Read the Conversation
Meeting highlights:
- Country-Specific Approach: Menarini India stands out by tropicalizing operations to meet the real needs of local patients, tailoring its market approach and portfolio accordingly to becoming a leading international dermatology company.
- Dermatology Focus: Menarini India is actively seeking direct partnerships with dermatology-focused companies that are not yet established in the country. While the aesthetics market is heavily dominated, Menarini India recognizes significant opportunities in this space and is strategically positioning itself to capitalize on them.
- Consumer Healthcare & E-Commerce: The company is increasingly diving into e-commerce with a long-term vision for the consumer healthcare segment.
- R&D Leverage in India: India’s booming R&D sector is a major asset. Menarini India approaches cosmetics with the same rigor as drug development, incorporating clinical trials to ensure its formulations are clinically established.
- Family-Owned Values: Menarini India makes decisions rooted in its family-owned heritage, prioritizing meaningful patient outcomes while balancing impactful contributions with business growth.
EF: What is Menarini India's long-term growth strategy for the Indian market, and how is it strategically positioned within the pharmaceutical industry?
GK: Our primary goal is to establish Menarini India as a leading international dermatology company within the next decade. With dermatology, including aesthetics, as our main area of expertise, we aim to invigorate lives through our products and services. We prioritize our internal pipeline for growth while actively pursuing partnerships as a key driver. By seeking collaborations, we aim to bring more innovative products to market and expand our reach.
EF: What opportunities do you see for India’s dermatology market in the upcoming years?
GK: We have a strong presence in dermatology and are dedicated to enhancing our portfolio to better meet customer needs and address market gaps. This includes launching new line extensions, upgrading formulations, and innovating specifically for the Indian market. In the prescription space, our dermatology portfolio is consistently growing – four times faster than the market. We actively seek collaborations with dermatology companies already present in India, as well as those looking to enter the market through partnerships.
In addition to dermatology, we have ventured into the aesthetics market with threads for minimally invasive lifting procedures. We have also expanded our portfolio in this segment with the launch of injectable fillers, initially in key cities and now across India.
There is a significant opportunity in direct-to-consumer skincare. We have begun entering the e-commerce space, focusing on placing products on major platforms. Our plan is to eventually establish a full-fledged consumer division, expanding into physical stores to create an omnichannel presence, as we have successfully done in other regions.
EF: How does Menarini use India's talent pool to innovate business?
GK: One of India’s greatest advantages is the presence of numerous R&D facilities. We are collaborating with many global formulation developers who have their R&D centers to create formulations tailored specifically for Indian patients. We approach cosmetics just like drug research, conducting clinical trials and publishing results to prove their effectiveness. For instance, our acne scar gel and under-eye serum have undergone clinical trials, the results of which have been published in international journals.
When launching new formulations, we ensure they have the same clinical validation as pharmaceuticals, lending credibility to cosmetics. While focusing on the prescription space, we also leverage digital platforms to engage healthcare professionals through workshops and skill development initiatives.
EF: How do you see the field of dermatology evolving in terms of personalized medicine? How does this relate to dermatology innovation made in India?
GK: Unlike other therapeutic fields, such as cardiology, where heart function is relatively universal, skin health varies significantly between individuals, especially in India. This diversity presents unique challenges and opportunities for dermatology, necessitating personalized treatment regimens.
While we have made progress in tailoring our solutions to local needs, there is still much to explore, particularly in areas like sunscreens, wherein our recent research highlighted the demand for a wider range of shades. To maintain our leadership in skincare, we must continue to innovate and customize our products to the specific needs of Indian consumers, including personalized cosmetic and aesthetic procedures and treatment regimens.
EF: Considering your long-standing career at this company, what makes Menarini such a special company to work for?
GK: My philosophy has always been ‘heart over head’, and at Menarini, people come first. As a family-owned company, we emphasize a human-centric approach that aligns each employee’s aspirations with the organization’s goal. I have experienced this firsthand. Starting as head of marketing, I have had the opportunity to grow in various roles, including my current position as managing director. This journey has been incredibly rewarding, not just for me but for the entire team as well.
Menarini's commitment to people extends beyond our employees. Over the past years, we have sought to invigorate lives beyond our product and services by partnering with Sahas. This Bombay-based organization supports acid attack victims who are often marginalized in society. We funded medical procedures and provided essential skincare supplies, like moisturizers and sunscreen, to support their skin health. Witnessing how our contribution has improved the lives of these beneficiaries inspired us to continue to innovate and grow.
EF: India has long been known as the "pharmacy of the world," but it is now redefining its role on the global stage. What new nickname- or concept- do you suggest to introduce India’s evolving identity to the rest of the world?
GK: India rightly deserves the title 'pharmacy of the world’, as it is a major exporter of quality pharmaceuticals with significant contributions to dermatology. It is also crucial to highlight the country’s talent; many Indian dermatologists are internationally renowned, and their expertise is in high demand. India's vast patient population and experienced doctors provide a wealth of knowledge that can benefit healthcare providers worldwide.
EF: In ten years, how do you envision India and your company?
GK: Given India's rapid infrastructure development and economic expansion, the country is poised to become one of the top three global economies within a decade. While GDP is important, infrastructure, technology, and human health also play crucial roles in driving development. Rather than solely focusing on economic growth, we should identify areas where India can truly excel.
Our goal is to establish Menarini India as a leading international dermatology company within the next decade. By staying committed to dermatology, we look to significantly contribute to India's growth in products, people, and talent.
EF: As you mark 15 years with the company, what achievements are you most proud of?
GK: First and foremost, I am proud of the organization we have built over the years, which is positively impacting lives, particularly in skin health. Our work with the acid attack survivors is one area where we have truly made a difference over the past few years.
Secondly, I am thrilled by the incredible growth of this company. When we embarked on the journey to establish a leading international dermatology company three years ago, we were ranked 42nd; now, according to the Q2 2024 IQVIA data, Menarini India has risen to 24th in the Dermatology space. I take pride in what we have achieved and find this journey incredibly rewarding. This success is a result of the collective efforts of everyone at Menarini, and as a manager, it is fulfilling to see our hard work reflected in our successful expansion.
EF: Do you want to leave our readers with one last message?
GK: Health businesses must prioritize social impact alongside profitability. In a family-owned company, I have the unique opportunity to focus not just on shareholder value but also on the positive contributions we can make to society. If more companies embraced this approach, we could truly transform lives and create a better world.
