Daijiworld Media Network – Udupi (NR)
Udupi Feb 25: Ajit S Shetty, president and chief executive officer of Janssen Pharmaceutica N V Beerse of Belgium was conferred the honorary doctorate by the Manipal University at a glittering special convocation in Manipal, here on Sunday February 24.
In his convocation address to the distinguished gathering, Shetty opined that there were several challenges in the field of medicine and pharmacy, despite the fact that major breakthroughs and advances were being made in the both the fields.
In view of these challenges, major rethinking needs to be done on the model being followed and its relation with the industry, academia, government, and health-care providers, he pointed out. Listing out the challenges, he said the first challenge was the rising R&D costs as opposed to limited public health resources.
According to him just introducing a drug into the market costs a whopping one billion dollars, which in turn was pushing up the prices of medicines. Subsequently even health-care insurance budgets are under pressure, he rued.
About Ajit Shetty:
Ajit Shetty originally from Mangalore is married to Christine Clerinx, a niece of the founderof Janssen Pharmaceutica, the late Dr Paul Janssen. He studied at the universities of England and the United States. He lives with his family in Vosselaar. In the past decade or so, he has managed the continuity of Janssen Pharmaceutica as a world-wide concern in drug research, following the untimely death of Philippe Vanavermaete in 1994.
During that period, the number of employees in Belgium rose from 3000 to 4400 approximately. Ajit Shetty was elected 'Manager of the Year,' in an annual election of 'top manager' in Flanders, which was an initiative of Trends and Channel Z, in collaboration with the Flemish Management Association (VMA). Ajit Shetty was described by the jury as “a highly underrated top entrepreneur in Flanders, CEO of the research and manufacturing firm Janssen Pharmaceutica, Johnson & Johnson company”.