Khurshid Zaidi, Managing Director, Pharmasolutions LLC
The pharmaceutical industry has grown to become one of the most complicated and challenging industries in the business world. Pharmaceutical companies are confronting a heap of pressure from investors, stakeholders, regulatory experts, patients, and the healthcare industry as they are expected to produce high-quality medical products around the globe. Co-founded by Khurshid Zaidi, Pharma Solutions is one such company that provides an effective platform for innovative pharmaceutical and healthcare companies, who are keen to venture into the emerging market of the Middle East & North Africa (MENA) region.
Khurshid Zaidi graduated from India in Science and Pharmacy and completed his post-graduation in Diploma in Business Management. With a career of over 22 years, he started as a Trainee Executive with Abbott Laboratories, and was elevated as product specialist. He launched many innovative products in India such as Terazosin Hydrochloride and Clarithromycin. Later, Khurshid moved to Dubai and worked with an established Distribution company, Dupharm as Commercial Manager and managed a team of Medical reps and Regulatory Affairs officers during his tenure of 11 years.
“During my stay at Dupharm, together with my team we registered 30 Pharmaceutical molecules in the UAE and were instrumental in division’s growth from USD 50,000 to USD 4.2 Million. During this period, we collaborated with 7 manufacturers globally,” shares Khurshid.
In 2011, Khurshid quit Dupharm to start his own venture, in partnership with his industry friend MaamounIssa. The two industry veterans have worked together prior to Pharma Solutions and with their different core competencies, it resulted in the perfect synergy of efforts. “Our idea was to dive into the critical care segments of Oncology, Intensive care, Infectious diseases, Accident – Emergency and create a niche and position ourselves as an effective source for all Hospital’s emergency requirements,” Khurshid recalls.
Pharma Solutions: Meeting the Needs of the Industry
Headquartered in Dubai, UAE, Pharma Solutions is a pharmaceutical platform, with commercial activities in 14+ countries of the GCC and MENA region. The company was established mainly to serve the unmet Medical needs of the industry. During his field interactions with doctors, nurses, and patients, Khurshid realized that there is always a shortage of treatment options in life-threatening emergencies. The company’s initial year was aimed to spend the gap analysis and during the subsequent year, it successfully collaborated with the manufacturers who could trade in with such products in the region. “Our idea was to initiate our operations in all GHC (Gulf Health council countries) -6 of them and not to restrict in the UAE,” affirms Khurshid.
Pharma Solutions’ initial focus segments were Chemotherapy and radiation-induced Oral Mucositis and Pre Hospital emergencies. Later, it registered items for Chemo-induced Nausea/ Vomiting, HIV and TB, Anaphylaxis, and with this kind of product basket, the market started taking the company seriously with serious products.
The company provides innovative services to healthcare organizations with proven credentials in establishing the chosen products in a very short span due to its knowledge and experience in regulatory affairs, business development channels, and the identification of the right partners or customers. Khurshid says, “Our primary focus lies in cancer care & support, emergency treatment, critical-care, rare diseases, and various other serious therapeutic segments.”
Tips for Aspiring Leaders
Working as an employee for 13 years, Khurshid could always empathize with what drives and motivates a team. As a long-term success plan, he never hesitated to hire team members who are more qualified and experienced than him or his team. Within the 7 years of active operations, the team has grown from 3 to 38, with their client’s base spread across 14 Middle East markets and the service to all major Hospitals of UAE, KSA, Oman, Qatar, Syria, Iraq, Jordan. The company’s revenue growth has accelerated at 35% Y to Y, since last 3 years.
According to Khurshid, a true leader should at least have a short to medium-term Vision, which is practical from a resource allocation viewpoint and surely there are no shortcuts to success.
“The aspiring entrepreneurs of this generation are much more dynamic with bigger risk appetite, but my suggestion is more conventional and conservative as to ‘Plan your work’ and ‘work your plan’. The team-building process is the most crucial element in any entrepreneurs’ journey. Without this, no plan works,” shares Khurshid.
Pharma Solutions aims to bring world-class treatment options in the Middle East and the company recently got approved for short-supplied products to help the ailing community. The company’s vision is to be the most favored source for supplies of emergency drugs and create an effective platform for the manufacturers to position and market their products, the most effective way.
The company has a dedicated Business Development and Market Access Division for the evaluation of all potential projects. The local and International Commercial Managers are in process of higher penetration for the available range of products and the Regulatory Affairs department to ensure the fastest possible Government approvals process.
“We are expanding into the areas of Complex Neurology as well as Rare diseases, Thalassemia, New generation Oncology, Orphan disease products. By doing so, we are confident of expanding our revenues as well as serving the Hospital’s critical care needs,” concludes, Khurshid.