The pharmaceutical market is known for its volatile nature. And this volatility has only increased ever since the Covid-19 pandemic has emerged. Running a successful pharma business in this day and age requires special focus on the creation of brand equity through concentrated efforts. But how can a pharma manufacturer achieve that? The answer lies in a leadership that is strong enough to hold its ground and flexible enough to adopt new trends.
One such pharma leader is Sanjeev Nanda, who currently serves as the MD of Pharm Aid, a joint venture between Dubai-based Ishvan Pharmaceuticals and Russia-based Rostec. We sought his opinion on pharma leadership that adopts innovation and its impact on the growth of pharma manufacturing companies. Sharing his thoughts, Sanjeev Nanda pointed out that innovation lies at the very core of the pharma industry, and is a multi-layered aspect of operations.
Innovation goes a long way
Pharmaceuticals rely heavily on out of the box approach when it comes to research, development, and manufacturing. Keeping abreast of the latest emerging methodologies, practices and equipment is of utmost importance for any pharma company to thrive. However, when it comes to marketing the product, some pharma manufacturers try to play safe by sticking to the age-old techniques. The result is staggering growth.
Citing the example of Pharm Aid, Sanjeev Nanda stresses the importance of forging new alliances to find innovative solutions together. According to him, constantly coming up with a new approach might not be the easiest part of the pharma business but is nevertheless an important one and can effectively be achieved through some brainstorming with other industry players. “The key here is to churn out something different to combat something different. The recent pandemic crisis is solid proof of this,” says the Pharm Aid MD.
Effective leadership is a key propellant
A pharma business might have all the makings of a successful venture – thorough research, the latest equipment, and a robust marketing plan – but it all falls apart in the absence of an impactful leader who is open to different thoughts and opinions, and possesses an ability to see beyond the trends. “An effective leadership can steer the entire business towards a direction where all the stakeholders mutually benefit,” points out Sanjeev Nanda.
He adds that fine-tuning between the top leadership and the managerial function in a pharma business can work wonders as it achieves multiple goals. First, it sets the necessary hierarchy that defines roles, responsibilities, and flow of information. Second, it provides the employees working at lower tiers with an entity to look up to. Third, it garners trust from investors who get to see a consolidated vision and approach. And lastly, it strengthens the connection with consumers, thus establishing a stronger reputation for the business.