Century Pharmaceuticals Ltd: Mr. Janak Sheth’s Goal to Provide Quality Healthcare Products to All Indians

India’s healthcare scenario has undergone massive transformation in the past few years. There’s a growing need for potent, quality medicines that cause fewer side effects, which has spurred pharmaceutical companies to invest heavily into R & D. While earlier only the big brands took the credit for producing innovative drugs, recently, even the smaller ones have pioneered breakthrough reforms in the industry.
Century Pharmaceuticals Ltd. is one such brand which has a host of drug innovations to its name. A brainchild of Mr. Janak Sheth, the brand was established back in 1980 with the purpose of manufacturing active pharmaceutical ingredients. Initially, it offered only two products to its customers. Today, 40 years since its inception, the brand has attained exponential growth in not just its product offerings but also its market outreach. Century Pharmaceuticals currently produces 40 different products across a broad spectrum of drug categories, and exports them to 60 countries worldwide. Besides this, the brand has also established a WHO GMP Plant with zero discharge.

Mr. Janak Sheth’s Inspiring Entrepreneurship Journey

Undoubtedly, the most inspiring elements of an entrepreneur’s success story are his struggles and challenges along the journey. They enrich us with hope, wisdom, and also the motivation to hold steadfast to our goals in the face of adversity.
Mr. Janak Sheth’s Entrepreneurship journey too was filled with trials and tribulations, many of which are responsible for moulding his staunch character today. He graduated from IIT Delhi in 1976 as a chemical engineer. Soon afterwards, he joined a multinational pharmaceuticals company, wherein he had to design, install, and run a plant overseas. During the course of this job role, Mr. Janak Sheth acquired all the knowledge and technical acumen that was needed for running a company. After about 4 years, he quit the job and started his own unit, with 95% of its finances being covered by government loans. Initially, Mr. Janak had to endure a lot of difficulties since he had no prior experience in business. Furthermore, he was operating on a very low capital, which made it hard to sustain the business for long. However, despite the daunting circumstances, Mr. Janak persevered and after three years of struggle, he finally paid back all the loans he’d taken from the government much ahead of time. The company has been growing ever since, continually expanding its clientele at both national and international levels. It has also managed to secure a long-term relationship with all its clients, retaining most of its original customers.
Mr. Janak, through his 40 years of grit, perseverance, and hard work, has inspired a lot of budding entrepreneurs to follow in his footsteps. Moreover, he has garnered widespread recognition in not only the pharmaceuticals but also several other industries.

Mr. Janak’s Broad and Diverse Clientele

Century Pharmaceuticals serves to a broad spectrum of clients, from small and medium sized organizations to large and even multinational companies.
Generally, the regulatory requirements of large and multinational brands are very complex. It takes a detailed and methodical approach to satiate their specific demands. However, despite the convolutions of the process, Mr. Janak Sheth enjoys working with all kinds of customers and catering to each one’s unique requirements. This dedication towards customer service has helped him retain most of his customers while fostering the brand’s growth at the same time.

Century Pharmaceuticals’ Noteworthy Certifications and Recognitions

Over the years, Mr. Janak Sheth and Century Pharmaceuticals have received a multitude of certifications and recognitions, both on the national and international level.

 Here are some of the most notable ones:

Century Pharmaceuticals:

  • Fair Business Practices (Indian Council for Fair Businesses).
  • Gold medal for Excellence in Business Practices (Switzerland).
  • Gold Award from Lockheed Martin in Biotech technology.
  • FGI award for Excellence “Outstanding MSME” – 2011.
  • Leaders of Tomorrow by ET Now – October 2013.
  • Winner of Quality Mark Trust Awards 2016.
  • Qualified for Gold in ZED Certification from QCI India (ZED ID – ZEDQCI1211718).
  • The Most innovative Brand – 2019 in Business View Magazine.
  • India’s Leading Pharmaceutical Companies to watch in 2020 by Prime View Magazine.

 Mr. Janak Sheth

  • CEO of the year by Business Connect Magazine Nov. 2018.
  • An Aspiring Entrepreneur in Technology Widgets Magazine – March 2019.
  • Business APAC’s Zealous Business Leaders of 2019.
  • Best Entrepreneur 100 in CEO Insights Magazine – March 2019.

How Mr. Janak Keeps Pace With Changing Market Trends

Owing to the abundance of information on the Internet, it’s very easy for one to keep up-to-date with the latest market trends. Mr. Janak has subscribed to the mailing list of several national and international technology magazines, journals. He feels that this is a great way of keeping up with the latest changes in the market.
Apart from this, he is also a part of numerous industry groups and chambers of commerce, wherein he gets to interact with fellow industrialists about the changing markets. He and his team also regularly participate in national and international exhibitions. This helps them increase brand awareness and connect with potential customers in focused markets.

