Q1. Could you start by giving us a brief overview of your professional background, particularly focusing on your expertise in the industry?

My journey in healthcare began with an unwavering passion for science and service—a passion that took root early in my career. 

I had the honor of serving as COO at Johnson & Johnson, where every decision was influenced by our Credo. That report is not a collection of words; it's the pulse of J&J, reminding us of every day that our highest responsibility is to patients, healthcare professionals, and the communities we serve.

While at J&J, I spearheaded efforts that enhanced operational excellence and embedded patient-focused thinking into all levels of our organization.  I learned that true leadership in healthcare means balancing commercial success with ethical responsibility and a genuine commitment to improving lives.

Later, as CEO of Cadila, I carried forward these lessons—focusing on innovation, efficiency, and a deep-seated belief in “health for humanity.” Whether spearheading initiatives in biosimilars or advancing personalized medicine, I’ve always viewed every project through the lens of our shared responsibility to deliver better patient outcomes. 

My work as an investor further reinforces this commitment. I seek out opportunities that promise growth and embody the spirit of our Credo. In every role, my mission remains clear: to create sustainable healthcare solutions that truly make a difference in people’s lives.

Q2. What is the projected size of the global pharmaceutical manufacturing market by 2028, and how is the demand for specialty drugs (e.g., biosimilars, personalized medicine, RNA-based therapies) shaping the market?

The global pharmaceutical manufacturing market is expected to be worth between USD 2.5 and 2.8 trillion by 2028—a staggering figure reflecting the scale and the transformative change in our industry. In my view, this expansion is not just about figures; it's about rethinking how we provide care. At Johnson & Johnson, our Credo has always reminded us that innovation should come first for the patient. In the current context, specialty pharmaceuticals such as biosimilars, individualized medicine, and RNA-targeted therapies are not only up-and-coming trends but inherent to the management of unmet medical needs.

By providing high-quality substitutes for costly biologics, Biosimilars enable us to bring essential therapies to a larger patient population without compromising quality. Personalized medicine and RNA-based therapies are becoming the focus because they provide treatments specific to individual genetic profiles, thus being more effective and safer. This transformation requires manufacturers to retool their processes, invest in cutting-edge digital platforms, and reengineer their supply chains for the next generation of biologics.

The market’s transformation is not just a commercial opportunity - it's a moral obligation to see that advanced therapies are developed and brought to patients responsibly. his patient-centric focus, deeply embedded in our Credo at J&J, is guiding the industry toward a future where every breakthrough is measured not only in dollars but in the lives it touches.

Q3. How are digital therapeutics and AI-powered diagnostics competing with traditional drug-based treatments, and which companies are leading the shift?

Digital therapeutics and AI-powered diagnostics are fundamentally altering how we think about treatment. At J&J, our credo has always driven us to explore every avenue that might improve patient care, and these emerging technologies are a natural extension of that commitment. Digital therapeutics offer personalized, real-time interventions that complement traditional drugs, empowering patients with tools to manage chronic conditions, improve medication adherence, and even drive behavioral change. AI-powered diagnostics, on the other hand, enhance our ability to detect diseases early, tailor treatments to individual needs, and reduce diagnostic errors—ultimately shifting the focus from reactive treatment to proactive care.

Companies like Pear Therapeutics and Propeller Health have pioneered digital solutions that are transforming patient engagement and outcomes. In diagnostics, leaders such as Siemens Healthineers and GE Healthcare are integrating AI into imaging and genomic analysis, significantly improving the speed and accuracy of diagnoses. At Johnson & Johnson, we’ve seen firsthand the potential of these technologies during our early digital health initiatives—efforts that validated the business case for innovation and underscored our commitment to the principles outlined in our credo.

These advancements are not about replacing traditional drugs but creating a holistic treatment ecosystem. The synergy between digital and conventional therapies is paving the way for more personalized, efficient, and compassionate care. In essence, the future of healthcare lies in our ability to combine the best of both worlds—technology and tradition—to better serve the needs of every patient, a goal that remains at the very core of our mission.

Q4. How does J&J’s M&A activity compare to Eli Lilly’s and Sanofi’s expansion into high-growth therapeutic areas?

Johnson & Johnson’s approach to mergers and acquisitions is deeply influenced by our credo, which prioritizes patient welfare and community impact above all. At J&J, M&A is not merely a growth strategy; it’s an extension of our commitment to improving lives. Each opportunity is carefully scrutinized to ensure it meets our stringent standards of quality, innovation, and ethical responsibility.

