TAKE Solutions, which was originally into supply chain management (SCM) for non-pharma companies, entered the life sciences business in 2004 and today, this division contributes to 90 per cent of its overall revenues. The company’s game plan going forward is to further grow in this segment, while putting its SCM division on maintenance mode
TAKE Solutions was focused on Supply Chain Management (SCM) for non-pharma companies. Its foray into the life sciences began when its founders, HR Srinivasan and DV Ravi met Ram Yeleswarapu in 2004. Yeleswarapu, a B.Tech in Material Science Engineering from IIT Madras, brought with him the experience of running his own business, having worked in the country and abroad, including a 4-year stint with the Tatas. Today, the life science arm of the business, rebranded as Navitas Lifesciences, contributes 90 percent of the US $245 million revenue (2017-2018). With such margins, the company has decided to put its SCM operations on ‘maintenance mode’.
In fact, going forward, their goal, Yeleswarapu says, is to touch US $500 million in revenues by 2021. The team plans to achieve this by targeting 120 to 130 marquee customers, helping them with account management processes to transcend challenges at every step of the clinical trial. The result being: to get the drugs into the market quicker. Currently, the company has a stronghold in US and Europe and works with the top 50 pharma companies. In the near future, it plans to expand into Latin America by setting up a hub in Bogota, Colombia.
A Three-Tier Approach To Growth
TAKE Solutions provides a three-tier service offering: regulatory complaint solutions, process consulting and software creation. Over the years, it has grown inorganically, acquiring OnSphere Corp. in 2006, WCI Consulting in 2011 and Ecron Acunova in 2016, with each deal solidifying its three-tier approach.
“OnSphere Corp’s PharmaReady suite offers regulatory compliant solutions for pharmaceutical, biotechnology, and clinical research organizations,” says Yeleswarapu (CEO and President). With WCI Consulting, TAKE Solutions has access to Nets, a network of 125 heads of businesses who regularly brainstorm about management consultancy solutions. The third acquisition, Ecron Acunova, helps acquire clients involved in research for biosimilars, stem cell therapy, and developing medical devices in the area of diagnostic imaging.
Aside from the acquisitions, TAKE Solutions set up its US-based subsidiary in 2012 to venture into big data to address the US $300 billion healthcare and life sciences market for data integration and advanced analytics. After going public in 2007, in 2018, the company turned towards raising capital yet again through preferential issue worth Rs. 250 crore. It channelized its funds towards acquisitions in the clinical and regulatory space in the North American and European markets.
Factoring In Safety & Affordability
TAKE Solutions’ platform, One Clinical, enables Phase 2 and Phase 3 testing along with Phase IV interventional and non-interventional studies. “We have steadily been onboarding digital technologies to help life sciences companies design, conduct and close clinical trials,” he details. Moving forward, the company hopes to fetch electronic data from medical records to enable better designs for clinical trial. “Two per cent of our investments will go towards research and development in this space,” notes Yeleswarapu.
Unlike their global and localised competitors who concentrate on not more than one aspect of the drug development life cycle, TAKE Solutions looks at the process end-to end. Its solutions cater to a range of challenges across the cycle. “Affordability is still a challenge and the industry is not even thinking about it. We believe we can influence that by reducing the time and cost of development,” says he. Yeleswarapu expresses confidence in the platform’s ability to revolutionise the way drugs are developed.
The company also aims to address the issue of drug safety: initial tests may appear to be safe within the sample tested but prolonged usage could cause side effects. “Our data-driven platform can help improve research outcomes, factoring in results from real world,” he adds. To tackle the challenges of affordability and full-fledged safety, the company is looking to expand its workforce. It is keen on bringing on board people who are not only qualified but are driven by passion to make reforms in the industry. The expansion though, will “not be linear”. The team hopes to leverage “technology and automation”.
On top of this, TAKE Solutions looks to propel its efforts in meeting regulatory norms by constantly upgrading itself and re-training the staff. “For instance, we are compliant with EU’s need for GDPR (General Data Protection Regulation), which was introduced in 2016. If you ask me, compliance is what keeps us awake,” he adds with a chuckle. TAKE Solutions has its work cut out: to carry forward its mission to provide affordable drugs to clients faster, by providing solutions at each step of the way to hit US $500 million by 2021.
Founders – Srinivasan H R, D V Ravi
Year of Incorporation – 2000
Focus – Life Sciences
Investor – IPO-ed in 2007
TAKE Solutions Growth In Life Sciences Segment
2004 – TAKE Solutions enters life sciences business
2006 – Acquires OnSphere Corp. for its PharmaReady suite of regulatory compliant solutions for Pharmaceutical, biotechnology, and clinical research
2007 – IPO
2011 – Acquires WCI Consulting for its management consulting business
2012 –Sets up data analytics subsidiary, Intelent
2016 – Acquires Ecron Acunova to get technological expertise and key clients in the field of research in biosimilars, stem cell therapy, and developing medical devices in the area of diagnostic imaging
2018 – Issues preferential issue & clocks revenues of USD 245 million in 2017-18