Giving one’s time and attention is the way ahead of touching lives in the healthcare industry
Health is something that requires just the best. No one would want to go for options that are not trust worthy, or innovations that seem to fail easily. The healthcare segment is growing not only brand and product wise but also technologically. It is with sheer dedication, time and ideas that the industry has come so far in making the lives of the consumers better. In a conversation with Habil Khorakiwala, Founder Chairman, Wockhardt Group, he tells us about his brand, the initiatives they are taking for the betterment of the people and their plans ahead.
Kindly give us a brief about your brand, Wockhardt Group.
Wockhardt is a pharmaceutical company and we are in hospitals and also have our foundation. We are a global company as we are in the US and 2/3rd of our business is outside India. We also have a very big foundation activity in healthcare and education and we touch 2 million lives, every year.
How has been your entrepreneurial journey?
I started the company with only 20 people and now we are about 10,000 people. From a really small company, we have evolved over the years and become a global company. We are focussing on research in the drug discovery space, especially in antibiotics. We would definitely be the first company to have an Indian product in a global market in the US and Europe in about three years time.
What are your views regarding the pharmaceuticals industry?
It is one of the most vibrant industries in the country because 50% of our industry is international export-oriented. In many countries, we have a significant market share. In the US, about 35% of total prescriptions written are manufactured in India and supplied there, which is one of the most competitive markets.
With technology helping industries progress, what new innovations have been witnessed in the biotechnology segment?
We are not that much early movers in biotechnology, but as a company, we are focussed on various kinds of insulin and new insulins. We were the first to manufacture and introduce insulin in India and we will be going global with that.
What has been your brand’s contribution to the society?
As I mentioned that we have a foundation, my eldest son is dedicated and gives his full- time to it. To give the time is the most important value one would create and that is why he has touched many lives. At Wockhardt, our byline is ‘life wins’ which is a very powerful thought in a sense that all the members of the organisation know that when the time to make the tough decision comes, it is the life that wins. So, you have to do what is good for the patient, society and everyone.
With so many brands in the pharmaceuticals industry, how can start-ups in this market establish their own mark?
It is tough but at the same time, there are opportunities. For a start-up, one has to identify the unique products they can create because many times people develop perspectives about the success of a company and its products and try to imitate the same. This only makes them a follower and then they cannot succeed. Therefore, you need to have one original thought process which meets the unmet business, market or medical needs.
Any expansion plans for the brand to look forward to?
We are continuously investing in research and that is our new growth area.