Endless opportunities are awaiting the Indian pharmaceutical companies to make an impact in the global market provided they try their best to comply with regulatory standards, according to K Raghavendra Rao, chairman & managing director of Orchid Chemicals & Pharmaceuticals Ltd.

“The research organizations in our country has the capability to invent new molecules and with that we can make product for any global company. Biotechnology sector has also well developed in the country with potential to invent new molecules for the world market. Drug discovery is an area that requires huge investments and India has enough entrepreneurial talent engaged in research,” he said to an august assembly of pharma industry leaders in Chennai after receiving their felicitations on his winning the Padmashri Award from the Centre. The meeting to honour the Orchid CMD was organised by IPA Tamil Nadu state branch.

Regarding quality drugs for the world market, he said the compliance of safety, quality and standards should be strictly adhered to, but Indian companies have to do a lot more to improve the compliance level. We should develop a mindset to learn from the multinationals and kindle a passion to get the best out of them. Quoting Pfizer as an example, he said many of the molecules used by MNCs are not invented by them.

He suggested five fundamental principles that the entrepreneurs can follow to achieve success in their businesses. They are strength, entrepreneurial skill, proper utilization of opportunities, mobilization of resources and anticipation or realizing the ideas into action. The leaders of any firm or business concern should have anticipation coupled with a collaborative mind.

He said, “in science and technology our country has gone a long way forward. The country’s technological base is strong which should be used for new inventions.”

Regarding obstacles to scaling up to the pharmaceutical spaces, he said, “we have to change the mindset of short cuts. All the industries, whether they are SMEs or big players, should learn to follow every system of production and think globally.”

Intellectual property recognition often becomes an obstacle to growth.  Lack of orientation also hampers the global growth. Meaningful collaboration with industries, academic institutions and government is the only solution to wipe out the obstacles and it would bring tremendous amount of results. He said all the entrepreneurs want to compete, but they are unwilling to collaborate.

Raghavendra Rao advised the industry leaders to think as one with the people work with them as each and everyone is bestowed with some or other qualities that are benefited for the industries’ growth.

While speaking on the occasion Dr B Suresh, president of Pharmacy Council of India, said the entrepreneurial and innovative approach adopted by Raghavendra Rao is to be appreciated as his efforts and activities became synonymous with the growth of pharmaceutical industry in Tamil Nadu.

“When pharmaceutical industry was struggling , Raghavendra Rao had worked hard, which helped the total pharma industry to grow in the state. According to him, Raghavendra Rao gave opportunities to the youth and to the aspiring pharmacists of the country which is laudable. As an industrialist when he worked for himself, he led others to success, that is the admiring quality in Rao”, Suresh pointed out.

He hoped that the growth of pharma industry in Tamil Nadu would help undertake contract research & manufacturing services with MNCs. He congratulated the IPA Tamil Nadu state branch for its winning the ‘best branch award’ for the year 2010.

S V Veeramani, vice-president of IDMA, south zone said a trust has been formed for the members of pharmaceutical community in Tamil Nadu.