| Nimmagadda Prasad | |
|---|---|
| Born | October 11, 1961 Krishna District, Andhra Pradesh India |
| Residence | Hyderabad, India |
| Education | Delhi University Masters in Science Institute of Management Technology, Ghaziabad, Post Graduate Diploma in Management. |
| Occupation |
Vice Chairman & Founder, Matrix Laboratories Chairman, VANPIC |
| Religion | Hindu |
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Prasad obtained his B.Sc. degree from Babu Jagjivanram College and then his M.Sc from the University of Delhi, followed by a part-time post graduate diploma in management from Institute of Management Technology, Ghaziabad.
Prasad started his career as a management trainee in Indian Molasses Company in Delhi (an associate of United Molasses Company, UK) in 1984 and was promoted to salesman at Rhone Poulenc Chemicals and then to Vorin Laboratories as general manager of marketing in 1993, from his continuous efforts was elevated to managing director in 1995. When Indian pharma market leader Ranbaxy Ltd acquired Vorin, Prasad was re-designated senior managing director and chief executive officer.
Prasad’s took the entrepreneurial plunge in 2000 when he began inching his way into the big Indian drugs league acquiring the sick pharma company Herren Drugs and Pharmaceuticals and renamed it Matrix Laboratories.
Prasad acquired Medicorp Technologies in May 2003, Vorin Labs in September 2003, Vera Laboratories, Fine Drugs & Chemicals the same year 2004 and a controlling stake in Concord Biotech in 2006. Staying focused on the domestic pharma space, Prasad set his eyes on the global pharma-scape by acquiring Belgium-based Docpharma in June 2005, a controlling stake in China’s McChem Group. He also floated a JV South Africa’s Aspen Pharmacare in September 2005, and picked 43% stake in Switzerland’s Explora Laboratories SA the same year.
In 2006, Matrix Laboratories aligned with Mylan Laboratories, USA, the world’s third largest Generic Pharmaceutical Company at present. Prasad, during the largest transaction of his life, sold off his stake in Matrix Labs retaining 5% he gained by about Rs. 570 crore after Mylan Laboratories of the U.S. announced that it is picking up 71.5% stake in Matrix laboratories. He further made investments diversifying into several growth sectors and made strategic investments in cement, power, healthcare (hospitals), media, infrastructure development and hospitality businesses.
In 2008, Prasad initiated an infrastructure project under the umbrella of VANPIC for the development of a world class port-based integrated industrial corridor in the coastal region of Andhra Pradesh. The venture is expected to play a catalyst role in the transformation of the hitherto agri-based Guntur and Prakasam districts of Andhra Pradesh into major industrial hubs. Identifying potential growth opportunities.
Prasad is Vice Chairman & Founder of Matrix Laboratories, Chairman of VANPIC (Vadaravu and Nizampatnam Port & Industrial Corridor) Project and Chairman of MAA TV. He is serving as a Board Member of CARE Hospitals, Asian Institute of Gastroenterology, Sakshi Newspaper & TV Network, Bharati Cements (formerly Raghuram Cements) Prasad is on the Executive Board of the Indian School of Business (ISB), Hyderabad, besides his association with several academic, research and business organizations. Prasad believes in the power of collective wisdom and participative management approach. He is a strong proponent that wealth and knowledge are enhanced only when they are shared.
Nimmagadda Foundation, a social service initiative of Prasad, is supporting various institutions that work for providing healthcare and education in rural areas. The Foundation partnered with LV Prasad Eye Institute, Hyderabad, for eradication of blindness in children in the State of Andhra Pradesh by 2020. The foundation in collaboration with CARE Hospitals, Hyderabad, extends financial support to conduct life-saving congenital heart surgeries/interventions among children belonging to BPL families.
In 2010, he joined the advisory board of U.S. nonprofit TeachAIDS.[1]
Prasad known for his visionary thinking, strategic insights and execution capabilities, he earned “Fastest Wealth Creator”[2] award to Matrix Laboratories consecutively for three years from 2004 to 2006 from India’s leading Equity Research firm Motilal Oswal Securities. Recognizing the achievements, the Government of Andhra Pradesh state has bestowed Matrix Laboratories with the “Best Management Award” in the year 2006. With a ‘Social Perspective’ to the business enterprise, Prasad launched “Project Hope” in 2003 at Matrix Laboratories to develop cost efficient processes to reduce the prices of HIV/AIDS drugs significantly and achieved major breakthroughs in this regard. On the back of the success, Matrix signed a historic agreement with the Clinton HIV/AIDS Initiative (CHAI). Matrix currently provides medication to about 35% of HIV/AIDS patients in the developing world at a very affordable price.