Amid concerns surrounding Sputnik V and the launch of a single-dose vaccine, Indian companies, including Hetero, Stelis, Biopharma and Gland Pharma are on track to make millions of doses of the Russian vaccine in a bid to alleviate the country's supply constraints
Vamsi Krishna Bandi (left), managing director of Hetero Group of Companies, and his father Bandi Parthasaradhi Reddy, founder and chairman of Hetero Group of Companies
Image: Vikas Chandra Pureti for Forbes India
Vamsi Krishna Bandi knows the importance of staying relevant. In fact, he has an appetite for it. After all, his father, Dr Bandi Parthasaradhi (BPS) Reddy, the first employee of Hyderabad-based Dr Reddy’s Laboratories, had quit the company as chief technologist in 1993 when he realised that a change in management could curtail his future in the company. BPS Reddy, a scientist with a doctorate in synthetic chemistry, was a close confidante of Dr K Anji Reddy, the erstwhile founder and chairman of Dr Reddy’s, and was the man in charge of operational functions at the pharmaceutical company by the time he was in his mid-30s.
“In 1989, GV Prasad [current co-chairman and MD of Dr Reddy’s] joined the company while Satish Reddy [chairman of Dr Reddy’s] joined in 1992,” says BPS Reddy. “That’s when I thought, ‘Why can’t I establish a laboratory where I can implement my own philosophy, give jobs and opportunities to people who came from villages, like me?’ Because the freedom will come down with the next generation joining the management.”
The rest is history. With ₹90 lakh from his savings, and by selling a plot of his land and his shares at Dr Reddy’s, BPS Reddy set up a laboratory, Hetero, in Hyderabad in 1993. Today, the company boasts over 21,000 employees and has grown into one of India’s best-known pharma companies, with businesses across active pharmaceutical ingredients (API), generics and biosimilars. It is the largest maker of antiretroviral drugs used for HIV patients and makes one out of every two Remdesivirs—it has seen soaring demand as Covid-19 cases peaked—across the globe.
“We always want to stay relevant,” says Bandi, managing director, Hetero Group of Companies. “As a business, we had expanded to generics and biotech over the past few years. Last year, we stumbled across vaccines.” The decision to foray into the lucrative vaccine business came on the back of a deal between Dr Reddy’s and the Russian Direct Investment Fund (RDIF), the sovereign wealth fund of the Russian government responsible for selling the Sputnik V vaccine. Sputnik V is the world’s first Covid-19 vaccine—registered as early as August 2020—that Dr Reddy’s wanted to bring to India.
(This story appears in the 04 June, 2021 issue of Forbes India. To visit our Archives, click here.)