Glenn Saldanha, Chairman and Managing Director of Glenmark Pharmaceuticals Ltd, reflects on the company’s over two-decade journey, highlighting the challenges of transitioning from a generic-focused business to a more innovative space. Saldanha notes that this transition is not for the faint-hearted, requiring significant effort and perseverance. Glenmark has been working towards this goal for 25 years, with its innovative pipeline, including the Ichnos Glenmark Innovation (IGI) alliance, yielding promising results, such as the ISB 2001 drug candidate.
The company has created a strong foundation in three therapeutic areas, with a global footprint and a robust India business, generating ₹13,500-14,000 crore in revenue last year. However, Saldanha acknowledges the unpredictability of global policies, particularly in the US, which can impact the pharmaceutical industry. Despite these challenges, he believes that Indian players, including Glenmark, have upside potential due to their cost competitiveness and strong foundation.
Glenmark is poised to announce a “transformational” licensing deal for its ISB 2001 drug candidate, which has the potential to transform therapy in the multiple myeloma space. The company is focused on staying globally competitive, driving efficiencies, and allocating resources effectively. Saldanha also addressed the company’s restructuring efforts, including the closure of its Switzerland facility and changes to its consumer healthcare business, stating that these moves are part of normal business operations aimed at driving growth and efficiency.
The ISB 2001 drug candidate is a significant development for Glenmark, with the potential to extend life and improve treatment outcomes for patients with multiple myeloma. The company is confident about the prospects of this candidate and is working towards a licensing deal, which is expected to happen soon. Overall, Glenmark is well-positioned for growth, with a strong foundation, innovative pipeline, and focus on global competitiveness. Despite the challenges and uncertainties in the pharmaceutical industry, Saldanha remains optimistic about the company’s future prospects.