{ "spec_version": "3", "endpoint": "history", "stock_code": "4536", "company_name": "参天製薬", "content_lang": "ja", "meta_lang": "en", "canonical_url": "https://the-shashi.com/tse/4536/decisions/", "api_url": "/api/4536/history.json", "updated": "2026-09-07", "license": "© 2026 Yutaka Sugiura. All rights reserved.", "attribution": "The社史 (the-shashi.com) — https://the-shashi.com/tse/4536/decisions/", "source": { "chapters": { "html_url": "https://the-shashi.com/tse/4536/", "primary": [ "社史", "有価証券報告書", "新聞・雑誌記事" ], "extraction": "一次資料を読み合わせて執筆" }, "long_term": { "primary": [ "会社年鑑（1986年版）", "会社年鑑（1976年版）半期合算", "会社年鑑（1967年版）半期合算", "会社年鑑（1971年版）半期合算" ], "extraction": "EDINET の XBRL、kabupro 掲載の旧有価証券報告書、会社年鑑・社史等からの転記", "row_field": "reference", "caveat": "創業期から現在までを 1 本に繋いだ長期系列のため、年代により出所・単位・連結範囲が変わる。行ごとの reference / unit / consolidation を必ず参照すること" }, "decisions": { "html_url": "https://the-shashi.com/tse/4536/decisions/", "primary": [ "企業の公表資料", "新聞・雑誌記事" ], "extraction": "本文は API に載せない。行ごとの html_url のページを参照すること" } }, "title": "参天製薬の歴史概略", "summary": { "title": "サマリー", "text": "", "description": "参天製薬の歴史。1890年、田口謙吉氏が大阪北浜で創業。参天堂製薬から1958年の現社名へ、フィンランドのスター買収、2000年の目薬24品目全回収、米メルク眼科事業までの沿革と経緯を執筆。" }, "eras": [ { "title": "大学目薬の田口参天堂から参天堂製薬へ──創業と戦災からの再建", "start_year": 1890, "end_year": 1957 }, { "title": "参天製薬への改称と医療用医薬品参入──上場と眼科特化路線の確立", "start_year": 1958, "end_year": 1989 }, { "title": "創業100周年の長期ビジョンと海外進出──医家向け眼科薬の国内首位固め", "start_year": 1990, "end_year": 2009 }, { "title": "Vision 2020のグローバル化から構造改革へ──眼科専業の世界企業への道", "start_year": 2010, "end_year": 2026 } ], "overview": [ { "label": "創業", "text": "1890年、田口謙吉氏が大阪・北浜で個人商店の田口参天堂を開業した。当初の主力は風邪薬\"ヘブリン丸\"で、目薬の専業ではない。転機は1899年に発売した大学目薬で、眼病の多かった明治期の需要に博士の肖像を掲げた広告が重なり、その名は全国へ広まった。1914年に合資会社参天堂、1925年に参天堂株式会社となり、初代社長には共同経営者の三田忠幸氏が就任している。1935年には大阪市東淀川区へ淀川工場を開設し、1944年、空襲で被災した北浜の本社を工場敷地内へ移した。1945年3月に参天堂製薬、1958年6月に参天製薬へ商号を改めている。" }, { "label": "決断", "text": "目の一領域だけを残し、それ以外の事業を手放してきた。1958年6月、医療用医薬品の発売にあわせて商号を参天製薬へ改め、医師が処方する市場へ参入した。1962年にはロシュ社から散瞳薬ミドリンPの国内販売権を得て、眼科医療の現場に入り込む。医家向け眼科薬の国内シェアが43%に達した1997年には[フィンランドの眼科薬メーカー、スターを買収して](/tse/4536/decisions/finland-star-acquisition-1997/)、欧州で作って承認を取る足場を確保した。2014年7月に[米メルクの眼科用医薬品と関連権利を約600百万米ドルで譲り受け](/tse/4536/decisions/merck-eye-care-acquisition-2014/)、翌2015年8月には眼科以外で唯一残っていた抗リウマチ薬事業を、あゆみ製薬へ450億円で承継させている。" }, { "label": "現況", "text": "売上の半分は日本の外で立ち、その外から米国だけが抜けている。2026年3月期の売上収益2,916億円の内訳は、日本1,468億円、EMEA801億円、アジア333億円、中国300億円、その他15億円である。米州では2020年度に開発品で403億円、2022年度にEyevance関連で301億円を減損し、2022年度は営業損失31億円へ沈んだ。2023年7月に米州の一部製品を米Harrow Healthへ資産譲渡してコマーシャル事業から撤退したのち、営業利益は478億円まで戻っている。2022年度以降の自己株式取得は、発行済株式の約20%に及んだ。" }, { "label": "競合", "text": "領域を広げて規模を作る同業のなかで、参天製薬は国のほうを広げた。国内の医療用眼科薬ではシェア約50%を占め、展開する国・地域は35から60以上へ増えている。店頭に残した一般用目薬では、2000年6月に脅迫を受けて[一般用目薬の全24品目を回収した](/tse/4536/decisions/eyedrop-recall-2000/)。混入の事実が確認できないまま、24品目・出荷約3,700万本を対象とする決定だった。大衆薬で目薬と胃腸薬を伸ばした[ロート製薬](/tse/4527/)が店頭のシェアを争ったのに対し、参天製薬は処方箋の側で海外へ出た。眼科だけに絞ったことが、日本1,468億円に対しEMEA801億円という現在の構成を作った。" } ], "profile": [ { "key": "founding_business", "label": "祖業", "value": "風邪薬と目薬を売る家庭向け売薬" }, { "key": "current_issue", "label": "現在の注力課題", "value": "近視など新領域の開拓と地域別販売", "tags": [ "海外展開", "新製品開発" ] } ], "auditVersion": 3, "foundingStory": true, "foundingChapters": 2, "chapters": [ { "start_year": 1890, "end_year": 1957, "main_title": "大学目薬の田口参天堂から参天堂製薬へ──創業と戦災からの再建", "subsections": [ { "title": "風邪薬ヘブリン丸と大学目薬による創業期の躍進", "text": "参天製薬の源流は、1890年に創業者の田口謙吉氏が大阪・北浜で開業した個人商店\"田口参天堂\"である。