In the dynamic and complex landscape of the pharma-ceutical industry, a Chief Operating Officer (COO) plays a crucial role in ensuring the efficient and effective functioning of the company's operations. A COO is responsible for overseeing various aspects, including supply chain management, manufacturing, quality control, and regulatory compliance. Their strategic vision and operational expertise are instrumental in driving the company's growth and success. As the COO of Chromo Group, Dr. Sriram Venugopal exemplifies the embodiment of leadership and accomplishment in the pharmaceutical sector. Since taking charge in 2016, Dr. Sriram has been pivotal in realizing the company's ambitious goals and aspirations.
Under his leadership, Chromo achieved a significant milestone by supplying its first shipment of Atorvastatin to Pfizer for branded drug Lipitor in 2023. This accomplishment marked the fulfillment of Dr. Sriram's long-standing dream of contributing at least one Active Pharmaceutical Ingredient (API) to its innovator.
Dr. Sriram's strategic initiatives have propelled Chromo to file an impressive 25 CEPs for the EU, 40 USDMFs, and 1 finished product dossier to Hungary. Additionally, he successfully established Contract Manufacturing Organization (CMO) and Contract Development and Manufacturing Organization (CDMO) businesses, contributing 15-20 percent of the company's turnover.
A testament to Dr. Sriram's commitment to quality and regulatory compliance, Chromo Laboratories has undergone inspections by key regulatory bodies, including 2 by the USFDA, 2 by EDQM, 2 by COFEPRIS, 2 by WHO GENEVA, and 1 by ANVISA. These accreditations have accelerated the company's API business and established its credibility in the pharmaceutical industry.
Dr. Sriram's visionary approach is evident in the company's adoption of the Integrated Product Development (IPD) concept, utilizing its API experience over the past decade. The successful filing of the EU Dossier of Moxifloxacin Tablets in January 2024 reflects the dedicated team effort under Dr. Sriram's guidance.
The financial performance of Chromo has seen remarkable growth under Dr. Sriram's leadership, with the turnover doubling in value and aiming for $22MM by the end of the current fiscal year. The establishment of two manufacturing units, one already WHO-GMP certified, and plans for three more units by 2026 showcase the company's commitment to expansion and quality standards.
Dr. Sriram's long-term vision includes achieving a turnover of $72MM by 2026 and launching an Initial Public Offering (IPO) in 2028 with a valuation of $122MM, positioning Chromo as a prominent conglomerate in the pharmaceutical industry. His strategic acumen, dedication, and leadership have been integral to Chromo's success and growth in the competitive pharma-ceutical market. Let’s hear from him.
How have you effectively managed the changing regulatory landscape in the pharmaceutical sector?
In today's pharmaceutical industry, compliance is paramount. Over my two decade-long tenure in quality assurance, regulatory affairs and operations, I've instilled a culture of quality consciousness, ensuring adherence to national
and international standards. Despite challenges, such as during our second FDA inspection where we received 483s, I led the team through crisis with my expertise, resulting in swift clearance within three months.
This success reflects our commitment to continuous improvement and the establishment of a robust quality culture since 2014. We've since maintained this trajectory, consistently enhancing our quality standards and compliance measures. Notably, we now utilize e-signature chromatographic records for our quality control, exemplifying our dedication to maintaining high standards.
Prioritize learning over earning early in your career, & seek mentorship to shape your leadership qualities while gaining diverse knowledge
Elaborate on the strategies you've implemented to streamline manufacturing processes, thereby bolstering the company's overall success?
In today's pharmaceutical landscape, staying abreast of advancements in chemistry, manufacturing technologies, and process engineering is imperative. Over recent years, our primary focus has been on refining processes to minimize effluent output, resulting in significant transformations and facilitating product scale-up. For instance, we addressed the scalability limitations of one API, initially restricted to a monthly capacity of 2MT, by implementing volume reduction techniques, enabling us to produce 6MT in the same facility.
This modification yielded a 20 percent cost advantage and tripled production capacity. Similarly, by optimizing reaction conditions and enhancing workflow efficiency, another API saw a 30 percent cost reduction and a threefold increase in production capacity. Our commitment to operational excellence extends to embracing green chemistry principles, substituting hazardous reactions with enzyme-based alternatives. These initiatives collectively fueled a two fold growth in company turnover, catalyzing further business expansion.
How have you integrated eco-conscious practices into the manufacturing processes of intermediates and APIs, aligning with the company's commitment to corporate social responsibility and sustainability?
Underpinning our corporate social responsibility initiatives, we've diligently pursued enhancements across our commercial product lines, emphasizing volume reduction, yield improvement, and material balance optimization. Embracing the principles of the RRR framework (reduce, recycle, and reuse) and prioritizing green chemistry solutions wherever feasible, we've made significant strides.
Years of dedicated effort culminated in the installation of a zero liquid discharge plant, enabling efficient in-house treatment of all effluents. Notably, the water reclaimed through multiple effect evaporators (MEE) is repurposed for gardening and routine cleaning, show casing our holistic approach to resource management. Moreover, our meticulous understanding of reaction conditions has facilitated energy minimization and solvent reduction, exemplifying our commitment to sustainable practices yielding tangible results.
Could you provide examples of how your leadership has facilitated successful collaborations or partnerships?
In 2016, while at Chromo, I initiated the API CMO business, forging a key partnership with an FDF company in the US, producing 10 APIs for highly regulated markets. This ongoing collaboration now contributes 15 percent of our revenue.
Effective leadership relies heavily on the team. By prioritizing customer satisfaction, we've secured significant projects, including supplying an APIs to Pfizer, a milestone contributing 30 percent to our revenue and enhancing industry recognition. This success attracted another innovative company to partner with Chromo.
Leveraging our chemistry expertise, we've embarked on a CMO venture with a leading API manufacturer in Sweden, undertaking two products with critical enzymatic reactions.
Advice for Young Professionals
For young professionals aspiring to become COOs in the chemical or pharmaceutical industry, passion, strong intent, hard work, continuous learning, effective communication, and leadership development are vital. Prioritize learning over earning early in your career, and seek mentorship to shape your leadership qualities while gaining diverse knowledge.
Dr.Sriram Venugopal, COO, ChromoGroup
Dr. Sriram Venugopal, a seasoned leader in the pharmaceutical sector, serves as the Chief Operating Officer (COO) of Chromo Group, driving operational efficiency and strategic growth since 2016. Under his guidance, Chromo has achieved significant milestones, including supplying its first shipment of Atorvastatin to Pfizer for Lipitor in 2023 and filing numerous regulatory submissions.
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