Ever since the first case of COVID-19 was reported, the pharmaceutical industry has been thrown under immense pressure. The unprecedented virus triggered even more remarkable ways to research and develop vaccines. In the end, the pharmaceutical industry came out all guns blazing. According to Statista, as of February 28, 2023, over 13 billion COVID-19 vaccine doses had been administered worldwide. The industry has hosted a paradigm shift in the process, promising a great future for all stakeholders. Walking us through the latest trends, opportunities, and challenges in the industry is Sanjay Vyas, EVP, Global SBU Head-Clinical Logistics & Global Safety Services & Managing Director India, Parexel. An industry thought leader with more than three decades of experience under his belt, Sanjay joined Parexel, the global biopharmaceutical giant, in 2016.
In conversation with Sanjay Vyas, EVP, Global SBU Head-Clinical Logistics & Global Safety Services & Managing Director India, Parexel
The global pharmaceutical industry is expected to grow to $1.57 trillion by 2023. What are the factors driving this growth?
The pandemic has been one of the most critical trigger points of the industry in recent times. At the same time, the disease burden continues to grow, with the global population rising to eight billion. We are coming across different kinds of diseases, many of them extremely rare. Relentless research around finding the cure to those diseases happens all around the world, and all these contribute to the growth of the pharmaceutical industry. Furthermore, life expectancy continues to grow worldwide, thanks to the pharma industry's increasing ability to address some of the healthcare challenges using novel medicines, new molecules & therapies, augmenting skill levels, and more understanding & knowledge around genome systems. These aspects also contribute significantly to the exponential industry's growth.
How has COVID-19 been a catalyst for accelerating numerous digital healthcare technologies and clinical innovations?
What COVID-19 did was it literally helped force-implementation of many technologies and innovations, which were just a part of the conversation otherwise. A case in point is the Direct-to-(Patient's)Home healthcare model - taking diagnostics and therapies to the patient's home is something the pharmaceutical industry has been talking about for quite some time. Suddenly, during the COVID-19 lockdowns, it was the only choice left, as the hospitals were focused on COVID. This forced the industry to adopt the alternative strategy of taking the therapies to patients' homes, and telemedicine technologies became an elixir. The doctors started OPDs through video calls over the phone, and the drugs were sent to patients' homes via online Pharmacy stores.
The second aspect of technology is around modern pharmaceutical technology for disease management. COVID-19 has forced us to think about the similar healthcare catastrophes ahead of us and how to be prepared to face such predicaments, hence the increasing focus on approaches like Immunomodulatory therapy. In addition, the methodology used in some of the vaccines today, such as Messenger RNA (mRNA), is an excellent example of the application of technology. Conventional vaccines use a dead virus, what we call the unaffected virus, to transmit the vaccine into the body so that our body becomes immune to the whole process. But with the mRNA, a virus is no longer required to be a part of that vaccine. On the other hand, if it took around 5-7 years to launch a conventional vaccine or a therapy in the market, it has been reduced to less than two years.
I believe that there are three elements that drive a business leader - a fine combination of head, heart, and guts.
Furthermore, mRNA technology is now foraying into other disease areas and therapies; we are talking about the extent of oncology and hematology, among others. The application of this technology is becoming prominent in these areas. Additionally, big data in healthcare is increasingly becoming bulk data. The industry is ramping up its effort to use this data in terms of predictive analytics and, in turn, better understand the impact of a particular therapy on a particular patient in a specific format.
How do you perceive technology helping organizations elevate their relationship with customers and other stakeholders?
During COVID-19, when everybody suddenly had to work from home, nobody thought we could interact with our team and confidently conduct meetings via conferencing platforms. People always thought we had to get together from that perspective. But today, all our customer interactions happen digitally, including catering to their service needs. The interactions and collaboration have become simpler, you don't have to travel unnecessarily, and it contributes significantly to ESG. Moreover, 65 percent of our people today are in hybrid working mode. Employee engagement initiatives have also become more vibrant with the use of technology. For the past two years, we even conducted virtual annual days where we had virtual interactions with our people. Going forward, technology is going to be an ally to the way that human interaction happens.
Tell me about your leadership approach. What are the guidelines or methodologies you follow to lead your team?
I believe that there are three elements that drive a business leader - a fine combination of head, heart, and guts. When I was learning through my career phases, I realized that there are times when you have to make decisions with your head, wherein you have to bring a lot of analytical-facts-based thinking to the table. There are times when you have to make your decisions with your gut, and that's where the risk-taking appetite comes into play. And then last but not least, you have to make decisions with your heart, which is a critical aspect of leadership and personal life. Because putting yourself into the shoes of others, including your family and friends, colleagues, and customers, during every interaction and bringing out a piece of empathy from your heart is critical. Cracking a fine balance of these elements is an essential aspect of a leadership journey. It has always been my style of leadership. I always like to go on the ground.
Emotional intelligence becomes vital in such contexts - to understand the perspective of the person sitting on the other side. Just last week, I was having a conversation with my younger daughter. She's just 12 years old and was talking about how emotional intelligence technically helps create a trust factor. Emotional intelligence often enables you to meet people somewhere in the middle.
What are the skills and traits that you look for in fresh candidates?
For me, it's about more than just the skills. Of course, skills are critical for certain job roles that are of core scientific nature. But what is more critical for me is aptitude and attitude. In my conversations (he is not so fond of the traditional interview concept) with new candidates, I look for the passion that the person brings to the table and the commitment to learn new things. A candidate sitting opposite me might have the highest skill set, but if s/he doesn't have the right attitude or aptitude, they might not be the right match for us.
That's where I come back to my previous point; people having the right attitude & aptitude, an ability to upskill & upscale themselves, that fine balance of head, heart, and guts. This is also one of the reasons why I don't talk much about the work aspect when I take an interview. I talk more about the personal element, their experiences, the challenges, and how they tackled them.
What advice would you like to give to budding entrepreneurs and leaders in the industry?
My advice to budding entrepreneurs and leaders is to ensure that you can connect with people on the ground. Make sure that you have those interactions on a regular basis, and understand their feelings by putting yourself into the perspective of who you're talking to. Connect with the Millennials, the Gen Xs, and Gen Zs in your organization and ensure to learn from them.
Adapting to the changing environment is also crucial to success—be it the pandemic, the Russia-Ukraine conflict, or even the technology explosion. You must adapt to such changes and change rapidly and constantly in tune with how the industry is moving forward.
Hobbies: "I am a movie buff, and I love to listen to songs, more so when I am on the road. I'm actually into adventure sports as well. I like skydiving, scuba diving, and jet skiing. You can say that falling out of the sky is one of my favorite hobbies."
Favorite Movies: “When it comes to Bollywood, I would say Taare Zameen Par, Dilwale Dulhania Le Jayenge, 3 Idiots, and Zindagi Na Milegi Dobara. I am also a Marvel and DC fan. I love the Harry Potter, Iron Man, and Avengers series. However, Superman is my favorite superhero. Schindler's List is another personal favorite from Hollywood.”
Favorite Cuisines: “Definitely Indian. That's something I constantly miss, living in the US for the past 17 years. Thai and Italian are also my favorite cuisines.”
Favorite Travel Destinations: "That's a tough one. I have traveled across the world quite extensively. I love most European countries. Germany and Switzerland will be the favorites. Vietnam, Thailand, and Cambodia are some of my favorite destinations in Southeast Asia. When it comes to Latin America, it's Brazil and Argentina. I love those countries."