What does it take to create and run a new generation research-led pharmaceutical company? The answers came in a short but detailed presentation made by Glenn Saldanha, Chairman & Managing Director of Glenmark Pharmaceuticals, on Friday.
It was as part of the Best CEOs awards function organised by Business Today as part of its BT MindRush conclave of business leaders.
Himself a recipient of a Best CEO award, Saldanha said, "Success in R&D is essentially linked to getting together various components in business - from having a model that funds costly R&D to creating a culture in the organisation that promotes innovation.
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To the audience that had some of the best CEOs of India, he said, "Creating a culture that promotes innovation is crucial." He added that innovative training programmes across businesses along with an entrepreneurial environment were crucial to fostering innovation.
India, he said, has a large pool of high-quality talent across all parts of development cycle. But there is need for more and better trained manpower for specific areas of the R&D value chain. Also, there is "significant potential to strengthen quality of research and commercial orientation in academic institutions across the country," he said.
Patience is also important to create and run a research-driven pharma company, according to Saldanha.
For instance, he pointed out, it can take anywhere between 15-20 years for a single molecule to receive marketing approval. He also said that right partners were important because, "greater knowledge and experience in late-stage development and sharing of risks were crucial in this space."