By tapping tech and innovation, this company is spearheading the pharma industry
Adroit Biomed, launched in 2011, claims to be among the pioneers in the oral moisturiser segment. It clocked a turnover of Rs 45 crore last year.
Sushant Raorane and Ajit Marathe are veterans in the pharmaceutical industry. They were classmates in college, but pursued different paths soon after.
Seven years later, a chance encounter between Sushant and Ajit’s wife Supriya set the ball rolling for their company. Sushant and Ajit saw several gaps in the pharma industry and decided to launch a healthcare marketing consultancy, and launched Limited in 2011.
Sushant Raorane, Co-founder & Director, Adroit Biomed Limited
Running a consultancy gave them success but the company remained hidden in the market. Sushant says while they were helping other companies build brand value, they soon realised that they were not creating something long lasting for themselves.
Hence, they transitioned from a mere consultancy firm to a company that focusses on skincare and nutraceutical range of products.
Sushant and Ajit started operations from a small space. There were 20 people in the team and were able to reach out to people in Andhra Pradesh, Telangana, Mumbai, and Karnataka.
As the company was being run by first time entrepreneurs with limited experience and exposure, there were many challenges.
Sushant particularly mentions that Bank of Maharashtra helped them overcome several cash flow gaps effectively. In addition, a capital of Rs 10 crore (in a span of five years) was invested in the Mumbai-based business by way of debt, investment from friends, and seed funding.
The second challenge was to have manufacturing facilities.
Sushant explains, “It was a strategic call. Our requirements are extremely diverse. We need nine to 10 different forms of dosages, each of which requires a unique set up.”
Sushant says that in a strategic move, instead of setting up a manufacturing unit, they decided to tie up with units across the country. Today, the business has tied up with eight manufacturing units in Nasik, Mumbai, and Hyderabad.
The skincare industry in India is a decrowd market. According to a report released by Redseer Consulting in 2017, the Indian cosmetics industry is expected to grow to approximately $20 billion by 2025 with a CAGR of 25 percent.
Sushant adds that competition in the sector is immense. Abbott, Glenmark, Curatio, and Sun Pharma are some big companies operating in the space.
However, product related innovation and technology are two strengths that have given the company a competitive edge, according to Sushant.