Interview with Vaibhav Joshi, Director at Oxter Research Pvt. Ltd.
How has your background prepared you for business development?
If you have passion for work and it will not allow you to sleep, always makes you alive to see the dream at top level. Then you don’t need any background.
How can networking between pharmaceutical companies be improved?
Communication, Meeting, LinkedIn, Email.
How do you see the importance of virtual networking platforms for business development in the pharmaceutical industry?
Virtual networking is very useful in saving time, saving energy, communicating easily and saving costs. This would be difficult for all pharmaceutical firms to agree, however its mandatory.
What value added services do you see as most important for Business Development and Alliance Management functions?
What is your opinion on the evolvement of the pharmaceutical industry in the last 6 months? How will it shape up in the future?
COVID changed it totally. EU and USA will move as much as possible of the manufacturing to their countries.
Looking at a new market, how would you go about it?
Need of the market and innovation.
What are ways to identify a new market to enter?
On the price bases.
Describe the process you would follow for business development
Focus and Follow up.
What is your preferred strategy for finding business partners?
Communication and trust.
What are the three most important factors when evaluating a deal?
Strength of company, trust, competency.
What should we do more often and to engage our employees constantly?
Make them free and give opportunities.
How do you motivate your team to get the best out of deals for your company?
Encourage their work, open discussion.