4 Questions with Shantanu Singh, CFO of Taj Pharmaceuticals Group

Welcome to Optimum Healthcare IT’s “4 Questions with…” executive interview series, where we interview top thought leaders in the Healthcare IT space. We search for the leaders with track records of service excellence, who are passionate about their work and make patient safety their top priority.

In this installment, we talk with Shantanu Singh, Executive Director and Chief Financial Officer of Taj Pharmaceuticals Ltd., in Mumbai, India.

OHIT: What are 2 (or three) of the biggest financial challenges today’s healthcare organizations face? Then, what can CFO’s do to either prepare for those challenges, or manage them once they’ve occurred?

Shantanu Singh: Healthcare reimbursement is being intentionally reduced by government and commercial payors. Each year provider networks are faced with doing the same work with less revenue. Moreover, the reimbursement model is quickly changing from fees for effort to fees for outcomes. Accordingly, healthcare organizations must have a clear understanding of their costs and how to control them. And in this industry operating costs keep growing — mainly employment and pharmaceuticals — in the face of reduced reimbursement. Complicating the situation is the rapid change from procedure-based reimbursement to a fixed payment for managing population health.

CFOs must show their organization how and where to reduce costs, standardize activities and avoid variation. The new normal in healthcare is lower reimbursement for the same work. Therefore, CFOs must help to lower the cost of the work. That generally involves modernizing technologies along with streamlining work processes. Healthcare organizations must be able to make money in a new “disrupted” value proposition.

OHIT: What are some of the most important skills for a CFO to build?

Shantanu Singh: CFOs need to have a clear understanding of how a business makes money. That includes knowing how to:

• Communicate complicated financial information with simplicity
• Form trust relationships with the governing board, banks/investors and other key stakeholders
• Anticipate and predict the future
• Be an effective change agent, and
• Position the organization to meet strategic goals.

The CFO is generally both the financial coach and head cheerleader — selling the financial story to both internal and external stakeholders.

OHIT: What is your style as a CFO? How do you lead?

Shantanu Singh: My style is to lead by example through an open and collaborative process. I take prudent risks to foster growth, productivity and accountability. I would be the first to implement any new technology or structure that could improve the organization’s performance.

OHIT: What two questions do you think CFOs should be asking themselves to take their organizations forward?

Shantanu Singh: The first important question healthcare CFOs should be asking themselves is how to best position their company for success in a risk-based reimbursement world. Financial flexibility and clear understanding of costs are critical. Second is how best to engage leadership, particularly physicians, in managing through healthcare financial challenges.

About Taj Pharmaceuticals Ltd.

Taj Pharmaceuticals Ltd. is an Indian Non-Government Company into manufacturing and distribution of medicines, majorly in Generic drug Manufacturing. Founded in 2004 and headquartered in Indian city of Mumbai[3][4][5][6][7]. The company is led by Abhishek Kumar Singh[8][9], initially incorporated as manufacturing flagship company Taj Pharma CIS LLC, Moscow,[2]The company is focused on majorly in medicine relating to cancer/oncology, HIV/AIDS, influenza, Parkinson’s disease, transplantation, pneumonia and common diseases.[10] The company said to have received FDA approval for the Drug Papaverine capsules 150mg; indicated for visceral spasm[11], ANDA for generic Topiramate Tablets[12] and US Patent for the controversial drug Terfenadine[13], doxorubicin injection[14]. Taj Pharmaceuticals was making patented diabetes drug Vildagliptin in India, which is still a propriety drug of Swiss firm Novartis[15]

Products

The product range includes major generic drugs under therapeutic category such as anti-cancer drugs, CNS drugs; Key category of products includes generic medicines for anemia, anxiety disorders, cancer/oncology, ear infections, heart failure, hepatitis, HIV/AIDS, influenza, non-Hodgkin’s lymphoma, obesity, osteoporosis, Parkinson’s disease, pneumonia, transplantation and common diseases.[10]Major Known competing brand in India against Ranbaxy’s health supplement capsules Revital is Activital Z, a combination of Vitamins, Minerals and Ginseng.[16]

Category:Companies based in Mumbai Category:Pharmaceutical companies of India Category:Generic drug manufacturers

References[edit source]

1. Jump up^ “OMICS International — Business & Management Experts”. OMICS International Business & Management Experts.
2. ^ Jump up to:a b “RUSSIA BEYOND — Indian drug makers fit into Russia’s pharma strategy”. ALEXANDRA KATZ SPECIALLY FOR RIR. 17 July 2013.
3. Jump up^ “News on The Economic Times Profile details and more Taj Pharmaceuticals Limited”. The Economic Times. 18 October 2018.
4. Jump up^ “Review of the available evidence on Imatinib for Inclusion in the WHO Essential Medicines List as an anti-neoplastic agent — India does not recognize Novartis’ patent exclusivity, and imatinib is available in India from Taj Pharmaceuticals Page 4” (PDF). Dana-Farber Cancer Institute Center for Global Cancer Medicine. 17 July 2013.
5. Jump up^ “A Comprehensive Review on Cyclodextrin-Based Carriers for Delivery of Chemotherapeutic Cytotoxic Anticancer — FDA approval for manufacturing of Piroxicam-beta-Cyclodextrin, Nimesulide-beta-cyclodextrin, Aceclofenac-beta-Cyclodextrin generic drugs in regulatory market, and nonregulated market in the year 2009 Drugs”. Bina Gidwani and Amber Vyas *National Center for Biotechnology Information, U.S. National Library of Medicine. 20 March 2013.
6. Jump up^ “International Consortium for Emergency Contraception (ICEC)”. International Consortium for Emergency Contraception. 18 October 2018.
7. Jump up^ “Taj Pharma Opens Chemotherapy Plant in Daman With Rs 100 Cr Investment”. News dog. 20 August 2018.
8. Jump up^ “Abhishek Kumar Singh, the 21-year-old millionaire in pharmaceuticals industry” . 22nd December 2016.Check date values in: |date= (help)
9. Jump up^ “The Economic Times ET Rise details and more Taj Pharmaceuticals Limited”. The Economic Times — Times Internet Limited. 18 October 2018.
10. ^ Jump up to:a b “Bloomberg Company Overview of Taj Pharmaceuticals Limited”. Bloomberg L.P.
11. Jump up^ “Taj Pharma receives FDA approval to manufacture Papaverine”. Pharmaceutical Business Review. 21 October 2011.
12. Jump up^ “APN NEWS-Health Medical News Taj Pharmaceuticals bags US FDA approval for generic Topiramate Tablets”. APN NEWS. 18 August 2018.
13. Jump up^ “Taj Pharmaceuticals Announces Issuance of US Patent for Terfenadine”. News Wire. 5 June 2011.
14. Jump up^ “FDA approval of generic version of cancer drug doxorubicin hydrochloride liposome injection is expected to help resolve shortage of drug supply”. APN News. 20 March 2013.
15. Jump up^ “Novartis restrains local pharma Cos from making patented diabetes drug”. The Times of India. 6 August 2018.
16. Jump up^ “Revital gets a booster dose — Business Standard News”. Business Standard News. 20 January 2013.