BT MPW 2023: Nandini Piramal says not all companies maintain high standards in Indian pharma

Against the backdrop of Food and Drug Administration (FDA) warnings and concerns regarding the quality of Indian drugs, Nandini Piramal, Chairperson of Piramal Pharma Ltd, emphasised the critical need for upholding ethics and maintaining high-quality standards in the pharmaceutical sector. She made these remarks at Business Today’s 20th edition of 'The Most Powerful Women in Business' event, which was moderated by Siddharth Zarabi, Managing Editor of Business Today TV.

Addressing disparities in quality standards, Piramal highlighted the challenges faced by Indian regulators during the session titled "A Path of Leadership and Innovative Brilliance." She pointed out that not all Indian companies adhere to the same quality standards as their global counterparts, posing a significant hurdle despite substantial business opportunities.

"Some of our companies are world-class because they work with the topmost regulators globally, but some are not. Our Indian regulators don't have the same quality standards as the US FDA, and that costs money," she explained.

Piramal stressed the need to focus on quality, acknowledging the financial investment required. She emphasised the industry's collective responsibility to uphold standards, stating, "We have to continue to keep that focus."

Underlining the direct impact of pharmaceutical quality on patients' lives, Piramal said, "Some recent inspections have shown that people aren't taking quality seriously enough. As an ethical company, you need to do.”

Piramal highlighted the extensive audits her company undergoes to ensure quality, revealing, "We get audited by 150 companies a year. Someone is walking through our plants nearly every week, and that means a lot of eyes on what we are doing.”

During the discussion, Piramal shared a touching story about the impact of pharmaceutical work on individuals, recounting an incident where a clinical trial extended a patient's life, emphasising the broader influence of the industry.

She stressed the importance of placing the customer and the patient at the heart of business operations, urging workers to be confident that the medicines produced can be entrusted to their own families, emphasising the profound impact of the industry on people's lives.

Reflecting on the industry's performance, Piramal declared the current year a "turnaround" year for her company, citing mid-teens growth in revenue and a substantial improvement in EBITDA.

"We are optimistic about the future. Obviously, there are external factors that will continue, but we are quite optimistic about the future of the pharmaceutical industry," she remarked.

Addressing industry challenges, Piramal also highlighted gender disparity in the workforce, expressing her desire for positive changes. She noted a scarcity of women leaders in listed Indian companies and called for inclusivity, stating, "Everyone deserves a seat at the table, and they shouldn't be excluded because of their gender, caste, or class."

She further emphasised the pharmaceutical sector's ability to provide good jobs and, sharing her business leadership insights, underscored the power of communication and transparent processes in fostering organisational growth. She urged companies to be more process-oriented, considering it a key factor in achieving scalability.

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