Over the last few decades, Nepal has witnessed steady growth in its economy, largely fanned by the constant rise in the population, its disposable income, and needless to say healthcare needs, in turn setting the healthcare and pharmaceutical industry on an upward trajectory. The influx of novel technologies and a heightened focus on research and development (R&D), coupled with government-led regulatory reforms, have also spurred the expansion, enhancing pharmaceutical manufacturing quality and performance. However, the development is also contingent on the equal efforts of effective business leaders, who are characterized by their clear vision, genuine passion, resilience, and, most importantly, the ability to adapt to rapid change and innovate, thereby empowering the workforce to thrive and positively impact the country’s pharmaceutical realm. The perfect amalgamation of all such traits is clearly reflected in the leadership journey of Arjun Kumar Shreshta, a visionary and the major force behind Om Megashree Pharmaceuticals in Nepal.
Founded in 2017, Om Megashree Pharmaceuticals specializes in offering an affordable portfolio of quality medicines in dosage forms, including cardio-diabetic, neuropsychiatric, and other allied groups, intended to leverage human as well as veterinary care. It is also widely acknowledged for its state-of-the-art automated manufacturing plant, comprising cutting-edge facilities, situated within a total area of 22044 sq. ft. Run under the aegis of Arjun and such other qualified professionals in the founding team, the company has been consistently surpassing customer expectations with its precision, diligence, and continuous investments in R&D.
Om Megashree Pharmaceuticals is just one example of Arjun's deep-rooted commitment to excellence. He is also actively involved in multiple businesses and professional bodies in a variety of other domains, not only in Nepal but also in Belgium. Such diverse expertise has earned him the respect as well as the honorary title of ‘doctor of international business’ by the International Peace University in 2022.
“Personally, this honor is a testament to my dedication, perseverance, and passion for driving global business initiatives. Professionally, it reflects the collective achievements of our exceptional team and enhances our credibility on the international stage, inspiring us to fuel our mission of creating sustainable, positive change worldwide,” shares Arjun. As per him, passion, strategic delegation, time management, and commitment to execution are the keys to seamlessly handling businesses and social commitments.
He trusts the efficiency of his management team in conducting operational tasks and engages only in critical decision-making, industry events, community networking, and philanthropic endeavors. Utilizing a well-structured calendar, he consistently works for a minimum of 15 hours throughout the week, fulfilling both professional and social responsibilities effectively.
Weathering the Storms
“As per Nepal’s calendar system, we are in Bikram Sambat 2081, but are still working under the Drug Act of 2035. So, our regulations have around 46 years to catch up and upgrade to the current times and to compete with other countries. Indian government is stable from 10 years, but we are not fortunate enough to have a stable government like India. The presence of political instability incorporated with infrastructure limitations, volatile markets, and complex regulatory environments further adds to the hindrance,” states Arjun. Belgium, on the other hand, is marked by its strong infrastructure, qualified talent pool and innovation, yet is fraught with constraints like strict regulations and high operating costs, significantly affecting business sustainability. “Balancing the contrasts involves leveraging Nepal's emerging market potential with Belgium's established business environment, inducing strategic expansion, innovation, cross-cultural exchange, and, ultimately, growth in both markets. Also, businesses can drive community development and socio-economic growth in Nepal by investing in local infrastructure, creating jobs, and supporting education and skills training,” opines Arjun.
Focus on making a difference, & success will follow
Additionally, he firmly believes that business experience, networking, collaboration, empathy, and cultural sensitivity endow access to diverse markets, innovation, and resources while untangling the major Gordian knots. “For example, in the city where I lived in Belgium, best known as the pharmaceutical city, I have established mutual connection with an eminent company, Purna Pharmaceuticals, from whom I occasionally gain technological insights and online support for technical issues,” he cites. He further attributes his success as a leader in various associations, including NRNA ICC and Misiad Nepal, to these essential qualities. His pursuit of continuous learning is also evident in the work environment within Om Megashree Pharmaceuticals, in which he guides his team to find their inner strengths and limits to seek opportunities, adapt, and scale up the business ladder. By recently introducing the company to the capital market, he wishes to see his employees as potential business partners in the near future.
Chalking Out the Future
Currently working towards enlisting Om Megashree Pharmaceuticals among the globally innovative and financially sustainable companies with a turnover of 100 crore, Arjun wishes to reshape how people deem Nepal’s pharma sector. He hopes to reinforce socio-economic growth in underserved regions and continue supporting education, healthcare, and environmental sustainability. He also urges the young aspirants to prioritize innovation, quality, ethics, networking, and social responsibilities. He exhorts young non-resident Nepalis to return and invest their experience and academic achievements in Nepal. “Focus on making a difference, and success will follow,” concludes Arjun.
Arjun Kumar Shreshta, Chairperson
A ‘Doctor of International Business’ awardee, Arjun Kumar Shreshta has been a commendable business leader, known for his catalytic role in various businesses and social institutions in Nepal as well as Belgium, with leadership experience in multiple sectors, including healthcare, textiles, hardware, hydropower, finance, tourism, and hotels and restaurants. He is a former Vice President of NRNA ICC and currently serves as the President of Misiad Nepal and Om Megashree Pharmaceuticals. Previously, he also headed the Nepalese Businessman’s Association, Belgium, and Nepal Chemist & Druggist Association (NCDA), Dhaulagiri Zone.
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