On August 18th of 2023, IIMB hosted Mr. Praphul Misra, as part of the Management Development Programme for Mylan Pharmaceuticals Private Limited (Batch 2). Mr Misra, technopreneur and M.D. of OurInitiative Media Pvt Ltd, whose core interests lie in areas such as customer centric it’s, technology for marketing and business transformation and more spoke about the healthcare sector deriving from his experience in setting up one of his successful ventures ‘WorldMark Group, Inc.’ which was set in the backdrop of Healthcare reforms that were implemented due to the OBRA act of 1990 in the USA.
Through elaborating two various case studies of FoxMeyer Healthcorp (USA) and Ethicon, Mr. Misra spoke about how the former was a wholesale drug industry which saw a period of exponential growth serving a customer base of “Mom ‘n Pop” Pharmaceuticals (independent family owned pharmacies) but eventually declared bankruptcy due to bad investments. From strategic market research, he drew forth conclusions that independent pharmacists had strong local relationships with local doctors, patients and families but were threatened by rising chain pharmacies as well as mail-order pharmacies which could be accessed online. With Ethicon who made sutures and ligatures, deeming they were in the “Wound closure business”, Mr. Misra noted how necessary new innovations such as electro surgical devices, surgical staplers and endoscopic sutures were important in keeping the business relevant instead simply sticking to making traditional sutures. He expressed the importance of understanding whom you are selling to by elucidating the dynamics of an OT ( Operation Theatre ) Nurse and Surgeon, stating that the lead nurse was just as important of a customer to focus on as surgeon.
He also expressed the importance of throughly understanding the 7 Ps ( Policy – Governmental , Producers – Pharmas, Providers- Hospitals and Clinics, Practitioners, Pharmacies, Payers- insurances or customers, and Patients)of the healthcare sector and the cognizance of interpreting the nuances of their interactions and dynamics.
Lastly, he explained the importance of keeping in mind, the market, prior to making investments. He ended his session by introducing the concept of ‘Leapfrogging’ which is a term used to describe the practice of skipping certain steps in a traditional process to get to the desired output quickly.
We at IIMB would like to thank Mr. Praphul Misra for his insightful session. We look forward to more such sessions in the future!
Mylan Pharmaceuticals Inc. (parent company Viatris) is headquartered in Morgantown West Virginia, USA.