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.
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.
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
Source: Dan Movens, CEO of Caraco
Writer: Jon Zemke