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“Nothing changes,” says 77-year-old Y. K. Hamied, responding to queries on his plans to retire as Cipla Managing Director with effect from March 31.
A “momentous day” is how a senior Cipla staffer describes the development, as Hamied is a person whom colleagues “hold in awe”.
And that is not without reason. Cipla has been a key player in the domestic Rs 1.2-lakh crore pharmaceutical industry, and Hamied has spent over 52 years building it to its present stature.
In the global arena, Cipla campaigns for affordable medicines. Its dramatic price cuts on anti-AIDS drugs in the African market in 2001 made history, not just in the pharmaceutical world, but in global business and humanitarian circles as well. In the Indian market, it cut prices of cancer drugs last year. As India moved into the product-patent regime, Cipla is locked in several patent-related battles across the country, challenging what Hamied calls monopolies in the market place.
He has always batted for the Government to bring in an “automatic compulsory licensing” system, where expensive critical drugs can be made by other companies, on the payment of a royalty to the innovator company — to make the medicine affordable.
Team in place
Over the last several years, Hamied had to field questions on Cipla’s future and whether it was a target for takeover by other companies. On the timing of his “desire to retire”, he said there was no specific reason. “A team has been put in place,” he added. Cipla has a new Chief Executive, Subhanu Saxena, who assumed office recently.
About three months ago, Hamied told this correspondent that Cipla was in restructuring mode, and 12 key people had been appointed, as it stood poised for a Rs 8,000-crore turnover.
Hamied will continue as Cipla’s Chairman, in a non-executive role, from April 1.
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