Our biggest differentiator is that we are an innovation-led organization. We are working constantly to innovate in newer molecules as well as within our existing range of products
Bhahim Desai,, Director
Pharmaceuticals, as an industry is in a growth phase in India. With the government’s initiative of “Make in India” and Atmanirbhar Bharat, there are many opportunities for start-ups in this Industry. But Pharmaceutical Industry is not for everyone, as it is a Hands-on Industry, with constant changes in regulations, dosage forms, newer advances, and high competition. Thus, one should have a USP and a long-term vision to enter this Industry.
Vadodara-based Varenyam Healthcare is an example of one start-up in this space, with a legacy of more than 25 years of its parent company Bharat Parenterals Limited. Over the last 3 years, the company has grown tremendously, both in size and value. Its product portfolio has also grown drastically, specifically in Anaesthesia, enabling it to be the Top 3 companies by portfolio size in this space in the country. In an exclusive interview, Bhahim Desai, Director of Varenyam Healthcare talks about the pharmaceutical space in India and his company’s growing presence.
Please give us an overview of Varenyam
Varenyam started as a regional marketing company with a presence in only 3 states initially. In the last 3 years, the organization has grown tremendously, with a Pan-India presence. Today Varenyam has a presence in more than 27 states, operates 9 Depots across the country at strategic locations, and has a field force of over 180 people. Our product range has doubled as well. Today we have over 44 brands with 76 SKUs. We are rapidly growing in size and revenue as well. The organization has grown in the last 2 financial years at over 100% y-o-y basis.
Please elaborate on your “Critasia-Medica” division, which comprises Antibiotics, Anaesthesia, and Cardiac care formulations.
Critasia-Medica was started in 2018, to provide high-quality injectables with consistent quality for better patient care. We saw that the Anaesthesia Market was not given enough importance by the bigger organisations in India. So we decided in 2018 to focus only on that.
We introduce for the 1st time in the world the unique concept of Time-Temperature Indicator for our brand of Atracurium and Cis-Atracurium injections. Our Indicators are the first visual indicators giving real-time confirmation of whether the cold chain has been maintained or not. Currently, we are the ONLY organisation to have this technology in India for Anaesthesia products.
In April 2022, we launched the first brand of Sugammadex in India in a joint venture with BDR Pharmaceuticals Limited. The introduction of Sugammadex will change the way surgeries are performed in India, thus ensuring faster reversals, better patient care, and more number of surgeries in a day.
What are the major differentiating factors that set you apart from other players in this segment?
Our biggest differentiator is that we are an innovation-led organisation. We are working constantly to innovate in newer molecules as well as within our existing range of products. Our TTI (Time-temperature Indicators) markers are our biggest differentiator as we have developed this concept from scratch and have been working on constantly improving the same over the years.
Varenyam’s motto from its inception has been INNOVEXA, which translates to Innovation + Excellence. We have always tried to differentiate our product offerings from the rest of the competition. Incremental innovations have always been promoted at Varenyam. May it be new products to be introduced, or tweaking an existing product to eliminate problems, we are always connected to our customers, which gives us real requirements.
Apart from this, unlike the market leaders in Anaesthesia, we have been successful in getting new drugs in India with very limited resources and market standing. It is the sheer will and hard work of our people, that led us to this new introduction in the Indian market.
Our biggest differentiator is that we are an innovation-led organization. We are working constantly to innovate in newer molecules as well as within our existing range of productsBhahim Desai,, Director
Could you share a case study explaining how a customer leveraged your product or service?
Our TTI Technology has made a difference. Doctors did not have any choice prior to the launch of this technology while using Atracurium or Cis-Atracurium. After Varenyam launched the TTI markers, Doctors could see themselves if the cold chain is maintained and could make an informed decision on the dosing required during surgery. The element of surprise in between the surgery is no longer a pain point for the fraternity using Varenyam’s brand of Atracurium and Cis-Atracurium.
What is your future roadmap for the company?
Varenyam is poised to lead the Anaesthesia market in India in the coming years, with its young and dynamic team. The acceptance of the doctor fraternity keeps motivating us to push through barriers and makes our resolve even stronger. We are always in an expansion phase, may it be at the head office or in the field, thus ensuring we have a good framework for continued growth in the coming years.
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