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In an exclusive conversation with ETCFO, Ramesh Swaminathan, Group CFO of Lupin, outlined the company’s capital allocation strategy, growth priorities, and policy expectations from the Indian government.
Swaminathan said Lupin is actively exploring acquisitions in India and Europe. He noted that past M&A mistakes have led to a more calibrated approach, helping the company lift its return on capital employed to 23–24%.
On the growth outlook, the CFO highlighted Lupin’s focus on speciality pharma and biosimilars, citing successes in its respiratory portfolio, approvals for complex injectables like Glucagon and Liraglutide, and early entry advantages in biosimilars.
He also flagged compliance and tax-related challenges for the Indian pharmaceutical sector, calling for restoration of R&D tax incentives, correction of GST anomalies such as inverted duty structures, and an extension of the PLI scheme.
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Economic Times
