Shaunak Dave, CEO, Optel Asia gave a rousing key note address on the first day of Pharma CXO Summit 2019 which centred on the potential of Indian pharma industry. Pointing out that India Pharma Inc has come a long way to become the Pharmacy of the World, he highlighted that its future progress would be
dependent on the shift from volume to value.
Informing that management guru Michael Porter gave the concept of ‘Value Chain’ in 1985 and brought three important strategies: cost leadership, differentiation and focus, he opined that India too needs to adopt these strategies. He said, “India is great with production (volume) but this is the lowest value chain. We will have to focus on innovation, branding and unique way of new marketing to reach to consumers! ”
He further said that to retain our leadership in global generics business, cost leadership strategy is applicable. And to increase product value, we must develop an innovative mind set. Disruptive technologies can help attain both!
He highlighted, “While other industries have been substantially disrupted by digital innovation, pharma industry has not been substantially affected thus far. However ‘serialisation and track and trace’ has opened immense possibilities to use disruptive technologies to scale up the value chain, right from raw material procurement to consumer engagement. I believe data generated from serialisation and its intelligent analysis (by AI) could be key drivers for attaining efficiency, visibility and integrity.”
Concluding his address, he stated, “We have to take a call. Do we want to board the ship to explore new horizons or just stay on an isolated island and let the ship go! This is the objective of Pharma CXO Summit! These two days, let us brainstorm on this subject, exchange our views and let us plant the seed of ‘disruptive technology’ and grow the plant of ‘value’.”