Abhishek Kumar Singh, the 21-year-old millionaire in pharmaceuticals industry
Abhishek Singh, 21-year-old with no previous extensive work expertise in pharmaceuticals industry joined the millionaire club by introducing genericsYoung Entrepreneurs
In December 2006, Abhishek Singh launched the first 90 generics in the pharma isolated market of Lebanon. In its first year these cost effective generics received more than 1 million users who could not afford branded medicines in their own county. This new avenue of choice was built entirely by Abhishek Singh, 21-year-old with no previous extensive work expertise in pharmaceuticals industry. According to CNBC, Singh learned everything he needed to know through practical experience at pharma manufacturing units, and proposed to develop 4,000 generics in the next decade as a core goal.
The inspiring bit of this young one which shall attract ones attention has been; was that of Abhishek Singh, the 21-year-old millionaire (fortunately millionaire at 21!), who sold his New Generics to much in need countries such as Lebanon, Brazil, Senegal for millions!
It’s quite an interesting story actually: Abhishek Singh started using the computer at 9, and began visiting his family pharma plants from 1999 when he was 11 – back when the concept of generic medicine was quite new in the market and India was known to only make copy products which are out of patent.
Abhishek Singh’s first ‘success’ was with "Tacrolimus Capsules, an immunosuppressive drug used mainly after allogeneic "organ transplant" to lower the risk of organ rejection". This generic launch was as quite popular – so much so that this was tendered by almost 28 countries in a span of 4 years till the new bio-similar sirolimus Capsule.
Abhishek Singh was offered $300,000 from a Turkey based venture capital funding billionaire for Tacrolimus; to sell its technology with full rights. He refused this money, along with the feedback and criticism that selling such right of a bio-similar which was already not affordable in India; would further mean deprivation access to such life saving medicines.
The CNBC ran a story on the 21 year old’s rise to fame, as well as some unique advice offered to the young entrepreneur/ young millionaire. Worth a read!
Abhishek Singh’s who is satisfied with his company's current global exposure; highlights that it's very easy get investment in pharma company; however, if greedy investors are allowed on the board of noble pharma companies; the greed always leads to drug price manipulation and then even though a company may become large scale, but essential purpose and motto of A.K.Singh from Taj Pharma may be defeated; i.e. "human kind shall not make money from/at the cost essential life saving medicines and access to medicine shall be basic human right".
Makes for a very interesting read!