Bilcare Ltd was incorporated in July, 1987 as Bhandari Paper Products Pvt Ltd and converted into a public limited company on October 27, 1994. The name of the company was changed to BI Ltd in the year 2001 and further the name was changed to Bilcare Ltd on October 1, 2003. The Company is a research-based organization primarily engaged in manufacturing specialty pharmaceutical packaging barrier films. It provides pharmaceutical research services, clinical services and packaging systems and material.

The company's key products include packaging films, aluminum foils, wrap systems, cold formed blisters, closures and containers, and paper composites. They also offer research services, including preformulation studies, formulation development, analytical research, stability studies, packaging audit and packaging development and design. The company's plant at Rajgurunagar in Pune is one of its kinds in Asia and the eighth plant of its kind in the world.

During the year 1997-98, company completed the project of Paper Tube Plant at Patalganga in Maharashtra. During the year 1999-2000, German Investment and Development company namely DEG - Deutsche Investitions - Und Entwicklungsgesellschaft MBH has subscribed to 21% of the share capital of PT Bhandari Mishindo, a subsidiary of the company. During the year 2002-03, the company introduced seven new unique products for the pharma sector namely Nova, Patina, Ultra, Excel, Super Zing and Venus.

During the year 2003-04, the company hived off their Biltube Division in order to focus their core business of manufacture of pharma packaging and research. Also, PT Bhandari Mishindo, a subsidiary company in Indonesia which was formed as an integral part of the Biltube Division was ceased to be a subsidiary of the company. Also, the company promoted Bilcare Singapore Pte Ltd as a wholly owned subsidiary of the company during the year.

In July 2005, Bilcare Singapore Pte Ltd, a wholly owned subsidiary of the company acquired pharma research and clinical services business in USA. Thus Bilcare Inc became a subsidiary of the company. In October 2005, the company unveiled their clinical services facility in Pune. This facility will support the pharma companies in packaging and distribution of their clinical supplies and integrate their global clinical trial requirements efficiently.

In September 2006, the company acquired DHP Ltd, a UK-based Clinical Trials Services provider through Bilcare (UK) Ltd, a wholly owned subsidiary of Bilcare Singapore Pte Ltd. In May 2007, Bilcare Research announced the launch of the Bilcare Research Academy in partnership with Association of Clinical Research Professionals (ACRP), US. The academy shall open 25 centers in India and other parts of Asia by 2010.

In January 2008, Bilcare Singapore has bought 100% of Singular ID, the provider of integrated high technology enterprise brand security system, for a consideration of Singapore Dollar 19.58 million. Bilcare Singapore is a wholly owned subsidiary of the company. In July 2008, Bilcare Ltd and USA based MeadWestvaco Corp jointly acquired the pharmaceutical packaging Company International Labs of St. Petersburg, Florida, USA.

In FY 2013 -14, the Company started commercial production of the specialty cold formable blister (CFB) film on the newly commissioned state of the art multi-layer laminator. The R&D team successfully developed Bilcare Armour' for packaging of highly moisture sensitive formulations in a cost effective manner by replacing conventional high cost material used for packaging of highly moisture sensitive pharmaceutical formulations. Another key R&D activity was the successful development and commercialization of specialty triplex and duplex film laminates comprising PVC/EVOH/Aclar for Oxygen sensitive formulations as well as PVC/PE/Aclar, CPP/Aclar (Polyolefin base) and APET/ Aclar (polyester base) for pharmaceutical applications as green (halogen-free) packaging alternatives. A novel Surlyn based composite film laminate was developed for formulations required to be packaged at low temperatures.

In 2023, the Company transferred its Pharma Packaging Division (PPI) Division as a business undertaking on a going concern basis to its subsidiary, Caprihans India Limited through slump sale, for a net consideration of Rs 213 Crores, on March 27, 2023.