Building a Globally Resilient Pharma Enterprise : Zulfiquar Kamal

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Mr . Zulfiquar Kamal, Director of Finance at ZIM Laboratories, speaks to Corporate World about leadership philosophy rooted in integrity, empowerment, and adaptability has steered the company’s evolution from a regional start-up to a globally recognized pharma entity.

Few leaders have mastered the art of balancing financial discipline with transformative growth quite like Mr. Zulfiquar Kamal, Director of Finance at ZIM Laboratories, with more than four decades of experience in finance and management, he stands among the most respected financial architects in India’s pharmaceutical sector. Part of the founding team since 1989, Mr. Kamal has played a defining role in ZIM’s transformation from a regional start-up into a globally recognised, WHO-GMP and certified organisation operating across 50+ countries.

His leadership blends financial prudence with a forward-looking commitment to innovation. Under his strategic guidance, ZIM has expanded into high-margin, differentiated generic products backed by proprietary drug delivery systems such as Thinoral® and MECT. He has also been instrumental in leading complex business transformation initiatives—from cross-border expansions to building global operational hubs—while ensuring the strong financial frameworks required for R&D-driven growth in a highly regulated industry.

His leadership blends financial prudence with a forward-looking commitment to innovation. Under his strategic guidance, ZIM has expanded into high-margin, differentiated generic products backed by proprietary drug delivery systems such as Thinoral® and MECT. He has also been instrumental in leading complex business transformation initiatives—from cross-border expansions to building global operational hubs—while ensuring the strong financial frameworks required for R&D-driven growth in a highly regulated industry.

In this conversation with Corporate World, Mr. Kamal reflects on the principles that guide his leadership philosophy, the evolution of India’s pharmaceutical landscape, and the strategic pathways shaping ZIM Laboratories’ next phase of growth.

Q. You have a rich background in finance and management within the pharmaceutical industry. How has your journey shaped your leadership philosophy today?

Growing up in a large business family, I learned early the value of hard work, determination, and building meaningful relationships. My journey, from my articleship at Loya Bagri & Company to my long tenure as Director of Finance at ZIM Laboratories, has profoundly shaped my leadership philosophy. As Co-Promoter alongside Dr. Anwar Daud since 1989, I have witnessed firsthand how strategic vision and meticulous planning can refine internal processes, strengthen operational efficiency, and enhance compliance with stringent regulatory standards.

Today, my leadership philosophy centers on aligning actions with values, balancing personal integrity with the larger good, and pairing innovation with ethical responsibility. I believe progress lies in respectfully and thoughtfully improving others’ lives. The values of adaptability, integrity, and balance, instilled by my mentors and family, continue to guide my decision-making. I lead by empowering my team, fostering continuous learning, and maintaining clear communication, principles that have helped ZIM evolve from a home-grown entity into a globally recognized pharmaceutical organization.

Q. As Director of Finance, how do you balance financial prudence with innovation-driven growth?

Balancing financial prudence with innovation has been fundamental to ZIM’s transformation. From the beginning, our mission has been to make high-quality healthcare accessible through patient-centric drug delivery solutions. Achieving this required establishing robust financial controls while investing extensively in R&D and manufacturing capabilities.

My approach ensures financial stability through risk mitigation, strategic cost controls, and disciplined financial management, creating a strong foundation for innovation. We have reduced reliance on low-margin government contracts and exports, redirecting resources toward high-margin, differentiated products developed through our proprietary technologies such as Thinoral®, MECT, PCFT, RGDRT, and MAPOTAB.

My experience in cross-border transactions enabled the establishment of ZIM Laboratories Middle East DMCC in 2023 and the formation of joint ventures in Australia, further expanding our global presence across 50+ countries. Through rigorous market analysis and strategic risk management, I ensure that we pursue innovation with agility while maintaining operational stability and stakeholder value.

