Sharad Patel

Managing Director

Owing to the COVID-19 pandemic, the pharmaceutical sector sought contract manufacturing in a big way. Its rise from $934.8 in 2017 to $1.17 trillion in 2021 demonstrates the industry's exponential expansion, while real numbers might be far higher as improved healthcare becomes a global priority in 2020. That being said, the quality of the drugs and lead time will decide the fate of pharma contract manufacturing in the long run. This is where the WHO-GMP-certified Sotac Pharmaceuticals is creating a difference. The stringent quality policy of Sotac Pharmaceuticals Pvt. Ltd. has helped the firm make its presence felt in the domestic and international market. Starting with the domestic segment, the firm has now a wide presence in over 25 states, with more than 100 stockists, 5000 prescribers, and 15000 retailers. In the International domain, Sotac is present in over 20 countries with more than 50 registered products and 100 in the pipeline. Pharma Industry Outlook interacted with Sharad Patel, Managing Director of Sotac Pharmaceuticals Pvt. Ltd., to know more.

The Indian Pharmaceuticals industry plays a prominent role in the global pharma industry. India ranks 3rd worldwide for production by volume and 14th by value. The nation is the largest provider of generic medicines globally, occupying a 20 percent share in global supply by volume, and is the leading vaccine manufacturer globally.

How do you see the market opportunities at hand in the current market scenario? What are the major factors that have been driving the growth?
The Indian Pharmaceuticals industry today is the largest growing market for the domestic market as well as global supply chain. In a recent scenario, after the pandemic value of the Indian Pharmaceutical sector has grown by around 21 percent in the world. Eventually global generic market is rising in 2021 compared to previous years.

Today India has the largest youth population and currently, India is leading the world in quality products which increase and improve the current market scenario to the sky in the future. Eventually Indian pharmaceutical market has its homebuilt technology and force of scientists which improve the quality and quantity of life-saving medicine. In the future, Indian pharmaceuticals will lead the world in the generic market and which will open global market doors and that will lead to our pharmaceutical sector.

Currently, we have a growing healthcare system, awareness of public, the largest population, technology, and in-house raw material are the driving forces for Indian companies to growth. What are the major expectations of the clients from the players in this space? How has the company positioned itself to meet those expectations? The 'Client First' policy should be always in priority for players in the world of contract manufacturing. The client always expects a better timeline, before-time on-shelf products, and good product quality with the presentation. Contract Manufacturing is always driven by the Client First policy, which will only succeed by better planning, supply, and soft floor working forces to give quality.

As a leading pharmaceutical manufacturer in India that specializes in manufacturing of a wide range of pharmaceutical products, tell us about the approach towards providing quality-driven, affordable pharmaceutical products to a large number of healthcare professionals.
To keep ourselves on the leader board, we always have two things in mind - quality and strategic planning. We always keep ourselves before in track of planning and better workforces for a wide range of quality. Sourcing quality and better formulas will give affordable products. The pharmaceutical industry has been facing many challenges over the years including lower-than-average consumer confidence, pharmaceutical fraud, patent cliffs, and growing customer expectations. Tell us how has the company been addressing the same through its products and services.

The pharmaceutical sector is updating very fast, eventually, customer expectation is increasing. There are so many challenges increasing in today’s pharmaceutical market and this can only be resolved by means of 'Quality'. When we spend on quality, it will directly increase customer satisfaction and confidence. Quality is the only parameter that directly addresses product and customer services.

Elucidate on the overall infrastructure of the company. What are the major factors that differentiate it among its peers?
 In the world of pharmaceutical contract manufacturing, strategic planning and timely supply are the key factors to record the company’s valuation. A company should have the advanced infrastructure to reach good planning for a timely supply chain. Major factors which differentiate players are spent on a good workforce, updating the system as per current guidelines, match the global healthcare expectation and nature of TEAM (Time, Environment, and Money).

Elaborate on the variousquality policies in place to maintain strict international standards.
 Today’s international standards are becoming very stringent, especially in the pharmaceutical world. Whether it is the ROW market or regulated market, quality is the only pillar on which a company can stand. Today Quality is only achvieved by the concept of 'QbD', Application of Quality by Design is the only policy to increase product quality and production output. Primarily it was applied in research and product development but today it can be applied in any field to achieve the goal of QUALITY.

What would be the future roadmap for the company going forward?
Today our group of companies reached the 100 crore roadmap and on the next milestone, we want to achieve +150 cr this annual year. Increasing clienteles and new product development is in pipelines. New atomization systems and export in a regulated market is the goal for next upcoming days.

After the pandemic, there are vastly increasing pharmaceutical market and pharmaceutical companies which makes the market competitive and tufted for contract manufacturers but a player is always a winner, by focusing on product, customer, and quality we can reach our next milestones.