 "From chartered accountant to drug manufacturer")
In the late 1980s, when the Indian economy had yet to open its doors to foreign direct investment in the pharmaceuticals sector, and few indigenous drug manufacturers understood the significance of intellectual property, a young chartered accountant decided to try his luck in the industry's bulk drugs segment.
It was while auditing a pharma company in 1988 that Pawan Chaudhary, a novice chartered accountant then aged 25, decided to start his own venture.
A first-generation entrepreneur, Chaudhary secured funds from his family as well as from banks to set up Venus Glucose Private Limited at Panchkula, in Haryana.
"When I started the company, in a short span I realised that the Indian pharmaceutical market was bereft of professionals who understood the significance of intellectual property and immensely high standards of manufacturing drugs in the developed countries," says Chaudhary.
Then came the liberalisation of the Indian economy in 1991, followed by the entry of world-class pharmaceutical players. This marginalised many companies that lacked good manufacturing practices. Venus then switched from large-volume parenteral injectables to small-volume parenterals and the company was renamed Venus Remedies Limited in September 1991.
The company developed a generic portfolio of antibiotics, painkillers (in liquid and dry powder form) and anti-cancer drugs. Banks were supportive and Chaudhary's financial savvy helped him make all the right moves in the market at the right time.
The business was growing but there were hiccups. Chaudary says that a first-generation entrepreneur does not have easy acceptability in the business fraternity. Even senior officials in Drug Controller's office tried to dissuade him from manufacturing drugs, which they said would be beyond him, he claims.
Chaudhary, however, was keen on creating intellectual wealth and working in an environment driven by research and development. From 2001 on Venus started investing in R&D and filed its first patent for Elores, an antibiotic. The patent was granted in 2010.
Today, it has a basket of 90 patents and 280 more -for 13 products - are in the pipeline. The company was reckoned as a small-scale unit until 2005, and thereafter graduated to a medium-sized company.
Venus Glucose's overseas journey started in 2005 and its first destination was Ukraine. Ronem Meropanam is the flagship product (a high-end antibiotic) of the company, selling in 25 countries. Chaudhary envisions adding 20 more countries to the company's existing 40 markets over the next two years.
The global expansion will take place simultaneously with domestic expansion plans that include the setting up of a Global Marketing Centre at Dappar on the Chandigarh-Ambala Highway. "We expect to inaugurate phase one of the new marketing office by April 2014 and to create a marketing team of 500 persons to support our international operations," he says. The Dappar facility will have a covered area of 170,000 square feet.
Venus has nine facilities, one in Panchkula and eight in Baddi in Himachal Pradesh (there is also a R&D centre at Baddi). Chaudhary believes there is tremendous scope for R&D in anti-microbial resistance, and Venus aims to create strengths in this segment.
"Our R&D team is working on the third phase of clinical trials of the 'Image Technology' of cancer detection, which may be a breakthrough in cancer treatment. The existing technologies affect the good cells along with the affected cells, making the treatment less effective," he adds.
It was while auditing a pharma company in 1988 that Pawan Chaudhary, a novice chartered accountant then aged 25, decided to start his own venture.
A first-generation entrepreneur, Chaudhary secured funds from his family as well as from banks to set up Venus Glucose Private Limited at Panchkula, in Haryana.
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A five-year stint (from July 1989 to September 1994) in manufacturing intravenous solutions in large volumes under the brand Venus Glucose Private Limited prepared Chaudhary for diversification into small-volume parenteral injectables.
"When I started the company, in a short span I realised that the Indian pharmaceutical market was bereft of professionals who understood the significance of intellectual property and immensely high standards of manufacturing drugs in the developed countries," says Chaudhary.
Then came the liberalisation of the Indian economy in 1991, followed by the entry of world-class pharmaceutical players. This marginalised many companies that lacked good manufacturing practices. Venus then switched from large-volume parenteral injectables to small-volume parenterals and the company was renamed Venus Remedies Limited in September 1991.
The company developed a generic portfolio of antibiotics, painkillers (in liquid and dry powder form) and anti-cancer drugs. Banks were supportive and Chaudhary's financial savvy helped him make all the right moves in the market at the right time.
The business was growing but there were hiccups. Chaudary says that a first-generation entrepreneur does not have easy acceptability in the business fraternity. Even senior officials in Drug Controller's office tried to dissuade him from manufacturing drugs, which they said would be beyond him, he claims.
Chaudhary, however, was keen on creating intellectual wealth and working in an environment driven by research and development. From 2001 on Venus started investing in R&D and filed its first patent for Elores, an antibiotic. The patent was granted in 2010.
Today, it has a basket of 90 patents and 280 more -for 13 products - are in the pipeline. The company was reckoned as a small-scale unit until 2005, and thereafter graduated to a medium-sized company.
Venus Glucose's overseas journey started in 2005 and its first destination was Ukraine. Ronem Meropanam is the flagship product (a high-end antibiotic) of the company, selling in 25 countries. Chaudhary envisions adding 20 more countries to the company's existing 40 markets over the next two years.
The global expansion will take place simultaneously with domestic expansion plans that include the setting up of a Global Marketing Centre at Dappar on the Chandigarh-Ambala Highway. "We expect to inaugurate phase one of the new marketing office by April 2014 and to create a marketing team of 500 persons to support our international operations," he says. The Dappar facility will have a covered area of 170,000 square feet.
Venus has nine facilities, one in Panchkula and eight in Baddi in Himachal Pradesh (there is also a R&D centre at Baddi). Chaudhary believes there is tremendous scope for R&D in anti-microbial resistance, and Venus aims to create strengths in this segment.
"Our R&D team is working on the third phase of clinical trials of the 'Image Technology' of cancer detection, which may be a breakthrough in cancer treatment. The existing technologies affect the good cells along with the affected cells, making the treatment less effective," he adds.