Q. What core principles guide your leadership approach at ZIM Laboratories?

My leadership at ZIM Laboratories is shaped by a few core principles:

• Clear communication and alignment – By closely evaluating team actions and organizational priorities, I ensure everyone understands our strategic direction and remains aligned with financial and business goals.

• Collaboration and empowerment – I work to create an environment where individual expression is encouraged while maintaining focus on collective success.

• Financial discipline and compliance – Strengthening internal processes and regulatory adherence has been essential in establishing our WHO-GMP, EU-GMP, and NSF/ANSI 455-2 certified facility.

• Integrity and emotional intelligence – These values guide every decision, reinforcing a culture built on stakeholder trust and long-term value.

• Continuous learning and innovation – Investing in team development and process improvements keeps us competitive and ensures innovation across our NIP and differentiated generics portfolio.

Q. In a research-focused pharmaceutical company like ZIM Laboratories, what unique financial challenges and opportunities do you encounter?

At ZIM, the financial challenges are closely tied to our R&D-driven model. The primary challenge is balancing significant investments in innovative technologies with maintaining financial stability. Developing next-generation molecules designed to be first or second generics in targeted markets requires substantial capital expenditure, particularly for upgrading facilities to meet strict regulatory standards.

Ensuring financial discipline during our growth phase, while scaling globally, has been a central priority. Managing investments in our manufacturing infrastructure and reducing dependency on low-margin government contracts required advanced risk management and strategic capital allocation.

However, the opportunities are equally substantial. Our NIP pipeline, including eight filings and 12 OTF product registrations in the EU, holds immense value creation potential. These differentiated, higher-margin products attract strong interest from partners and investors, supporting entry into regulated markets such as the EU, Brazil, Australia, Canada, and South Africa. By aligning teams with financial goals and strengthening operational efficiency through integrated systems, we ensure these opportunities translate into sustainable growth.

Q. You’ve been involved in business transformation projects. What’s your approach to driving change while maintaining operational stability?

Business transformation requires balancing bold vision with practical execution. My early experiences taught me that lasting change occurs through incremental, well-planned steps rather than sweeping disruptions.

The foundation is thorough preparation and stakeholder alignment. Before implementing the integrated IT system connecting Quality, Finance, and Inventory functions, we invested considerable time in planning, piloting, and training to ensure teams understood both the “what” and the “why.” During critical transition periods, we maintained parallel systems to safeguard daily operations.

Financial stability anchors the transformation process. When establishing our WHO-GMP and NSF/ANSI 455-2 certified OTF facility, capital investments were phased to ensure each stage was financially sustainable. This approach allowed us to take calculated risks on innovation without jeopardizing operational continuity.

Similarly, during international expansions, such as launching ZIM Laboratories Middle East DMCC and forming our Australian joint venture, transparent communication and regular stakeholder updates minimized uncertainty and resistance. Transformation must build new capabilities without compromising core strengths. Throughout all initiatives, our commitment to quality and compliance remained unwavering, enabling sustainable growth while preserving operational excellence.

Q. What advice would you give to aspiring finance professionals in the industry?

From my experience, finance is far more than managing numbers, it is about enabling business strategy and long-term growth. The pharmaceutical sector requires professionals who combine financial rigor with an understanding of R&D-driven commercial realities.

Master the fundamentals: financial controls, risk management, and regulatory compliance. In a sector where adherence to global standards is essential and capital investments are substantial, strong financial frameworks determine organizational resilience. Skills in managing working capital, structuring cross-border transactions, and ensuring audit readiness form the bedrock of effective financial leadership.

Learn to balance short-term discipline with long-term value creation. Pharmaceutical development cycles are long, regulatory pathways complex, and market entry strategies nuanced, therefore, tools like scenario planning, sensitivity analysis, and capital budgeting are critical.

Stakeholder trust, across investors, regulators, and teams, is built through ethical decision-making and transparent communication.

Above all, stay curious and adaptable. The industry evolves quickly, with shifting regulations and emerging technologies. Continuous learning ensures relevance, resilience, and sustained professional growth.