Can you believe the largest vaccine maker based in India has been struggling for 18 years to get regulatory approval for a vaccine in a country like Brazil? New-age healthcare company MayPharm Life Sciences has helped the vaccine maker obtain the necessary regulatory approvals at eight sites. With core competencies in the areas of Business Planning, Technology and Product Licensing, Engineering Design and Operational Excellence, Portfolio Selection and Business Development, MayPharm enables Indian pharmaceutical companies to bring advanced technologies and products to affordable Latin We help bring it to America. A healthcare startup, the healthcare startup has stepped into the Indian market with 15 products in its health and wellness segment, specifically Maharashtra.
Born into a family of doctors, Samir chose a different path when he chose BPharmacy at the Pravala Rural College of Pharmacy. He then completed his MBA at the University of Pune (PUMBA) and worked his way up the corporate ladder to become Head of Corporate Strategy and International Business for a multinational pharmaceutical company. After almost 20 years of success as both a strategist and team builder, Samir joined MayPharm Life in 2017 with the vision of creating an organization focused on creating value in his science field. Embarked on Sciences Private Limited startup. Sameer was joined by his close friend Ameya, a biotechnologist with his MBA in Marketing, portfolio development experience in the pharmaceutical industry.
Sameer says: As he was training his program at his previous organization, he realized it was the right time to start a second time. I shared my plans and vision with Ameya and started working together in September 2017. We both only understood international business, so it was clear that we would only work in that area. Interestingly, most of the companies who were leery of the Latin American market really didn’t understand what we did with our “market authorization” as a business. We questioned them, but they didn’t realize that product registration in a country like Brazil was itself an asset. ”
“We brainstormed and came to the conclusion that we will only operate in tough markets that are highly regulated and difficult for most pharma companies to enter. First, one of the most difficult markets like Brazil. Brazil is the 5th largest pharmaceutical market in the world, which is very lucrative.Taking the top 3 pharmaceutical companies as an example, Brazil is positioned in the top 3 potential markets. This failure is due to multiple reasons, including legislative and regulatory barriers, language and cultural barriers, time zones, and completely different regulatory frameworks for different healthcare products.” Sameer says.
“Even within Brazil, the top companies focus only on the domestic market. One,” Ameya said.
proof of concept
Recalling his initial efforts to survive in the marketplace, Sameer said: We pioneered a service-based business model that requires no investment. And it’s a consulting model that you don’t want to do in the long run. ”
“We thought we would offer our concept as a service to companies that wanted to enter the Brazilian market and see if the idea would work. We targeted companies willing to invest in new facilities in Brazil under our model, which we wanted to avoid, got good traction and consumed most of our bandwidth.But it also , also helped win our first few customers, including the world’s largest vaccine makers, who had struggled for nearly 18 years to get their vaccines approved in Brazil, but we were only a few In two years, we helped bring the project to life: the vaccine manufacturer received Anvisa (Brazilian health regulator) approval for five vaccine manufacturing facilities and three API (Active Pharmaceutical Ingredients) facilities.” Sameer says.
This success brought MayPharm to the attention of major companies. Ameya says: We liked the idea and signed two of his projects with his two companies in Bangalore. ”
“One product, one company” policy
Not only did Sameer and Ameya successfully identify market opportunities in Brazil, they also knew what not to do. The entrepreneurial duo said most Indian companies have conflicts of interest while marketing their products.
“We decided to have a ‘one product, one company’ policy. Our portfolio must be intelligent not only from a profitability standpoint, but also from a completeness point of view. To do this, we had the important task of identifying a product.Since we are not a manufacturer, we needed to identify a product that would work better in the market.To do that, we had to find a better price. It depends on the setting and the product lifecycle. How we develop our products, what happens to our products, how we sell our products is entirely our responsibility.”
“We have also carved out a specific portfolio in segments like oncology, where we focus exclusively on revenue-generating service models. In this model, manufacturers or Brazilian companies invest As a service provider, we provide matchmaking, portfolio selection, project management, regulatory submissions and commercial strategy to ensure a successful project,” said Ameya.
Sameer shared his journey while raising money. he said: His 90% of them didn’t even see me. This experience opened my eyes. Later I thought maybe I was knocking on the wrong door. I visited banks and CPAs whose clients were investors, but it didn’t work out. In September 2019, we acquired and invested in a high net worth individual (HNI) investor who runs a pharmaceutical company business. ¥1.5 billion in our company. ”
“We invested those funds into our own portfolio and recruited a small team of professionals. Our strong presence in these key markets with end-to-end support from product submission to distribution provides a unique strength to serve the entire Latin American region .”
Market Risk Mitigation – The Case of India
During the pandemic, most countries eased regulatory barriers to ensure the availability of medicines in their respective markets. This was a wake-up call for MayPharm, as their business moat was at stake. Recognizing the need to diversify, Sameer and Ameya identified potential markets such as Tanzania, Taiwan, Russia, the Middle East and North African (MENA) countries, and India. Before that, they had tried to enter the markets of other Latin American countries, but were unable to do so.
Sameer says: India presents great opportunities and great growth in the pharmaceutical sector. Tier 2-3 and satellite towns are growing, increasing health awareness and changing the way people buy medicines. ”
While analyzing the Indian market, MayPharm’s team turned to the Maharashtra market with a focus on the health and wellness segment.
Commenting on how the markets and segments were selected, Sameer said: It was clear that it would not enter the chronic disease segment. Health and wellness is a gray area that has also been compelling for investors. We started operations in Maharashtra in February 2022. Over the next six months, he plans to assemble a team of 40 medical personnel who will handle a total of 15 products. We currently employ 11 healthcare professionals and have launched 8 products.Annual revenue from India is about ¥$100 million in the next nine quarters. ”
Ameya and Sameer said: After choosing a product, it takes about 5 quarters to create the files, about 10 quarters to register the product (companies typically take 3-5 years), and a license agreement in the 8th or 9th month can be signed. This cycle is very important. The pandemic has affected this cycle and for six quarters he has failed to submit a single product. We have bounced back from that setback and have nine applications due for her in the next three months. About 80% of our products are in discussions with major Brazilian companies. We will remain the exclusive supplier of these products and the Brazilian companies will bring them to market. ”
Their other plans include working with technology-driven pharmaceutical, probiotic, herbal medicine and medical device companies to bring advanced healthcare products to Latin American countries. By 2025, build a portfolio of 35 to 40 commercialized products each in Brazil and Mexico.