Professional heads take charge at drug firms

For most of India’s leading traditional drug firms, the strategy, challenges and demands are changing for them to stay in their business. These have transformed from a turnover of few hundred crore a decade earlier, with operations confined to the domestic market, to many thousands of crore of annual revenue, with direct operations in a majority of the continents.

Glenmark, owned by Glenn Saldanha, is going through a similar transformation. Earlier, the top and the middle management reported directly to Saldanha. Now, only two executives report directly to him — the recently appointed chief operating officer, Arvind Vasudeva, who oversees the entire branded generics business, and Terrance Coughlin, chief executive of Glenmark Generics.

“We have always believed in creating an atmosphere where professionals have been employed at every level in the organisation. It is important for us to separate management from ownership, because only then will we be able to create a global world class organisation,” says Saldanha.

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source : http://www.business-standard.com/india/news/professional-heads-take-charge-at-drug-firms/407111/