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The dream achiever

He is a dreamer, a philosopher, a corporate leader and a man with a contagious smile. Sushmi Dey explores the dreams of Rajesh Jain, the Joint Managing Director of Panacea Biotech.

It is one of those familiar family business stories that we often get to hear, but there is a different protagonist. A young boy who dreamt of becoming a computer engineer and studying in the US, landed up doing BSc General. Life is unpredictable and so is this businessman's story. He calls it "destiny" but it is perhaps much more than that.

Born on April 26, 1964, in a family which survived the partition, Rajesh Jain attended J D Tytler School in Delhi. He was a dreamer since his childhood. "I had a different and difficult childhood. I was not very good in studies till class fifth. I just used to think, think and think," he recalls. But the transformation happened one day when a girl sitting next to him in class caught him cheating. "She gave me a tight scolding and made fun of me. That hurt my ego and touched me deep," he recalls. Ever since, Jain has always been the topper. He worked hard and won many awards in school. He agrees there were better students but he was always the one to lead. That zest still continues with him being the driving force behind the corporate group of Panacea Biotech.

The turning point

After school, like any other good student Jain wanted to become a medical doctor but subsequently took admission in engineering but did not like it. Then he studied pharmacy in Delhi College of Pharmacy but after attending classes for a week he realised that it was not his cup of tea. "I was always lost. I actually wanted to pursue engineering in computer science from the US," says Jain. However, a family friend advised Jain's father to not send him abroad or else the boy will not come back ever. So finally he decided to take admission in BSc Chemistry (Hons) in Hansraj College in Delhi University. He attended classes for three months and then shifted to BSc General. For a student of Jain's intellect BSc was strange and difficult.

He soon lost his interest in studies and started playing cricket. "One hour of practice and I was selected for the college cricket team. I joined that and used to play cricket all the time," he said. Then one fine day his uncle, who was very annoyed with what he was doing, caught hold of him and asked him to attend to the family business. In 1985, while still in the second year of his graduation, Jain started sitting in the office. With no knowledge of the business, initially he would not understand anything and hence there was no interest. Then his elder brother, Ravindra Jain gave him a bid and asked him to fulfil it. It was in 1986 that his career took a new shape. "I saw companies like Cipla, Ranbaxy, Glenmark and many other big organisations doing great business. It inspired me and I became serious," he says.

He wanted to do something different. At that time the Indian pharma industry was picking up pace. But for some one like Jain, who has a mind of his own, it was obvious to think differently. He was innovative, different and never liked to imitate others. "I wanted to do something different and R&D was an unexplored area in India. Not much research was happening here. I felt I should forge into this area," he says. With no background of pharmacy, research or marketing, Jain still took up the challenge.

After graduating, when he joined his family business, marketing and research were his two areas of interest and focus. With sheer hard work and determination he soon turned his dreams into reality. In 1993, he established Panacea's first R&D centre. R&D being his first love, this was the major turning point of his life.

The guiding lesson

Jain never looks back. He keeps close to his heart the lesson that his grandfather taught him and his family. "My grandfather started the business with a retail medicine shop. When conflict began after the country's partition, there was scarcity of medicine and people were suffering. Our shop at Chandni Chowk was full of medicines. My grandfather decided to distribute medicines almost for free. He always used to tell us that medicine business is not all about money. Do not get into this business if you only want to earn money," he states. That is the lesson which acted as a guiding philosophy for Jain and his family. He adds, "My grandfather and father had a great insight to produce quality medicines to relieve the sufferings of the people and to provide a happy and healthy living and they told me that in this process if you can make money that is good. I only remember that."

However, for Jain, all these years have been a learning process. "Plans are okay but everyone used to question me about results and that is what I have learnt. Result is what actually matters," he says. There have been many obstacles and a lot of struggle for him. There were many companies, stiff competition, price war, established brand equity with several multinational and large domestic pharmaceutical companies. Drug regulations have been the major obstacles. "When I initially joined there were tough boys in the market. These were solid boys from successful companies and they were all over. These people were competent, they had access to technology and their every presentation was complete in itself. I learned from the competition," he states. He knew that he has the capability to achieve his aim. And this ensured success. From a wholesale pharmaceutical business there has been a tremendous transformation to a well established conglomerate public limited company with annual turnover of Rs 547 crores.

Future plans

"Today I feel good about the achievement that a 15-member family has created at Panacea Biotech family which comprises of 2,200 people," says Jain proudly. He has been successful in creating a reputation for himself in the academia and in the industry circle. "The industry today knows that we are not just any run-of-the-mill company but have substance in us," he adds.

A learner always, presently he is doing his Phd in family run business. Jain says, "I am not satisfied. There is still a long way to go." According to him, the significance and the recognition that his company has gained is not enough. He believes that he can do much better. "I want to see Panacea do what an ant can do but an elephant cannot. An ant can differentiate between sugar and sand but an elephant cannot," he remarks.

A firm believer in God, Jain derives his energy from his two brothers and from his spiritual self. "I do not fear anything and I still dream because I know I have the capability to convert my dreams into action," he says confidently. A man who has never wanted to react to the change but be a part of the change and lead, now wants his company to do something unusual, something which is socially useful and no one else has done before. And what is his ultimate dream? "I would like to build a university of management and biologics and head that as a professor," he reveals.