In contrast, while companies like Eli Lilly and Sanofi have also made significant moves into emerging therapeutic areas—Eli Lilly focusing heavily on oncology and Sanofi on rare diseases and specialty medicines—J&J’s strategy is uniquely balanced. Our approach combines a diverse portfolio with disciplined investment in transformative technologies, ensuring that we build long-term value without compromising the patient-first ethos that defines us.

This balanced strategy is evident in how we integrate acquired assets. It’s not about quick wins; it’s about forging lasting partnerships that enhance our global capabilities and contribute to a sustainable future in healthcare. In my view, this measured, principled approach not only differentiates J&J from its peers.

Q5. How are top pharmaceutical manufacturers (e.g., Pfizer, Novartis, Roche, Merck) restructuring their portfolios to prioritize high-growth segments?

The landscape of pharmaceutical innovation is rapidly evolving, and leading manufacturers are reconfiguring their portfolios to focus on high-growth segments—an approach that mirrors the patient-centric philosophy enshrined in J&J’s credo. Companies like Pfizer, Novartis, Roche, and Merck are shedding legacy products to invest in biologics, personalized medicine, and advanced therapies that promise substantial financial returns and transformative patient benefits.

Pfizer is shifting its focus toward oncology and rare diseases, tapping into the promise of targeted therapies that are both innovative and patient-specific. Novartis is investing heavily in cell and gene therapy, positioning itself to lead in next-generation treatments that cater to individualized healthcare needs. With its strong heritage in diagnostics and oncology, Roche is integrating advanced digital technologies and AI to push the boundaries of personalized care. Meanwhile, Merck continues to refine its approach in immuno-oncology, fostering collaborations that accelerate innovation.

These restructuring efforts go beyond simple financial moves—they show a complete rethink of healthcare delivery. By focusing on areas with high growth potential, these companies look to a future where treatments are more personalized, powerful, and in line with what patients need. To me, having lived and breathed J&J's credo, it's obvious that this change stems from a common belief that our main duty is to the patient. The integration of advanced therapies, digital platforms, and targeted treatments is a natural progression toward a more holistic, efficient, and humane healthcare system—a future where every breakthrough is measured by its impact on human lives.

Q6. Which emerging markets (India, China, Brazil) present the most significant opportunities for pharmaceutical outsourcing growth?

I view India, China, and Brazil as dynamic engines of growth for CDMOs, each offering unique strengths that dovetail with our mission of advancing patient care—a mission that J&J’s Credo has long championed.

India is a world leader in making generic and biosimilar drugs, and it's now moving into making more complex generics. 

China's shift to digital tools is making things run smoother and boosting how much they can produce, which helps drug supply chains around the world.

Brazil, with its big and expanding healthcare market, serves as a key entry point into Latin America. Supportive government rules, along with huge investments in state-of-the-art manufacturing technology, are turning Brazil into a dominant player in drug manufacturing. The nation's increasing effort to improve healthcare systems is well in line with the larger goal of offering world-class, affordable treatments to a massive population.

To me, these markets are not only cost-saving options; they are strategic hubs that allow for global expansion and innovation. The advancement in these markets reflects the values instilled in J&J's credo putting patients first and putting communities first. Seizing these opportunities involves forming alliances that build quality, efficiency, and ultimately, patient results on a worldwide basis. It's a potent reminder that our common mission—to bring life-changing healthcare to all—transcends borders.

Q7. If you were an investor looking at companies within the space, what critical question would you pose to their senior management?

I would always ask: “How are you ensuring that your long-term innovation strategy, including investments in digital health, advanced biologics, and personalized medicine, aligns with your commitment to patient welfare—as reflected in your core values and, ideally, a CREDO similar to that of J&J?”
Senior management to articulate a clear vision for balancing near-term profitability with sustainable, patient-focused innovation. 

At Johnson & Johnson, our credo has served as the north star that informs every strategic move—from R&D investments to business practices. It calls for us to deliver both on financial performance and our commitment to the patients and communities we serve. I'd be interested to know how a company's leadership is folding in emerging technologies and partnerships into their operational play, making sure that every step is taken with a profound sense of responsibility and foresight.

I would request details about how they are managing risks—how they are avoiding pitfalls in supply chain disruption, regulatory change, and competitive pressures? How can they ensure their investment in new technologies actually results in improved patient outcomes instead of mere short-term profit? 
In return, this underscores our primary duty to care for people.

For me, the ideal response would demonstrate a harmonious blend of visionary leadership, rigorous financial discipline, and an unwavering commitment to the health and well-being of patients—a balance that defines truly sustainable success in this industry.