Viral Responses

From CMA to CEO, Parag Avinashbhai Swadia’s professional journey is a thriving example of excelling and evolving on the job! Currently, serving as the CEO and Director of Otsuka Pharmaceutical India Private Limited (OPI), Swadia’s career began in the field of finance and accounting, evolving into dynamic profiles such as corporate planning, corporate affairs, supply chain management, human resources, and most importantly international business operations. The latter mandated monitoring of exports to more than 60 countries, and understanding the specific and globalized regulatory functions and frameworks in each of these nations. He climbed the corporate ladder by excelling in all the roles and responsibilities given to him.

Almost eight years ago, when CMA Swadia was given the charge of corporate planning, it was a trustworthy responsibility. As the most senior advisor to the Japanese CEO at that time, he had to guide the Indian subsidiary of a Japanese MNC to new heights. Corporate planning was the topmost priority for the Japanese brand, which strongly believed it to be the route to strategic success. “Corporate planning entailed not just strategies over the long term, as is evident, but those in the medium term (three to five years), as well as small-term annual budgets with yearly targets, to evolve a clear-cut, robust, and strategic business model,” explains Swadia. Under the guidance of the foreign promoter, he also learned the art of tactics, and the entire exercise was a huge learning experience for him.

He was entrusted with the responsibility of selecting and appointing the finance head, who could take charge of the finance and accounting procedures and processes at OPI. Later, he also selected the head of corporate planning. This gave Swadia adequate scope to focus on other crucial areas such as supply chain, human resources, and international business. Thus, OPI gave him a 360-degree view of how to run and manage a company. He interacted with vendors and suppliers, as well as customers. Internally, he had hands-on experience in dealing with employees. Strategies and tactics, over the long term, became his forte.

“As I focused on several business areas, I was appointed as the board member of the Indian subsidiary in 2018, and then as the CEO. This was an uncommon decision by the Japanese brand, and I was the first Indian CEO. The normal practice till then was to have a Japanese CEO. I feel that, over time, Otsuka felt both confident and desirous to empower and nurture Indian leadership. This decision proved to be prudent, as OPI with its effective Indian leadership has unwaveringly continued to be No. 1 in the global IV fluids market,” explains CMA Swadia.

The experiences of Swadia reflect on the changing role of CMAs in this century. Although, they are still looked at as CFOs, progressive and evolved companies empower them to emerge as CEOs and CMDs, as we have seen in several other profiles in this Special Issue. Thus, the CMA-CFOs are deliberately given broad opportunities to use finance and cost-accounting tools to influence operations, strategies, tactics, planning, supply chain, international business, and HR. This integrates with the CMA Dimension of integrated thinking.

It was this integrated thinking that enabled Mr. Swadia to pull his company swiftly and efficiently out of the tentacles of the Covid-19 pandemic. He ensured that there was no panic among the employees. The manufacturing facility was thoroughly and regularly sanitized, with the rationale that if the right protocols were followed, no one would fall sick. This enabled him to make the factory operational and fulfill the social responsibility OPI had towards its patients. Vendors and suppliers were promptly brought on board to share the problems and costs that shot up. Supply chains, both local and overseas, were put in order. Even distribution partners for the final products agreed to share the burden with the manufacturer. It was an encompassing and comprehensive strategy.

Otsuka Pharmaceutical India Private Limited, fondly called OPI, is a Japanese MNC with an Indian heart, and CMA Swadia is the Indian business brain, leading the Indian subsidiary of Otsuka with strategy and empathy.