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

I’ve been working in the pharmaceutical industry for over 15 years now, mostly in hospital and critical care segments across North India. Currently, I lead the North region for Intas Pharmaceuticals, where I handle both strategy and execution for critical care, anti-infectives, and specialty therapies. My role keeps me very close to what’s actually happening on the ground.

Over the years, I’ve spent a lot of time working with hospital teams, whether it’s business development, managing key accounts, or dealing with market access. When you work closely with procurement heads and clinicians, you start to understand how decisions really get made. It’s never just about price or just about clinical value. There are always multiple factors at play, including regulatory requirements, and they all come together during procurement. Dealing with these situations regularly has shaped how I look at the healthcare system in India.

Q2. Following the January 2026 Schedule M enforcement, several 'Tier-2' local manufacturers in your UP and Haryana clusters have reportedly paused operations due to non-compliance. Have you seen an immediate 'Compliance Premium' emerge in hospital tenders? What are your thoughts on this?

When Schedule M enforcement became stricter in January 2026, the impact was quite immediate, especially for smaller manufacturers. Many of them were not fully ready to meet the updated GMP requirements.

In states like Uttar Pradesh and Haryana, I saw cases where production had to stop temporarily. This led to supply issues in certain products. At the same time, in hospital tenders, the number of qualified suppliers reduced. When that happens, pricing naturally shifts. I started seeing what I would call a kind of premium for companies that were fully compliant.

Hospitals have also become more careful. They now prefer manufacturers who can clearly show they meet regulatory standards, even if their prices are slightly higher. Over time, this is pushing the market toward consolidation. Smaller players are now under pressure to either upgrade their facilities or work with larger companies to stay relevant.

Q3. With the 2026 pivot toward 'AI-native' R&D and digital health platforms, how are you measuring the ROI of a Medical Rep in the Delhi-NCR market today? Specifically, has the adoption of 'Agentic AI' tools for doctors reduced your reps' face-time, and does this necessitate a shift from 'Sales Quotas' to 'Clinical Value Contributions' in their incentive structures?

The way we engage with doctors has changed a lot in recent years. With AI tools and digital platforms, doctors can access information much more easily than before.

Even then, in places like Delhi NCR, medical representatives are still very important. What has changed is how we evaluate their role.

Earlier, we focused a lot on how many calls they made or how much they sold in the short term. Now, I look at things differently. I pay more attention to how strong their conversations are with doctors. Are they able to discuss clinical topics confidently? Can they bring useful data or real-world insights? Are they helping get the product included in hospital protocols?

Technology helps, but it hasn’t replaced personal interaction. Doctors still value trust and consistency. Because of this, we are gradually shifting our focus from just sales numbers to the quality of engagement and long-term relationships.

Q4. With the 2025 Trade Margin Rationalization (TMR) on cardiac stents and associated drugs, how has the 'Value-per-Prescription' changed? Are hospitals shifting their 'Pharmacy formulary' toward higher-margin biosimilars to offset the loss in cardiac drug margins?

When Trade Margin Rationalization came in during 2025, especially for cardiac products, the effect was quite clear. Margins reduced across the supply chain.

This led to a drop in the value per prescription, particularly for products that earlier had higher margins. I also noticed that hospitals and pharmacy teams started looking more closely at lower-cost options, including biosimilars.

That said, decisions are not based on cost alone. Doctors still focus on outcomes, and hospitals also think about what works best for patients in the long run. So while margins have influenced choices, clinical confidence continues to play a big role.

Q5. Top-tier hospital chains in Delhi-NCR are increasingly moving toward 'Direct-from-Manufacturer' procurement to bypass distributors. Based on your experience, what is the actual impact on the Net Realized Price (NRP) of critical care injectables when you lose the 'distributor buffer' but gain direct volume?

Recently, I’ve seen more large hospital chains in Delhi NCR try to buy directly from manufacturers instead of going through distributors.

This does help in some ways. It gives better visibility on volumes and makes the supply chain more transparent. But when it comes to pricing, the impact is not as big as it may seem.

When distributors are removed, manufacturers end up taking on more responsibility. We have to manage inventory, handle logistics, deal with credit periods, and respond to demand changes more closely.
Because of this, the overall impact on net realized price is usually moderate. What I do see as a bigger shift is the relationship. Hospitals and manufacturers are working more directly with each other, which could change how business is done going forward.

Q6. In the current 2026 supply chain, where is the 'bottleneck' for Plasma-derived products in Tier-2 North Indian cities, and how much 'Unmet Demand' remains due to cold-chain failures?

Plasma-derived products are among the most difficult to manage from a supply chain point of view.

In Tier-2 cities across North India, I keep seeing the same challenges. Cold-chain infrastructure is limited, maintaining the right temperature during transport is not always consistent, and last-mile delivery can get delayed.

These issues often lead to shortages, especially for high-value therapies. I’ve seen situations where doctors need the product, but it doesn’t reach the hospital in time.

Large hospitals in metro cities are usually better prepared to handle this. Smaller hospitals, however, still face a lot of difficulty, mainly because of logistics rather than lack of demand.

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

If I were looking at a company in this space as an investor, one question I would always ask is:

• How are you preparing for a future where regulations are getting stricter, digital tools are changing doctor engagement, and hospital procurement models are evolving?

The answer usually tells you how serious the company is about the future. Are they investing in compliance and manufacturing quality? Are they building digital capabilities? Are they forming strong hospital partnerships? Are they strengthening their supply chain?

In my experience, companies that are thinking about all these areas together are the ones that are more likely to do well as the industry continues to change.