Multicare began as a division of Astra Philippines Inc. in 1998. In 1999, Astra Sweden and Zeneca London entered a partnership. This paved the way for Multicare to become an independent company in 2002. It was through the strong belief and leadership of the founding president, Mr. Romeo S. Sy, when the company started its commitment to provide value to family healthcare. Multicare took this opportunity to develop more products and explore a wider market by increasing its field force and grew the business.

In 2009, Multicare forged a strategic alliance with Lupin Limited of India in order to increase its abilities to source new and innovative products and expand further its customer reach in the Philippines. Lupin Limited is the 5th largest pharmaceutical company in India with a strong history and competency in the anti-TB market and now has a strong global presence in the US, Europe, Latin America, Middle East, Africa and Southeast Asia.