CEO Insights Magazine

Playing a critical role in a company’s financial success, Chief Financial Officers (CFOs) oversee the company’s strategic and financial operations, devising strategies that ensure long-term growth and stability. One such exemplary leader in the pharmaceutical industry is Vinit Lohia, the Director of Finance at Magnus Pharma. With a strong background in finance and a deep commitment to the company’s vision, Vinit has been instrumental in driving the financial strategies that have positioned Magnus Pharma as a leader in the industry. His leadership and expertise continue to guide the organization toward sustained success and innovation in the competitive world of pharmaceuticals.

In this interview, Vinit shares his inspiring story of his professional background and his career as a director of finance.

Could you briefly describe your professional background & experiences & share what motivates you in your daily routine?

My professional journey began after I completed my postgraduate studies from Symbiosis in Pune. My family is into pharmaceuticals business for more than 60 years now. During my school days I used to spend time at my family's medical shop every day. The medical shop is still there & my Dad runs that. After college, somewhere in my mind I had that intuition of coming into pharmaceuticals business only, not in trading but into industry. I was lucky enough to make that dream come true. Was also prepared that this industry will require a lot of sacrifices.

Today, Magnus has completed its 15 years of operations & there is still a lot more to do & lot more to achieve. The zeal of continuous improvement & the vision to become the Nation’s best Pharma company motivates us to work harder every day. Pharmaceuticals business is such that you need to be active 24x7 because every day there is a new challenge & you tend to seek improvement, be it your quality aspect, your infrastructure aspect, your technology aspect or be it your HR aspect.

Magnus Pharma has a great legacy in the pharma industry. From a financial perspective, what unique strategies does the organization follow to maintain its reputation?

Finance or say money is the show maker. In every aspect of your business or life, one requires fund. At Magnus, we are more transparent among our stake holders. We follow a reporting system every month where we compare our proceedings with what we have budgeted. We have been practicing this since last 15 years. Doing this keeps us on track on where we are & what we are doing. It helps us to take necessary plannings & changes whenever required. We also keep track with our financial institutions every month so that we can keep ourselves afloat with the Cash & Fund flows.

Magnus is always concerned on the quality of our products, hence; we have never neglected necessary technology related changes in our plant. We keep upgrading our facility by adding equipment & machines, we give inhouse & outbound trainings to our man power on regular basis. Every aspect of expense is considered while budgeting & we believe in investing for continuous development.

Could you describe your leadership approach? What guidelines or methodologies do you follow to lead your team?

At Magnus, we place the highest importance on our human resources. We view our employees are the company's greatest assets. Our philosophy is to work smart rather than just working hard. In today’s environment, efficiency is key, so we operate according to a clear plan with a vision of becoming the best pharmaceutical company in Nepal. This vision guides our leadership and keeps us focused on achieving our goals.

Can you share some of the awards that your company received?

Magnus was awarded as the best Tax payer in 2017- 18 (in SME category of that area). Magnus was also awarded with the Nepal Pharma Leadership Award in 2019. Magnus was awarded with Corporate Excellence award recently in 2023. We have a long way to go & want to achieve more milestones. Our mission, currently, is to be a 500 crs. company in next 10 years. Magnus has also given several new products in the market which were 1st time by a Nepalese Company.

What is the future roadmap you have envisioned for yourself over the next five years?

We believe in continuous improvement & continuous upgradation of the facility. Hence, we have many things in our mind. The current situation of our country is not very much investment friendly but still we are hopeful that if we plan & do well, we can contribute a lot to our society.

We want to go into public, if favorable. We are discussing among our stakeholders to explore the option. The basic aim here is to create new opportunities for Magnus & capture shares in other sectors too which can be beneficial for the nation. We want to be a debt free company in next 10 years.

As a leader in the industry, what advice would you give to upcoming financial leaders?

My advice to upcoming financial leaders is to always maintain a strong cash flow, as it's essential for any business. Be mindful of your capital expenditures - invest wisely where it's necessary. Over-investment can backfire, so it's crucial to stay informed about market conditions and adapt accordingly. Business always has its ups and downs, but patience and persistence in the market will ultimately yield good results.

Vinit Lohia, Director of Finance, Magnus Pharma

Vinit Lohia, Director of Finance at Magnus Pharma, plays a crucial role in crafting and executing the company’s financial strategies. With a solid background in pharmaceuticals and an MBA from Symbiosis International University, Pune, Vinit integrates academic insights with hands-on experience. Hailing from a middle-class family, he values simplicity and is deeply grateful to his supportive parents, wife, and friends. Vinit enjoys spending time with his friends & family and feels blessed for their support & guidance. A sincere gratitude to the Almighty God for everything.

Hobbies: A passionate Cricketer & loves to listen songs & sing

Favorite Movies: Lots of movies, DDLJ, Kabir Singh to name a few

Favorite Books: Started reading books since 2022. To name a few Ikigai – Hector Gracia, Atomic Habits – James Clear, Lifes Amazing Secret – Gaur Gopal Das