当初の主力商品は風邪薬\"ヘブリン丸\"で、目薬の専業ではなかった。転機は1899年発売の\"大学目薬\"である。眼病に悩む人が多かった明治期の日本で点眼薬への需要は高く、博士の肖像を掲げた広告も追い風となって、その名は日本全国に広まった。風邪薬から出発した大阪の売薬商は、この一品を足がかりに目薬を主力商品へ育てた。大学目薬の成功は、以後130年を超えて続く\"目の専門企業\"としての歩みの出発点となった。\n\n経営の担い手は比較的早い時期から創業家の外へ広がった。1914年に合資会社参天堂として法人化した際、三田忠幸氏が共同経営者として本格的に経営へ加わり、1925年の参天堂株式会社設立時には三田忠幸氏が初代社長に就いた。当時の主要製品はヘブリン丸と大学目薬のほか\"参天セキ薬\"\"健通丸\"などがそろい、特定の分野に偏らない家庭向け売薬の製造販売会社としての性格がなお濃い。以後は三田家から良蔵、彰久、周の各氏が社長を継ぎ、1990年に森田隆和氏へ引き継がれるまで三田姓の社長による経営が続いた。", "references": [ { "title": "参天製薬公式サイト「Santenの歴史」", "year": null, "month": null, "date": null, "url": null, "quotes": [] }, { "title": "有価証券報告書【沿革】", "year": null, "month": null, "date": null, "url": null, "quotes": [] } ] }, { "title": "淀川工場の開設と戦災、参天堂製薬への改称", "text": "生産面の画期は1935年、大阪市東淀川区下新庄町に開設した淀川工場である。目薬のほかメンソールクリームなど各種医薬品を製造し、売薬商から医薬品メーカーへ移る足場となった。しかし戦局の悪化が経営を直撃する。1944年には三田良蔵氏が社長に就任する一方、第二次世界大戦の空襲で複数の施設が焼失し、東区北浜にあった本社を淀川工場の敷地内へ移した。大阪の中心地に構えた本店を工場内へ引き揚げる決断は、戦時下の窮状を物語っている。創業から半世紀をかけて築いた販売と生産の基盤は、終戦の時点でいったん振り出しに近い状態まで戻っていた。\n\n1945年3月、営業内容を明確に示すため商号に\"製薬\"の名称を加え、参天堂製薬株式会社へ改称した。戦後の再建を支えたのは、1952年発売の\"大学ペニシリン目薬\"である。抗生物質を配合した新しい目薬が事業の立て直しを引っ張り、看板商品の大学目薬とともに戦後の家庭薬市場で地歩を固め直した。参天堂の名で親しまれた大衆薬の看板は残しつつ、社名では\"製薬会社\"であることを前面に出す構えへ改まった。ただ、この時点の参天堂製薬はなお大衆向けの売薬が中心の会社であり、医師が処方する医療用医薬品への参入は1950年代末の決断を待つ。", "references": [ { "title": "参天製薬公式サイト「Santenの歴史」", "year": null, "month": null, "date": null, "url": null, "quotes": [] }, { "title": "有価証券報告書【沿革】", "year": null, "month": null, "date": null, "url": null, "quotes": [] } ] } ] }, { "start_year": 1958, "end_year": 1989, "main_title": "参天製薬への改称と医療用医薬品参入──上場と眼科特化路線の確立", "subsections": [ { "title": "1958年の改称と医療用医薬品への参入", "text": "1958年6月、新たな医療用医薬品の発売を契機に、商号を参天製薬株式会社へ変更した。大衆薬の売薬商として出発した会社が、医師の処方する薬を軸とするメーカーへ転じた画期である。1962年にはスイスのロシュ社から散瞳薬\"ミドリンP\"の国内販売権を取得し、眼科医療の現場に食い込む足がかりを得た。同じ年には国内初のプラスチック容器入り目薬\"スーパーサンテ\"を発売し、ガラス瓶が主流だった目薬の容器を一新している。処方薬と大衆薬の両輪で目の分野に資源を集める、その後の参天製薬を貫く経営路線がここで定まった。\n\n資本市場との接点も広がった。1963年11月に大阪証券取引所市場第二部へ上場し、翌1964年4月には東京証券取引所市場第二部にも上場した。1969年には三田彰久氏が社長に就任する。1970年の\"エコリシン点眼液\"、1975年の\"フルメトロン\"と医療用眼科薬の品目を増やし、1977年10月には東京・大阪両取引所の市場第一部へ指定された。同じ1977年には点眼薬の\"ボトルパック\"製造システムを導入し、生産技術の面でも医療用医薬品への傾斜を強めた。二部上場から一部指定までの14年間は、大衆薬の老舗が処方薬メーカーとしての信用を積み上げる期間でもあった。", "references": [ { "title": "有価証券報告書【沿革】", "year": null, "month": null, "date": null, "url": null, "quotes": [] }, { "title": "参天製薬公式サイト「Santenの歴史」", "year": null, "month": null, "date": null, "url": null, "quotes": [] }, { "title": "日経ビジネス 1992年10月12日号", "year": null, "month": null, "date": null, "url": null, "quotes": [] } ] }, { "title": "眼科製品ラインの拡充とタリビッドの大ヒット", "text": "1980年代は眼科専門メーカーとしての骨格が整った時期である。1978年に医療用具の販売を始め、1981年に緑内障治療薬\"チモプトール\"を発売、1982年には中央研究所が竣工した。1983年に三田周氏が社長へ就くと、1985年1月には石川県志雄町に能登工場を開設し、同年に一般用目薬\"サンテ40NE\"を投入、1986年には眼内レンズの販売にも乗り出した。\n\n決定打は1987年発売の\"タリビッド点眼液\"である。第一製薬から導入した合成抗菌点眼薬は1991年度に年商120億円へ育ち、参天製薬の売上高は1987年度から1991年度までに約2倍、経常利益は約2.8倍に伸びた。その一方で、全身薬では手痛い失敗も経験している。1986年に自社開発の血圧降下剤の承認申請を臨床データの不足から取り下げ、損失は総額40億〜50億円とされた。