A self-described first-generation Entrepreneur, Mr. Vinod Ramchandra Jadhav is the Chairman of SAVA Healthcare Limited and Managing Director of Regent Global DMCC.
With a professional career spanning more than 30 years, he is well versed in hydraulic systems, Industrial Engines, Global sourcing, Supply chain management, ERP database design, Cross Border Trade, International taxation, First-to-Market Generics & Veterinary Medicines in various capacities.
Vinod Ramchandra Jadhav holds a Diploma in Mechanical Engineering and a graduate Diploma in Materials Management.
What inspired you to choose your field?
After working in the corporate world for 13 years in the areas of sales, product management, global sourcing, supply chain management, ERP database design, cross-border trade, and international taxation, the time was ripe for me to try something new in 2001.
When I decided to try something on my own, I came across an advertisement for American pharmacy franchise stores, which cost 12,000 US Dollars (at today’s exchange rate).
While running the pharmacy franchise was like an internship, it prepared me to explore more significant opportunities in international trade in pharmaceuticals.
Though I had prepared well for the opportunity, the field selection was driven by what I could afford at that time.
I landed an opportunity to export Indian generic medicines to one of the Pacific Island Countries. I thought my experience had set me up to start this and went for it.
How has your leadership style changed or grown over the course of your career?
During the initial days of the business, the team was small, and I would usually act as a mentor to teach my subordinates each step of the process. I allowed them to make mistakes and learn from them.
As the team grew, managers were added to the team, and I empowered the managers to make decisions in their areas and encouraged them to mentor their teams.
As my roles got bigger with the addition of a manufacturing organization, I thought it was critical to run every aspect of the business with good leaders in each area as they required specialized jobs.
As the scale increases, stronger systems and processes are critical for clarity in the organization.
As a leader, I tried to be a more democratic and good listener with the managers in their areas of expertise to help with good decision-making.
How do you build relationships with your partners?
We need to start relationships by listening and understanding the requirements, challenges, and expectations.
It is essential that expectations can be met by a partner and, if possible, adjust the expectations so that there are no surprises in the relationship with the partner at a later stage.
It is also important to develop mutual trust with your partners, evaluate your partner’s strengths and allow them to contribute to their strengths.
In case of differences, keep common mediators in the system so that the mediator can patch up differences.
How do you stay current on industry developments?
In this dynamic business environment where the world is changing every second, it’s important to stay updated on industry developments.
I keep myself updated by going through industry publications and podcasts and following industry leaders. I also follow social media feeds on trending topics like new drug research, new drug launches, newer players in the market, and newer business models.
These tools are essential to know what the world is like today and what new products and services we can launch and will be relevant in the near future.
Do you have a specific routine that helps you stay organized and achieve your goals?
Every project is unique and requires unique planning. However, the standard template or routine may be similar.
It starts with a plan and variables which needs to be monitored. Then we need to organize the team which is required for the execution of the goal. Therefore, team selection is a critical aspect of goal realization.
Once the right team is in place, set the expectations right and agree on an execution plan. It is crucial to set the timelines and monitor them for deviations.
How do you recharge your batteries after long work hours?
This has to be one of the many timeless melodies that our singers have provided. We have music for every mood, but my favorites are the regional folk songs. Apart from listening to music, I enjoy reading books and watching Hollywood and Indian classic movies.
Going for a long walk or on the treadmill in my home gym also helps me recharge before heading to bed.
If you could change one thing about your industry, what would it be?
The cost of drug regulatory approvals is very high and raises the prices of drugs as we need to register the drug in each country. It also adds to the timeline for our Go to Market strategy.
If there is a mechanism where every drug receives regional or global approval mutually recognized by all countries, this will be a great way to reduce the cost of drugs. This will also help create a larger competitive market for the drugs, ensure a faster rollout of the generic drugs and improve the availability of the drugs.
How has the COVID-19 pandemic affected your business?
COVID changed our business in many ways, especially because the supply chain collapsed as all the aspects of business function were affected. People started stacking goods which increased the prices. My goal during these times was to stay connected with our clients as they depend on our supplies without thinking of profits. Connections made during these times last longer than anything.
What does the future of your industry look like, in your opinion?
In the short term, supply chains will become more efficient with digital technologies and online B2B & B2C platforms.
The intermediaries will lose their importance with the scaling up of direct delivery models fueled by e-commerce investments.
On the new drug development side, the pharma industry has risen to the challenge in the years following COVID-19, demonstrated by the rapid and fast-tracked innovation and new technologies developed during the crisis – such as mRNA-based vaccines.
Operational teams have also rallied to enable the secure supply of vital medicines across borders and handle evolving government restrictions, all while beginning to prepare for new vaccines and therapeutics. And many companies put plans in place to manage and bring stability to an otherwise unstable time.
It is forecasted that precision medicine – which encompasses predictive and personalized medicine – will be critical in ensuring access to therapies.
Precision medicine is an emerging approach to disease treatment and prevention that considers individual variability in genes, environment, and lifestyle and allows physicians to more accurately predict the therapy that will work best for a patient.
Advances in precision medicine have already led to powerful new discoveries and FDA (US Food and Drug Association)-approved treatments tailored to specific characteristics of individuals, such as genetic makeup or the genetic profile of a type of cancer tumor.
Going forward, this market will be powered by the development of new diagnostic capabilities, e.g., wearables, and data-collecting capacity.