provided a Rs. 670 crore corporate guarantee to CIL’s bankers for loans the subsidiary has taken, so the holding company’s credit stands behind the packaging unit even though the businesses are legally separate.