From Jaipur Pharmacy to Global Pharma Leader: Pioneer of Affordable TB Medicines, Macleods Founder Dr Rajendra Agarwal No More
New Delhi: The pharmaceutical industry is mourning the loss of Dr Rajendra Agarwal, the founder and Managing Director of Macleods Pharmaceuticals Ltd., who passed away on 24 November 2025 at an early age of 66 years.
While the cause of his death has not been revealed, his untimely passing is a significant loss for the pharmaceutical industry.
A Life Dedicated to Affordable Medicines
Born on 25 February 1959, Dr Agarwal was a physician by training. Coming from a family that owned a pharmacy in Jaipur, he, along with his two brothers — Girdhari Lal Bawri and Banwari Lal Bawri — founded Macleods Pharmaceuticals in 1986 with a mission to make anti-tuberculosis (TB) and anti-infective drugs accessible.
The company, Macleods Pharma was officially incorporated on 5 June 1989, with its headquarters in Mumbai.
With the hard work of the three brothers, Macleods grew from a modest start-up into a global pharma company, with a presence in more than 170 countries across multiple therapeutic areas.
What set Macleods apart was its strong focus on anti-infectives — particularly first-line and second-line TB drugs — in its early years. Over time, the company diversified substantially, adding formulations for malaria, HIV, cardiovascular diseases, diabetes, respiratory conditions, orthopaedics, oncology, and other therapy areas.
In 2000, Macleods established its first Research & Development center in Mumbai. The R&D, analytical, and bioanalytical capabilities became a backbone for its global operations, enabling everything from quality assurance to clinical research.
Agarwal’s firm has been credited with being the first in the world to introduce formulations such as Forecox, Zithrox, Trenaxa MF, and Cefolac, with Thyrox, Geminor, and Omnacortal being its top brands.
From Doctor to Billionaire Entrepreneur
Dr Agarwal was also one of India’s quietly wealthy business figures. According to Forbes, his personal net worth stood at roughly US$ 1.9 billion at the time of his passing.
Their company, Macleods Pharmaceuticals, remains privately held but is widely considered among India’s top‑10 pharma firms, with a broad generics portfolio covering diseases such as asthma, osteoporosis, and diabetes.
Dr Agarwal was known for his low profile but profound impact. According to Forbes India, he had built significant wealth through Macleods, but his primary commitment remained to patient access and making medicines affordable. His financial success did not detract from his mission: bringing high-quality generics to underserved markets.
Under his stewardship, Macleods became a key exporter of essential medicines, especially TB drugs — a contribution that earned the company a strong reputation in global public health.
Tributes Pour In
Macleods Pharmaceuticals issued a heartfelt statement on LinkedIn:
“We are deeply saddened by the passing of Dr. Agarwal, founder of Macleods … He lived to save lives. For the health of millions around the world. Rest in Peace.”
Colleagues, business partners, and industry leaders also recalled him as a compassionate leader who cared deeply about quality, ethics, and patient welfare.
