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Driving the Family Legacy

by Shobita George - August 4, 2022

Home-grown pharma major Indoco Remedies is an Indian success story with its growth closely aligned with the trajectory of the Indian economy. Aditi Kare Panandikar, Managing Director of Indoco holds a Master’s Degree in Pharmaceutical Administration from the Ohio State University, USA. Indoco is a fully integrated, research-oriented company with a presence in 55 countries….

Did you grow up with the desire to not only be part of but also lead the company?

I very much grew up with the desire to lead, thanks to the environment at home. My father, Mr Suresh Kare (Chairman – Indoco) never really separated Indoco from the family. I grew up like in any other business family, where there is an aspiration that the children should join the business, but with a clear indication from the parents that I would have to be qualified and capable, both from an educational perspective as well as having the capability. We are just two sisters and I’m the elder one. So I guess I never questioned the fact that I was expected to come in here. I started at the basic level and have worked across departments, across levels, taken responsibility for different functions, and moved up the ladder. I was eventually made the Managing Director in 2012 after 20 years in the Company.

How has this journey of the last 3 decades been for you?

It has been a lot of hard work for me and a lot of personal sacrifices at various stages. You can imagine a Master’s degree holder from the US coming back when most of your peer group walk into MNCs and have the corner office. I came back to a small, but very well-run organization with branded sales in India. The journey has been very fulfilling, and Indoco has done more for me than I could do for the organization. It has been more than just about creating the top line or margins or wealth. It has been about driving the family legacy.

Can you describe how the pharma industry has evolved since the time Indoco was birthed?

In 1947 when Indoco registered as a company, it was done to take advantage of the opportunities that the young Indian government was offering to foster indigenous manufacturing of pharmaceuticals. They wanted to provide quality medicines at an affordable price to the Indian population. At the time of independence in 1947, India’s pharmaceutical market was dominated by MNCs that controlled the market primarily through imports. India had product patents in those days and with the passage of the Indian Patent Act in 1970, brought in the regime of ‘Process Patents’. The period between 1970 and 2005 was the Golden Period for the Indian Pharma industry, as this was the time when the ‘Process Patent’ was put into force and the Product Patent was removed. That opened up a plethora of opportunities. Then in 1991, the Narasimha Rao government opened India’s boundaries and the global pharma market became available to us, and we became truly part of the global economy. The US alone has more than 50% of the world market, and that opportunity opened up to the entire Indian pharma industry. We all started looking at this huge opportunity of generics. It meant creating an infrastructure of international standards. That allowed Indian companies to backwards integrate, reverse engineer and innovate to make the product. I’m happy to say that today our international business constitutes around 45% of our top line. We evolved as opportunities came our way. The Indian Pharmaceutical Industry is the third-largest in volume, but 13th -14th largest in value because our per-unit pricing is much lower than everywhere else in the world.

Interestingly, you have also done a course in patent law. Was this done keeping Indoco in mind?

I did the course to understand what would be my roadblocks. I never realized that I would use it to file patent applications for Indoco abroad and in India. Today we boast of several process patents in India, and many internationally as well. Hence, I pursued the course to understand this hurdle which is going to come our way for business and instead, it ended up becoming a great opportunity. Today we have 110 patents, 39 for Formulations and 71 for APIs.

What are your plans for the immediate future?

When I became MD, our top line was around INR 450 crore and I needed to urgently get the company to size. For the year concluded we are an INR 1500 crore company. As you get larger, it is more difficult to grow in absolute terms. But we are very sure from here on Indoco’s trajectory of growth is going to be very fast. And that’s because we have created several business verticals to chase the many opportunities available to us. Today we are ranked 27th among the pharma players. The idea is to inch up five ranks, which itself is a huge task. It is like adding 50% value. Internationally in the US, we have filed several ANDAs and Dossiers. Many of them will get approved soon. You must have heard of the Indian government’s thrust on the API industry. There is an opportunity to create China +1 source for pharmaceutical products. A lot is happening across the organization and there are many opportunities to grow. I feel confident that from here on the organization will only go from strength to strength.

What would you advise entrepreneurs, especially women?

Success is not going to come without hard work. There are a lot of opportunities and the environment today socially is far more conducive for women. I was fortunate to be born into a family where I had support. I believe women create a glass ceiling of their own by perceiving that they cannot go beyond a certain role, which is not true. But it needs a lot of hard work and sacrifice in both personal and professional life.

Is there a role model or inspiration that you could point to?

In my growing years, it was my father. I saw him build this company brick by brick. I think there is something to learn from everyone, from all the people around me. All achievements inspire me because I can see possibly what many others cannot, the effort, compromise and sacrifice that has gone behind the success.

What are your thoughts on philanthropy?

It’s a culture in Indoco and every Indocoite is committed to making a positive difference in society. My grandfather, Late Mr Govind Ramnath Kare had this thought that we are obliged to give back to society at least a part of what we have earned from it. He was an orphan at age four and started in very rough circumstances selling medicines on a bicycle in Goa. Through our CSR initiative ‘SUMATI SANGOPAN’, we lend a helping hand to the down-trodden of our society with a significant focus on the welfare of women, children and the aged in the areas of health, environment, education and sanitation. We believe with better hygiene conditions, people may have to use less medicine. The Company strives to make a positive impact on society’s welfare, thereby creating better lives for a brighter future. My father set up a trust called the ‘Suresh Kare Indoco Foundation’ to help students do their graduation, and post-graduation in pharmacy, healthcare and medicine.

Do you have the time for hobbies?

I make time for hobbies because it is necessary to do that. ‘Me Time’ is very important if you want to succeed in life. I love cooking, traveling, and reading. During the lockdown, I was very fortunate to have the opportunity to pursue a lot of things I never had the time for. I learned baking, origami, yoga and painting, amongst many things. Lateral learning is very much required if you want to stay fresh and focused in your professional life.

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