Current Trends in the Indian Healthcare, Pharma & Nutraceutical Space
By: Rajat Mittal Shah, Director, Inventia Healthcare
Holding an MBA in Marketing, Strategy & Entrepreneurship from Southern Methodist University - Cox School of Business and a Certificate of Achievement in Pharmacology from Harvard Medical School, Rajat joined Inventia in 2012 and is also the co-founder of two companies – In knowledge and Nutriventia. Additionally, she is also a Volunteer at Angel Xpress Foundation and a Global Liaison for Women in Nutraceuticals for India.
Women Entrepreneur recently got a chance to interact with Rajat, wherein she shared her insights on the current healthcare, pharma & nutraceuticals market, along with her journey so far as a woman leader. Below are the excerpts of the exclusive interview –
What are the most significant technology trends emerging in 2023 that are poised to change the business world?
Any discussion pertaining to emerging tech trends in current times will never be complete without AI taking-up a majority of the part in it. Such is the magnitude at which the Artificial Intelligence technology has had on the business world in recent times. AI technology has evolved beyond its traditional role of automating repetitive tasks and is now embracing a new realm of creativity by delving into Generative AI. Generative AI harnesses existing data to develop novel & unprecedented creations. As a result, the entire end-to-end process of launching a business and making it Live.
While AI has been used in drug development and delivery for several years now, it has become more accessible only in recent times. Today, it is helping even the smallest research teams to traverse massive amounts of scientific data to help them identify new arrays of optimization for R&D. This will result in a significant cut-down in the time durations of new researches. Thus, AI is one technology that is capable of completely transforming the way businesses function today.
Few other tech trends that are gaining vast prominence today are our devices becoming smarter, emergence of autonomous vehicles and medicines & food supplements being 3D printed. I strongly believe that we are entering an era of deep personalization which will leverage technology to deliver customizations for a very healthy and optimized living. Such advancements are bound to bring along a variety of ethical and security concerns as well. Thus, it is very much essential for businesses to be responsible in the way these niche technologies are being put to use.
Tell us about some new technologies that are currently under development to improve healthcare industry.
Despite personalized medicine being in development for a few years now, we are only seeing a superficial attempt at it. For instance – today, it is possible to understand your health parameters, genetic composition and predisposition to diseases and thus have an optimal healthcare plan. However, there is a lack of standardization and thus accessible by only a few. There is a severe need for a synchronized approach to increase the lifespan of all individuals.
Do nutraceuticals have the same pharmaceutical effects as drug supplements? Tell us your company’s approach towards the two segments.
To understand the basics, macronutrients (protein, carbohydrates & fats) are large building blocks and micronutrients (vitamins) are essential for various functions of the body. Herbal supplements are nothing but micronutrients that deliver potent dozes of nutrition which are essential to both prevent and aid in the treatment of various diseases.
I am a promoter of a large pharmaceutical company and the co-founder of a young nutraceutical company. Working with both these closely enter twined organizations has enabled us to develop a science based approach towards herbal supplements. Every dietary supplement ingredient that we develop today is done so using the same yardstick as the pharmaceutical business. We as a company are bridging the gap in standards between the two industries since both of them have a significant role to play in the improvement of everyone’s health and wellbeing.
How do you manage to strike a balance between your personal & professional lives? Also, what are your strategies to overcome gender-specific hurdles in your business journey?
As a woman leader, the most important lesson that I have learnt is that I am not a superhuman, a supermom, a superwife, or a superdaughter. Thus, to do justice on all fronts, I will need the support of family, friends and colleagues. Delegating various tasks and responsibilities to team members and setting boundaries to prioritize my self-care are the must-have tools for every leader today.
I am also a global liaison for women in nutraceuticals for our country and share the vision of helping more women reach c-suite positions in our industry. This platform will help many women leaders like me to network with each other, share their experiences & strategies to overcome any gender biases that might hamper their growth and identity. This way, I am constantly looking to improve myself and create awareness among others about the significance of having women in leadership roles.