眼科で稼いで全身薬でつまずいた1980年代の対照的な経験は、目に集中するその後の経営路線をいっそう鮮明にした。", "references": [ { "title": "有価証券報告書【沿革】", "year": null, "month": null, "date": null, "url": null, "quotes": [] }, { "title": "参天製薬公式サイト「Santenの歴史」", "year": null, "month": null, "date": null, "url": null, "quotes": [] }, { "title": "日経ビジネス 1992年10月12日号", "year": null, "month": null, "date": null, "url": null, "quotes": [] } ] } ] } ], "long_term": [ { "year": 1950, "month": 3, "company_name": "参天製薬", "consolidation": null, "accounting_standard": null, "unit": "億円", "sales_jp": null, "sales": null, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": null, "net_profit": null, "net_margin": null, "employees": null, "reference": null }, { "year": 1951, "month": 3, "company_name": "参天製薬", "consolidation": null, "accounting_standard": null, "unit": "億円", "sales_jp": null, "sales": null, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": null, "net_profit": null, "net_margin": null, "employees": null, "reference": null }, { "year": 1952, "month": 3, "company_name": "参天製薬", "consolidation": null, "accounting_standard": null, "unit": "億円", "sales_jp": null, "sales": null, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": null, "net_profit": null, "net_margin": null, "employees": null, "reference": null }, { "year": 1953, "month": 3, "company_name": "参天製薬", "consolidation": null, "accounting_standard": null, "unit": "億円", "sales_jp": null, "sales": null, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": null, "net_profit": null, "net_margin": null, "employees": null, "reference": null }, { "year": 1954, "month": 3, "company_name": "参天製薬", "consolidation": null, "accounting_standard": null, "unit": "億円", "sales_jp": null, "sales": null, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": null, "net_profit": null, "net_margin": null, "employees": null, "reference": null }, { "year": 1955, "month": 3, "company_name": "参天製薬", "consolidation": null, "accounting_standard": null, "unit": "億円", "sales_jp": null, "sales": null, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": null, "net_profit": null, "net_margin": null, "employees": null, "reference": null }, { "year": 1956, "month": 3, "company_name": "参天製薬", "consolidation": null, "accounting_standard": null, "unit": "億円", "sales_jp": null, "sales": null, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": null, "net_profit": null, "net_margin": null, "employees": null, "reference": null }, { "year": 1957, "month": 3, "company_name": "参天製薬", "consolidation": null, "accounting_standard": null, "unit": "億円", "sales_jp": null, "sales": null, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": null, "net_profit": null, "net_margin": null, "employees": null, "reference": null }, { "year": 1958, "month": 3, "company_name": "参天製薬", "consolidation": null, "accounting_standard": null, "unit": "億円", "sales_jp": null, "sales": null, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": null, "net_profit": null, "net_margin": null, "employees": null, "reference": null }, { "year": 1959, "month": 3, "company_name": "参天製薬", "consolidation": null, "accounting_standard": null, "unit": "億円", "sales_jp": null, "sales": null, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": null, "net_profit": null, "net_margin": null, "employees": null, "reference": null }, { "year": 1960, "month": 3, "company_name": "参天製薬", "consolidation": null, "accounting_standard": null, "unit": "億円", "sales_jp": null, "sales": null, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": null, "net_profit": null, "net_margin": null, "employees": null, "reference": null }, { "year": 1961, "month": 3, "company_name": "参天製薬", "consolidation": null, "accounting_standard": null, "unit": "億円", "sales_jp": null, "sales": null, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": null, "net_profit": null, "net_margin": null, "employees": null, "reference": null }, { "year": 1962, "month": 3, "company_name": "参天製薬", "consolidation": null, "accounting_standard": null, "unit": "億円", "sales_jp": null, "sales": null, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": null, "net_profit": null, "net_margin": null, "employees": null, "reference": null }, { "year": 1963, "month": 4, "company_name": "参天製薬", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": "売上高", "sales": 17.99, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": null, "net_profit": null, "net_margin": null, "employees": null, "reference": "会社年鑑（1967年版）半期合算" }, { "year": 1964, "month": 4, "company_name": "参天製薬", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": "売上高", "sales": 19.54, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": "当期純利益", "net_profit": 0.92, "net_margin": 4.708, "employees": null, "reference": "会社年鑑（1967年版）半期合算" }, { "year": 1965, "month": 4, "company_name": "参天製薬", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": "売上高", "sales": 27.41, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": "当期純利益", "net_profit": 1.47, "net_margin": 5.363, "employees": null, "reference": "会社年鑑（1967年版）半期合算" }, { "year": 1966, "month": 4, "company_name": "参天製薬", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": "売上高", "sales": 24.93, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": "当期純利益", "net_profit": 0.96, "net_margin": 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"accounting_standard": "JGAAP", "unit": "億円", "sales_jp": null, "sales": null, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": null, "net_profit": null, "net_margin": null, "employees": null, "reference": null }, { "year": 2002, "month": 3, "company_name": "参天製薬", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": null, "sales": null, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": null, "net_profit": null, "net_margin": null, "employees": null, "reference": null }, { "year": 2003, "month": 3, "company_name": "参天製薬", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": null, "sales": null, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": null, "net_profit": null, "net_margin": null, "employees": null, "reference": null }, { "year": 2004, "month": 3, "company_name": "参天製薬", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": null, "sales": null, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": null, "net_profit": null, "net_margin": null, "employees": null, "reference": null }, { "year": 2005, "month": 3, "company_name": "参天製薬", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": null, "sales": null, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": null, "net_profit": null, "net_margin": null, "employees": null, "reference": null }, { "year": 2006, "month": 3, "company_name": "参天製薬", "consolidation": "連結", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": "売上高", "sales": 984, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": "経常利益", 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"type": "governance", "html_url": "https://the-shashi.com/tse/4536/decisions/eyedrop-recall-2000/" }, { "title": "米メルクの眼科用医薬品事業の譲受と、抗リウマチ薬事業の承継", "year": 2014, "type": "acquisition", "html_url": "https://the-shashi.com/tse/4536/decisions/merck-eye-care-acquisition-2014/" } ] }