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Pankaj Patel

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Pankaj Ramanbhai Patel
Born (1953-03-16) 16 March 1953 (age 71)[1]
Bhadran, Gujarat, India
EducationM.Pharm.
B.A. (Science and Law)
Alma materSheth Chimanlal Nagindas Vidyalaya
L.M. College of Pharmacy (M.Pharm.)
University of Mumbai (LLB)
OccupationBusinessman
Known forPresident, FICCI
Chairman, Zydus
SpousePriti Patel
Children2

Pankaj Ramanbhai Patel (born 16 March 1953) is an Indian billionaire businessman, and the chairman of Zydus Lifesciences, the fifth largest pharmaceutical company in India.

In October 2024, Patel was ranked 24th on the Forbes list of India’s 100 richest tycoons, with a net worth of $10.2 billion.[2]


Early life

Pankaj Patel is a Gujarati.[3] He was the leader of the Rashtriya Vidhyarthi Parishad and active leader of the Navmiraman Movement.[4] Since he was 8 years old, he would go to the factory with his father and would watch employees working on tablets machines.[4] Patel holds Bachelor of Pharmacy and Master of Pharmacy degrees from L.M. College of Pharmacy, Gujarat University, as well as a Bachelor of Arts in Science and Law from the University of Mumbai.[5]

Zydus journey

Patel, in 1976 after graduation, joined the firm Cadila Healthcare, which was founded by his father in 1952 to make vitamins.[6]

In 1995, Cadila Laboratories and Cadila Healthcare split under Zydus Group. Zydus's word is taken from the Greek god, Zeus. The letter D was added to Zeus, and it became Zydus. He took charge in 1995 after a formal separation between the two founding families from Zydus Cadila to Zydus Lifesciences and Cadila Healthcare.[7] When he took over the Cadila Healthcare, he was faced with two challenges: His was a Rs 200-crore company whereas his overheads including management, research, company expenses, and staff worked out to Rs 400 crore. It was difficult to make two ends meet.[4]

They were the first Indian company to develop a drug for high-cholesterol diabetics. They received approval from regulators in 2013 to sell Lipaglyn, a drug that controls both blood sugar and cholesterol levels and the world's first drug to treat diabetic dyslipidemia.[8] They also make a tablet named Aten (Atenolol) which is used as a medication to control blood pressure.

The Sugar-Free brand created by Zydus Wellness has proved to be ubiquitous sugar substitute[4] and Everyuth face wash also propelled the company to newer heights.[citation needed]

Patel played an active role in fighting against swine flu by securing approval from the Drug Controller General of India to launch VaxiFlu-s, the first Indian H1N1 vaccine and one of only few such vaccines globally.[citation needed] He had left behind all the vaccine-only manufacturers of the country in development and launch of this vaccine. Their vaccine portfolio which is perhaps the largest in the Indian pharma industry that covers over twelve vaccines.[citation needed]

The company under his leadership grew to be the fifth largest drugmaker in India with operations in 70 countries worldwide.[9] In the animal healthcare segment, it ranks second in India. From a turnover of Rs. 250 crore in 1995 to Rs. 1,000 crore in 2000,[10] the Group posted revenues of over Rs. 6300 crore in FY2013.[11] It has its manufacturing and research facilities in five states across India and is globally present in markets such as the US, Europe (France & Spain), Latin America, South Africa and 25 other emerging markets. They formed an alliance with German biotech firm Pieris Pharmaceuticals for developing and marketing a new class of protein therapeutics.[12] Zydus was the first to file to sell a generic version of Shire PLC's $1.1 billion ulcer drug, Lialda, in the U.S and the FDA had awarded it six months of exclusivity.[13]

He is also the chairman of Zydus Hospitals, a large chain of hospitals in Gujarat.[14]

During the COVID-19 pandemic, Patel ramped up production to become one of the largest suppliers of hydroxychloroquine and also came out with a variant of in-demand drug Remdesivir.[15] It was also in the process to develop vaccine to fight covid called as Zycov-D.

