The exciting story of the pharmaceutical entrepreneur Jayaram Chigurupati, who lost his fortune and his life.
The agreement with Ranbaxy made Chigurupati a multimillionaire during the night. With a large amount of cash, he acquired and established at least a dozen companies.
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February 05, 2019 15:57
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In the early hours of February 1, the Nandigama police in Andhra Pradesh found a man in a gray half sleeve shirt lying dead in the back seat of a Maruti White Ciaz Suzuki in a rice field adjacent to the stretch of the National Highway. 65 in Andhra Pradesh.
Initially, passers-by assumed that it was another horrible traffic accident, since the bustling road that connects Hyderabad and Vijayawada often witnesses such places.
Later, the police identified the deceased as a 57-year-old serial entrepreneur, Jayaram Chigurupati, and soon discovered that it was not a traffic accident but a cold-blooded phenomenon.
While the reason for the investigation is still being investigated, local media reports allege that it could be the result of confusing financial dealings. Two names that have emerged prominently are Chigurupati's niece, Shika Chaudhary and her boyfriend Rakesh Reddy. His role in him is also being investigated.
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It was a gruesome end to a business career that saw many seniors.
Rise of biotechnology
In the late 1980s, Jayaram Chigurupati called Jay, had completed his Ph.D. in biochemical genetics at the Center for Cellular and Molecular Biology (CCMB), Hyderabad, and was already wondering what he would venture into.
In those days, when India was still under license, the private sector was incipient and opportunities in government were very few. So the popular choice for qualified people at the forefront of science was to migrate to the United States.
Chigurupati did just that.
To fulfill his American dream, he enrolled in an MBA program at Cornell University and began working as a Technology Transfer Consultant at the Advanced Technology Center at Cornell University. He later joined the consulting practice at the Wilkerson Group in New York City to help pharmaceutical and healthcare companies in the United States.
The specialization of Chigurupati, his network, his vision for business and his time put him in an enviable position, since the biotechnology sector in the United States was taking off with medicines created with recombinant DNA technology increasingly approved by the FDA of the United States, and they were making millions of dollars.
Recombinant technology helps produce therapeutic proteins that are almost impossible to replicate synthetically. In recombinant technology, microorganisms, such as bacteria, are genetically modified to express these proteins. An example of such a protein is insulin, naturally produced by the pancreas and helps convert sugar into energy. For people with diabetes, the pancreas gradually loses the ability to produce insulin and these people can be treated by injecting insulin.
In the first days, insulin used to be derived from the pancreas of cows and pigs, but it was not ideal in terms of purity, tolerance and safety. It was also very expensive to produce.
In 1982, when USFDA approved human insulin produced by California-based drug manufacturer Genentech using recombinant technology, it generated a completely new field called biotechnology. Genentech was later acquired by the Swiss pharmaceutical company Roche.
The recombinant insulin was not only safe and tolerable, but could also be produced on a massive scale, making it affordable for patients with insulin-dependent diabetes.
The recombinant technology helped to produce not only insulins but also antibodies, growth hormones and coagulation factors that were used as medicines and diagnostic kits.
The launch of the first biosimilar of India.
In the early 1990s, the rise of biotechnology in the United States had attracted the attention of entrepreneurs like Anji Reddy, of Dr. Reddy & # 39; s. The period also coincided with the economic reforms that put an end to the repressive license of the raj quota.
For entrepreneurs like Reddy, it was not just ambition; now they had access to capital to invest in new currents such as biotechnology, together with a liberal patent regime, which did not recognize product patents.
But biotechnology needed more than capital. He needed expertise and access to technology. The generic drug industry relied on India's formidable chemical skills, but biology is an area that we lag behind.
Reddy's search for such an experience finally ended, with Jayaram Chigurupati.
Chigurupati was in charge of developing the biotechnology business for Dr. Reddy & # 39; s as Senior Vice President.
Video credits to subhash G YouTube channel