Dr.Reddy’s labs is one of the leading companies in the pharmaceutical
industry. Established in 1984 and since then it has been growing at a very fast
rate. It has ventured into the US markets also and has been very successful.
It also got listed in the New York Stock Exchange. It is currently a 2000 crore
company.
Mr. Prasad being the CEO of such a highly successful company happens to be the most down to earth person one could ever meet. He has shared his wonderful thoughts and experiences with us which we find very though provoking and helpful.
Interview
Can you tell us something about your childhood?
I was brought up in a small town called nellore. Thought I studied in Hyderabad till my 3rd class and from then till intermediate I studied in nellore. Then I took up engineering and went to America.
What about your family background/family?
I was a part of a small family. It was just my sister, my parents and myself.
My father was into business…he was into construction…real estate…industry.
My family was initially into agriculture and my father diverted into business.
He was first generation entrepreneur…you must be knowing … he developed
Green park hotel.
How many children do you have and what do they do?
I have 3 children…2 daughters and one son. My eldest daughter finished her 12th and she just got admission into North Western state university. My second daughter has just completed 8th and is going to 9th. She is more of a creative person. She will end up doing something creative. My son is 12years old and he is going from 6th to 7th. Both of them are in Vidyaranya School.
It is said that behind every successful person there is a successful family? How about you sir?
Whether it is successful or not successful there is always a family. I learnt a lot from my father and mother. My father was responsible for me studying well. I was always a good student all along and then I went to US for my engineering. My mother was responsible for my academics. I have a very accommodating wife. She is very patient in spite of my schedule and work.
What is the amount of time you give to your business?
It is very difficult to answer that. I don’t know when it starts and when it ends. I spend about 80-90% of my waking time with business unless I am with my family or friends. Even when I am not at the office that doesn’t mean that I am not working. I am always thinking wherever I am.
To whom do you credit your success?
I credit my success to everyone. I have a great team. They are all professionals and have a lot of dedication. Being in the right business at the right time helps a lot. I was given an opportunity to make a difference…not everyone gets that. I got that opportunity at a very young age and could use that opportunity very well. Dr Reddy gave me the opportunity to make an impact. My professional management team helped me in making that impact. I give some credit to myself also as I have worked very hard to utilize the opportunity given to me.
What was your initial seed capital and how did you mobilize them?
I am not a first generation entrepreneur. The Seed capital was Dr Reddy’s. I joined the company in 1990 when it was a small company of about 30-35crores and today it is a 2000crore company.
To reach the position you are in today…you must have undergone a lot of ups and downs in your life. Which one do you think is the main turning point of your life?
No… I never had them. I was born into a successful family…I was born into success. Yes but after getting into the job I worked really hard. The job was readily available. Being the son in law of Dr.Reddy I was given the job and I would be lying if I said I had ups and downs.
What was your main inspiration in life that helped you reach such great heights?
I was not inspired by any one thing…I was driven by aspiration…ambition…to make an impact on the society…help the company reach its full potential. I think I have a god gift of seeing what can happen in the future and move the company along that line.
Which quality of yours has been the most important factor that has helped you?
I think it is the ability to learn fast. Even though I joined the company late I learnt very fast. I learn faster and learn all the time.
How do you manage your tight schedule?
I don’t have tight schedule. I actually have a nice and relaxed schedule. I came to the office at 4pm today. But when I work…I work very hard…but I don’t have a packed schedule. My mind is always busy though.
What is your vision of life?
There are visions for the organization. For myself I just want to leave the earth as a person who made an impact to society…to the industry and to some areas beyond my work…like I am very caring about the environment. I want to look back that I have done something important. What is driving me right now is to make Dr Reddy an innovative company…today it is doing a lot of research but it has not converted into products yet. I want it to become a discovery line pharmaceutical company. I want Dr Reddys to be the first from India to take it from idea to launch.
Do you have any fears, professionally or personally?
I do have... It is human to have… I have no fear of failure… but I have a fear of people not being able to trust anybody…As I run a global organization I have to trust them very well. I wonder if I am placing the trust on the right person. Personally… I have a fear of losing loved ones… but I deal with that.
How do you deal with procrastination?
I am not a procrastinator. I don’t leave anything pending at my desk…I am always ahead of things. Yes but in personal life there is a little but it doesnt bother me much. I don’t try to be a perfect person.
Do you believe in goal setting? How have you used it?
There are both formal and informal. We do have a goal setting process in the company. It gives directions…channelises energy…bring in alignment… goals allow me to put limits on myself. I just want a decent house…decent car…decent lifestyle for the rest of my life…I want to educate my children well…I want to give them a head start in life… This helps me in taking risks and do what I want with my money…so I give it away for different causes…like research…causes…etc
What were the initial steps you had taken to move towards your goals?
Nothing for myself… yes for the company there are… I want this company to be the leader from India…we are number 2 today but we want to be number 1. I have an aspiration to make it a discovery led pharmaceutical company.
Can you share some of your professional goals?
We have already reached the top…we were listed in the NYSE…I want it to make it a powerful organization.
How do you maintain human relations?
How else than spending time with people…with family…friends…colleagues
What about your time management?
I am not a very organized time manager with urgent...important...etc. I work very fast and like to do certain things at certain times of the day. Like in the evening I like to think and in the day I like meeting people…being available to people. I work late… On Saturdays and Sundays when there is no one in the office…I spend time here only for thinking… I am not much of a social person… I don’t do much of partying…I like to spend my free time with my family.
What has been the driving factor behind the success of the company?
Dr Reddy has a great culture of giving people freedom…ability to make a difference…giving room to experiment…get best people…it is an inspirational culture…there is a sense of empowerment…he gives the resources to the people so that they can use them well.
What is the best quality you see in Dr Reddy?
Delegation…giving excellent freedom…he is very optimistic…he has big goals and not mediocrity
While appointing people what qualities do you see in him?
We have a DRL leadership model…we look from several dimensions…his ability to create value…Entrepreneurship…Take resources and make something out of it…ability to build an organization…leadership qualities…should lead by example (unassuming but not arrogant leadership)
How do you deal with attrition?
It is inevitable…people look for better opportunities…I am not bothered about it.
How is it possible for a single person to manage so many organizations?
It is not…one person doesn’t do it…many people do it…we have 3 fulltime directors…management council…etc
What is the secret of your success?
Being open to change…learn from wherever possible…think to what is needed in the future and then initiate it.
Between you family and work…how do you balance them?
I am not balanced…I am always imbalanced…noting great has been achieved from being balanced…Imbalance is required to achieve it.
Your message to generation next?
People join companies to get good jobs…there is nothing called a good or a bad job…any job is a good job… every job has opportunity to make an impact…improve the systems and look at it for perfection and learn constantly.
Some people say Smart work is more imp than hard work…which do you think is important?
No…I don’t think so…both are important…it is not or but both smart and hard work.