Leading SMEs of India 2021

42 Experts' View Leading SMEs of India 2021 How would you describe the journey of your company since its inception? What are some of the key milestones of the company in recent years? I started my journey as a novice entrepreneur almost forty years ago. After gaining sufficient entrepreneurial insight, Baroque Pharmaceuticals came into existence in 1993. Like most family run SMEs we have had our share of a humble beginning with a dearth of resources- talent pool, network, financial resources; in that order. I almost worked like a solopreneur when it all began, a profoundly arduous venture in an industry which had already started to evolve rapidly during those times. What we are today has been built brick by brick. The past ten years have seen us grow beyond the domestic market to entrench ourselves as a quality focussed manufacturer across more than 35 countries in South East Asia, Africa and Latin America. The manufacturing site in Gujarat, India which has facilities to produce oral solid and liquid dosage forms (General, Penicillin & Cephalosporin) have been expanded in multiples to meet the business and compliance needs and has been inspected Baroque Pharmaceuticals Private Limited Jayantibhai D Patel Chairman & Managing Director and approved by various authorities from Africa and South East Asia. We have broadened our horizons by investing into a manufacturing facility in Nigeria to cater to the West African markets. Our R & D centre commissioned a few years ago has upscaled our development capacities facilitating the outreach tomore regulated markets in the near future. Baroque has aptly invested in hard as well as soft infrastructure including the human capital congruous to our expansion plans for the next decade. What are some of the innovative initiatives taken by your company in recent years? How have those initiatives helped your organization? We have transfigured from a reactive to a proactive and innovative approach over the past few years. The Covid-19 crisis has unequivocally provided the Indian Pharmaceutical industry an opportunity to stand true to the moniker of being “Pharmacy of the World”. We believe that this is an opportune time to remodel the business strategies to be all-inclusive of a global perspective of the pharmaceutical industry. Expanding our global presence to the regulated markets, a sharp focus on development of drugs coming off patent over the next five years are the key initiatives being undertaken by our company. A paradigm shift in product portfolio management to be based on in- depth analysis of the global market rather than regional perspectives and a tight quality management system for improved compliance in tandem with improved operational efficiency will remain pivotal for achieving our long-term goals. What is your company’s growth strategy for next 3-5 years? A clear growth road map for near term and future growth has been chalked out. We are actively working on expanding our reach in the South East Asia, Africa and Latam markets. We are leveraging on our expertise in Penicillin and Cephalosporin oral dosage forms and will be filing dossiers in EU by mid next year. Our development team is actively working on potential products with a global market share of over 10 billion usd. These products will be filed in US and Europe from an upcoming tablet and capsule facility with a capital investment of over 80 crores. I am sure that the dedication with which our team is working on these projects, we should be able to achieve our gaols within the prescribed timelines. Dun & Bradstreet