Century Pharmaceuticals’ R & D Initiatives

Mr. Janak believes that in India, most organizations neglect R & D and focus a majority of their resources/capital on production. This is quite counterproductive in the long run, as a brand’s products are unable to meet the ever-changing market demands. Consequently, they become obsolete after a short period of time.
Century Pharmaceuticals, on the other hand, has always kept a sharp focus on R & D. It has continually improved its processes and developed new products. In 2008, the brand ventured into the research of a novel recombinant protein for the treatment of Asthma and allergies.
The brand also worked on a research boutique concept wherein it did research on a certain molecule. After establishing the proof of the concept, it out licensed it to a big pharma company.
Furthermore, the brand has established invivo proof of concept and is working on a vital proof of concept so that it can out license the Asthma molecule as well.
Currently, Century Pharmaceuticals’ R & D Team is engaged in stem cell therapies and in the development of personalised cancer treatment with a targeted therapy approach which promises no side effects. Although these are long-term investments, Mr. Janak feels that even if one of the projects comes to fruition, the company will gain huge benefits.

Why Mr. Janak Gives Utmost Importance to the Wellbeing of His Employees

According to Mr. Janak, employees are the greatest asset of any organization. By keeping them motivated and focused on their work, the company can dramatically boost its performance.
So as to create an un uplifting work environment, he urges all the employees to share their success stories in the office. Not only does this keep their spirits high, but also fosters healthy competition amid the employees. Each one feels motivated to outperform his/her colleague.
He also ensures that all his subordinates take particular care of each employee’s unique needs. With employee contentment comes lower turnover of people in the organization. This creates stability in the workforce, which enables a continuity of efficient operations.

How Mr. Janak Strikes a Work-Life Balance

Being the CEO of a large organization, Mr. Janak has a very busy professional life. He has to travel to various countries to meet his customers. Fortunately, his family is very supportive of his work and has managed to accommodate to his hectic schedule. They usually combine the customer visits with small breaks in those countries. His wife is also a part of the business and looks after the company’s factory.
He also enjoys a very active social life with friends and family. He’s associated with several industry groups and chambers of commerce wherein he has held key positions. He has also held leadership positions in various social organisations in which he contributed to the lower sections of the society.
All in all, Mr. Janak does a fine job of juggling his personal and professional life – a task which seems challenging to most entrepreneurs.

Mr. Janak’s Thoughts on Today’s CEOs

Mr. Janak  believes that each CEO is unique and doesn’t face any competition, as such. He is alone in his quest to drive his organization, and has to constantly compete with himself to bring about self-improvement. The vision, drive, and motivation provided by the CEO is the fuel of any organization’s growth. For this reason, CEOs should be asked to compete on select parameters on a forum. This would constantly motivate them to excel in all areas of their job. The concept would work exceptionally well in a country like India, where CEOs play a pivotal role in the company’s operations.
Furthermore, he says that it’s necessary for today’s CEOs to have utmost belief in their company’s success. Since a CEO is at the helm of a company, his mind should be completely free from any doubts. In case the CEO has some doubts in mind, he should immediately consult and resolve it with his colleagues, or hire a consultant for the same.
Altruism, according to Mr. Janak, is another quality that today’s CEOs must possess to be successful. Unless a CEO gives importance to the wellbeing and betterment of others,  he can’t be an effective leader. Moreover, helping others with their issues might help him resolve his own issues! This is why Mr. Janak likes to help fellow industrialists with their problems. It not only benefits them but also broadens his perspective in the process.
When asked about who his source of motivation is, Mr. Janak said that he looks up to a very successful CEO who’s running a much larger company than his. The person, who happens to be a friend of his, has achieved a lot of distinctions in the industry and is revered by many. Whenever Mr. Janak encounters a perplexing dilemma, he makes it a point to first seek advice from his CEO friend. He implicitly trusts their guidance and wisdom.

Mr. Janak’s Altruistic Endeavours

Mr. Janak Sheth feels that his brand has attained great financial success over the years, so consequently, it’s his duty to give back to the society.
He and his team have invested a lot of efforts in the upliftment of rural people and infrastructure. The brand’s factory is located in a rural setup and most of its workforce comes from neighbouring villages. Hence, it does most of its CSR activities in these villages. These activities are mostly focused on the improvement of water quality and sanitation measures in the villages, such as the construction of overhead tanks, eco-friendly toilets, etc. Apart from such initiatives, the brand also actively works towards the improvement of infrastructure in village schools. This creates a better learning environment for rural students, enabling them to study with ease.

Mr. Janak’s Plans For The Future

Being on a steady growth path, Century Pharmaceuticals is slowly expanding its geographical outreach by catering to newer markets. It is adopting a systematic approach to execute its plan of action.
This year, Century Pharmaceuticals’ R & D department has planned on introducing 4 new products. The company currently boasts of a wide range of products, and Mr. Janak feels it’s about time he starts cross selling their products with existing customers.
The company’s great performance with existing customers has earned it numerous references. Many new customers are seeking the company’s services, which has further strengthened its reputation in the market.

Mr. Janak Sheth Message to the Readers of Prime Insights Magazine

Emphasizing on the need for a holistic economic approach, Mr. Janak Sheth says that each CEO should not only focus on his company’s financial success but also the GDP growth of the nation. Here’s his message to the readers of Prime Insights magazine: “India is a fast-growing economy with a bright future. The entire world is looking at India and its GDP growth. The responsibility to grow our company lies with us. If we grow, so will our country. We should take our job role as a CEO seriously and contribute not only in terms of revenue but also added profits to the national economy. We must be a 5 trillion-dollar economy soon. All of us should work towards this goal, as it’ll help us become the third largest economy of the world within the next 5 – 10 years.”

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