Leadership positions

In 2016-2017, he became the president of FICCI. It is India's oldest, largest, non-government, not-for-profit, and apex business organization.[9][16]

He was a Board member for 8 years prior to becoming the Chairman of the Board of governors of the Indian Institute of Management, Ahmedabad.[17]

He is also the Chairman of the board of governors of the Indian Institute of Science Education and Research, Kolkata; Indian Institute of Technology, Bhubaneswar and the Indian Institute of Management, Udaipur. He is a Member of the governing board of The Ahmedabad University, Chairman of School of Life Sciences, Ahmedabad University and Member of the board of management of the Narsee Monjee Institute of Management Studies.[14]

Since 2011, he is also the Executive Chairman, Vice President and Trustee of the Gujarat Cancer Society and Chairman of the Gujarat Cancer and Research Institute, a Regional Cancer Centre and one of the largest cancer centres in India, reaching out to the needy and underprivileged cancer patients.[18][19]

He also officiates on the board of several Not-for-Profit & charitable institutions. He also officiates as the Chairman of the Deaf and Mute School, Ahmedabad. He is also a Director and Chairman on the Board of Zydus Foundation which set up Zydus Hospital and Medical College, Dahod.

Mr. Patel has been appointed as the Part Time Non-official Director in Central Board of the Reserve Bank of India for a period of four years.[17][19][20] He is a member of several other organisations including Invest India, Mission Steering Group (MSG), the highest policy-making and steering body constituted under the National Health Mission (NHM), and Drug Technical Advisory Board by the Ministry of Health & Family Welfare.[21] He is also a Member of the Governing Board of India Pharmacopoeia Commission (IPC), Ministry of Health & Family Welfare, Government of India. He is also a Member of the CEO Advisory Committee of International Generics and Biosimilars Association (IGBA).[14]

He also is a member of many prestigious societies including Indian Pharmaceutical Alliance, Indian Drug Manufacturers Association, Basic Chemicals, Pharmaceuticals and Cosmetics Export Promotion Council, and Gujarat Chambers of Commerce and Industry.[9]

Honors and awards

Patel was named the "Best Pharma Man of the year 2003" by the Foundation of Indian Industry and Economists[22][11] in recognition of the growth of Cadila under his leadership. At that time, Patel predicted that Zydus Cadila would become the third-largest pharmaceutical company in India by 2005.[23]

He has published over 100 research papers in peer reviewed journals and is a co-inventor in more than 64 patents. He has been conferred with Dsc. (Honoris Causa) by Dr. A.P.J. Abdul Kalam Technical University, Lucknow.[24]

The World Pharmaceutical Frontiers ranked him in their First Pharma 40 list of ‘world's most influential people in the field of healthcare.[25][9]

In recognition of his contributions to the healthcare industry in India, Mr. Patel is a recipient of several awards including the Acharya PC Ray Memorial Gold Medal Award and the Eminent Pharmacist Award, the India Innovator Award at the India Business Leaders Awards instituted by CNBC. For his entrepreneurial vision, Mr. Patel was awarded the Ernst & Young Entrepreneur of the Year Award in the Life Sciences category.[17]

Personal life

He is married to Priti Patel, a daughter of Dr. B D Patel. They have two children.[7] Their son Dr. Sharvil Patel is managing director of Cadila Healthcare Ltd.,[26] and is married to Meha. Their daughter Shivani is married to Pranav D Patel, son of Dushyant D Patel.[27] He is fond of traveling and would go out for outing every vacation especially near rivers or mountains. He is also interested in theatre.[10]

In August 2012, Patel, along with Dinesh Patel, the chairman of Sintex Industries, purchased a Challenger-604 jet.[28]

Patel is a well-known philanthropist in India. He believes that philanthropic work is more than just donating in monetary terms. It is also about non-monetary aspects like giving your time, ideas, volunteering, etc. Pankaj doesn't like to share his donations, and hence most of them are undisclosed.[9]

