Innovation

Nevakar’s lead product innovation which is currently in the recruitment stage of Phase III clinical trials, is a treatment for Myopia or nearsightedness which is a growing epidemic that affects children all over the world, particularly in Asia. Myopia typically starts at a young age, so Nevakar is targeting children with their treatment aimed at preventing or slowing the development of myopia at a young age, which upon approval would not only improve the lives of many children but impact the world of eye care in a very big way.

Inspiration

Dr. Puri considers himself a serial innovator who initially founded a generic drug company called InnoPharma based on the business model of developing complex generic injectables, specifically products for which patients and prescribers had no alternative besides expensive branded drugs. After the company achieved success, it was acquired by Pfizer where Dr Puri served as VP of Global R&D for a time before leaving to found Nevakar, a new start-up with a new vision.

Given that Dr. Puri spent all of his career in pharmaceutical profession he has a deep understanding of the industry and wished to be on the leading edge of innovation. Dr. Puri puts an emphasis on his value of providing excellent health care to patients and making sure a cost effective treatment is accessible to all. His external motivation was his desire to be on the leading edge of innovation in the industry, which lead to his vision for Nevakar to repurpose drugs that had previously been approved by the FDA, or other regulatory bodies.

Nevakar was created, because Dr. Puri’s “motivation lies in creating new value.” “We care about value proposition of our product pipeline so much that we are ready to keep spending money for the next few years to build this value. We have to chase the dream, and then the product ” says Dr. Puri who started his career as a PHD and a pharmacist, then became entrepreneur and CEO, and has he trained himself to get out of the lab in order to see the bigger picture of pharmacy. The company, and Dr. Puri, have a drive to help people with unmet medical needs in a cost effective manner. He explained that “Myopia is a global health problem, where it is essential that Nevakar does it’s very best to combat the issue first hand.”

Overall impact

The impact of a successful treatment for Myopia could be enormous given the global proportion of this epidemic which has been projected by some experts to affect one out of every two people by the year 2050. The fact that Nevakar is already in phase III clinical trials speaks volumes about how promising their efforts have been to date and how close they are in delivering a solution to Myopia in the very near future.

Upon successful test results and regulatory approval of this treatment, the long term benefits, such as a decrease in the number of people suffering from myopia, will be life changing especially for children. Until this process can occur, the short term benefits are the ones more visible to everyone involved in the company and a small network outside of the company. Nevakar positively impacts and affects society as a whole by setting an example for other pharmaceutical companies about the importance of using knowledge and innovation to better communities all over the globe.

Nevakar utilizes the resources and intelligence that is within the company and focus on how to benefit society as a whole rather than just looking for profits for the company. Dr Puri also described how working on this myopia-curing drug has impacted the company and the organizational members within it. He describes the work environment present at the company as driven and focused on developing the myopia-curing drug. This focus and drive is provided by the leadership prevalent in the company. All members of the organizational umbrella are inspired by the work that Nevakar does and find enjoyment through it as every task done at work plays a role in eventually helping many lives, particularly children.

Business benefit

Needless to say, the financial benefits in launching a breakthrough treatment for a growing health epidemic like Myopia could not only be enormous in terms of profits and their ability spend more on developing more innovative treatments in future years but also recognition as an innovation leader in their industry. Since Nevakar is still a privately held company they were unable to share many specific details about financing. However, Dr. Puri was able to confirm that raising funds remains a top priority for the company. Nevakar began by offering consulting advice to raise cash initially and then began to license know how to raise additional funds. Because Dr. Puri had a track record with his previous company InnoPharma, investors were more willing to invest. To date, Nevakar has raised funds via various funding mechanisms. One option was to raise funds with notes that were convertible to equity while another option used was licensing products. Their lead product for Myopia links to the UN Sustainable Development Goals very nicely.

Dr. Puri described the impact that this myopia-curing drug development has had on his entire company and how the members of the organization have adjusted their mindsets to the entire process. “You have to enjoy, or at least respect the company of your coworkers. You have to make sure when you go home you are satisfied. Do things in the right manner. Whatever you are doing here can end up saving someone’s life. We cannot let any gap happen there. We have to get things done but how we do it is equally as important. We make sure to be ethically responsible.”

When asked how he plans on expanding the company, Dr.Puri explained Nevakar’s is developing its Myopia product with a global view given the universal implication. However, priority is on the US population. On the other hand, since Myopia is a global problem, why not go all the way out? the So while United States of America is our first priority, other countries such as Europe, Japan, and others will follow.. Overall growth will grow resources and product pipeline. As we grow as an organization, scalability is key.”

Social and environmental benefit

As stated earlier, Nevakar’s myopia treatment is currently in Phase III clinical trials so not yet an FDA approved treatment. However, upon approval, it could have a significant positive impact on the eyes of children worldwide particularly in Asia. Nevakar would initially market its new treatment first to the US followed by other regions around the world; in particular, Nevakar seeks to eventually bring their treatment to the developing parts of East Asia, where their goal is to mitigate the effects of myopia in children. If they succeed in their agenda, children all around the world will be saved from this debilitating condition, and their innovative drug treatment could be a large part of a global-scale effort to combat the growing epidemic of Myopia or nearsightedness that is so common throughout the world.

Interview

Navneet Puri, CEO