Caraco’s profits soar from pharmaceutical sales, hires hundreds
Caraco Pharmaceuticals is making mega bucks in the Motor City as the Detroit-based firm continues to add dozens of local jobs.
Detroit’s Caraco Pharmaceuticals is a prime example of how a Motor City company can compete in the world marketplace… and win.
Excerpt:
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.
Read the rest of the story here.
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