References

  1. ^ "Bloomberg Billionaire Index profile: Pankaj Patel". Bloomberg. Retrieved 27 December 2020.
  2. ^ "India's 100 Richest". India’s 100 Richest. 9 October 2024.
  3. ^ "Top 10 Gujarati billionaires". India TV News. 1 August 2015.
  4. ^ a b c d "Pankaj Patel – The face behind Zydus Cadila (Indian Entrepreneur)". Suger Mint. 29 June 2020. Retrieved 13 November 2023.
  5. ^ "Pankaj R. Patel M. Pharm". Businessweek. Archived from the original on 28 June 2013. Retrieved 22 May 2013.
  6. ^ "Pankaj Patel". Forbes. Retrieved 7 July 2021.
  7. ^ a b "Meet Pankaj Patel, India's pharma magnate with Rs 42,600 crore net worth, owns Rs 52,400 crore business empire". DNA India. Retrieved 13 November 2023.
  8. ^ "Bloomberg Billionaires Index". Bloomberg.com. 12 November 2023. Retrieved 12 November 2023.
  9. ^ a b c d e in 2018, Dr Anil Diggiwal; Owned, Is Currently a Privately; publishes, bootstrapped organization This Jaipur based company; Undiscovered, Focuses on; Stories, Small Startup (13 December 2021). "Learning from Legendary Pankaj Patel – Chairman of India's 5th Largest Pharmaceutical Company". thedigitalyug.com. Retrieved 13 November 2023.{{cite web}}: CS1 maint: numeric names: authors list (link)
  10. ^ a b "Pankaj Patel: Latest Pankaj Patel News, Designation, Education, Net worth, Assets". The Economic Times. Retrieved 13 November 2023.
  11. ^ a b Team, AsiaOne (18 June 2018). "Pankaj R. Patel". Asia One. Retrieved 18 June 2018.
  12. ^ "Pankaj Patel - Forbes India Magazine". Forbes India. Retrieved 13 November 2023.
  13. ^ "Billionaire Father, Son Turn 10-Storey Mumbai Office Into World Beater". NDTV.com. Retrieved 13 November 2023.
  14. ^ a b c Team, Zydus (13 November 2023). "Chairman Profile" (PDF). Zydus Life. Retrieved 13 November 2023.
  15. ^ "Pankaj Patel, 67, Chairman, Zydus Cadila". Open The Magazine. 31 July 2020. Retrieved 12 November 2023.
  16. ^ "FICCI announces Pankaj Patel as new president". The Indian Express. 22 November 2016. Retrieved 13 November 2023.
  17. ^ a b c "Shri Pankaj R. Patel | IIMA". www.iima.ac.in. Retrieved 12 November 2023.
  18. ^ "Pankaj Patel takes over as FICCI president | Latest News & Updates at Daily News & Analysis". dna. 19 December 2016. Retrieved 17 January 2017.
  19. ^ a b Livemint (14 June 2022). "Zydus Life's Chairman Pankaj R Patel appointed on RBI Central Board". mint. Retrieved 12 November 2023.
  20. ^ "Zydus Life's Pankaj Patel appointed part-time Non-official Director in Central Board, RBI". The Economic Times. 14 June 2022. ISSN 0013-0389. Retrieved 12 November 2023.
  21. ^ "Zydus Life's Pankaj Patel appointed part-time Non-official Director in Central Board, RBI". The Economic Times. 14 June 2022. ISSN 0013-0389. Retrieved 12 November 2023.
  22. ^ "Business / Briefly : Award for Zydus Cadila chief". The Hindu. 1 December 2004. Archived from the original on 10 December 2004. Retrieved 4 February 2009.
  23. ^ Mathew, Vinod (3 February 2003). "The Hindu Business Line : 'We aim at third position with Rs 1,400-cr turnover by 2005' – Mr Pankaj R. Patel, Chairman, Zydus Cadila". www.thehindubusinessline.com. Retrieved 4 February 2009.
  24. ^ "Brics Business Council" (PDF).
  25. ^ "Vision, Knowledge, Leadership". IIMU. Retrieved 12 November 2023.
  26. ^ "Investor Zone - Investor Facts & Information Regarding Zydus Cadila". www.zyduslife.com. Retrieved 12 November 2023.
  27. ^ "Pankaj Ramanbhai Patel Biography- About family, children, education, wife, age, and more". business.mapsofindia.com. Retrieved 17 January 2017.
  28. ^ "Zydus Group boss Pankaj Patel 2nd A'bad businessman to buy a jet". DNA India. Retrieved 22 May 2013.
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