The story behind
Caraco is one that many Detroit-based businesses wish they could replicate. The New Center-based company has watched its employee base more than double and its revenues quintuple since 2005.
The generic pharmaceutical company, founded in 1984, went from 220 employees in 2005 to more than 600 today, half of which work in the city. It has hired 150 people in the last year.
Its revenue numbers have skyrocketed even more. The trajectory looks like this: $64 million in 2005, $83 million in 2006, $117 million in 2007 and expectations are for $350 million this year. Revenues are projected to jump another 25 percent next year.
It accomplishes these numbers thanks to an alliance with
Sun Pharmaceutical Industries, which is the 5th largest pharmaceutical company in India. That partnership has allowed Caraco to expand its Detroit facilities. The company plans to move its corporate offices from New Center to its newly expanded facilities on Elija McCoy Drive, near the home base for
Recycle Here! on Holden Avenue, later this year.
Caraco is one of the fastest growing companies that specialize in the generic pharmaceutical industry. It develops, manufactures, markets and distributes generic and private-label pharmaceuticals throughout the U.S. These drugs treat a wide variety of maladies, including hypertension, arthritis, epilepsy, diabetes, antipsychotic and depression.
Source: Dan Movens, CEO of Caraco
Writer: Jon Zemke
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