Cipla, an India-based producer of low cost antiretroviral drugs (ARVs) is one of the biggest success stories in the pharma industry. Most of its sales are in the developing world (including 40% in Africa) — where it sells its HIV drugs for about $350 per year per patient — yet it is as profitable as the pharma giants of Europe, North America, and Japan. It has doubled its market cap in the five years and sales reached almost $1.5 billion in the year ended March 2012, up close to ten times since 2000.