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How to Scale a SaaS Business in Life Sciences Industry: The P360 Story

Scaling SaaS Business Life Sciences Industry P360

Introduction

How would you build a successful, sustainable business employing hundreds of employees in a hyper-competitive marketplace, teeming with global players who have deep pockets?


In this conversation, Bhavesh Naik interviews Anupam Nandwana, CEO and co-founder of P360, a technology company focused on the life sciences industry.


Anupam and Bhavesh explore the challenges of building a business with a focus on commitment, timing and leveraging technological forces. Anupam shares his entrepreneurial journey in the pharmaceutical industry, emphasizing the importance of cultural influences and an entrepreneurial spirit.


They discuss the inception of P360, addressing the challenges of competing in a regulated and competitive industry, and highlight the innovative Zing platform as a competitive advantage. The conversation also navigates through customer-focused business strategies, the role of marketing as an equalizer, and the necessity of a clear vision and adaptability. Effective leadership, maintaining integrity and empowering teams are underscored as essential for creating a successful and sustainable business. 

Audio Scaling a 300-Employee SaaS Business in Life Sciences Industry: The Journey of P360

Video The Secret to Scaling a 300-Employee SaaS Business in Life Sciences Industry: The Journey of P360

How to Scale a SaaS Business in Life Sciences Industry: The P360 Story 1

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About Anupam Nandwana
Founder and CEO, P360

Anupam Nandwana is the CEO and co-founder of P360 which specializes in technology that boosts Healthcare Professional and Patient Engagement across pharmaceutical and life sciences companies. It provides them with a data driven approach to a highly regulated environment.

Anupam came to the US at 23 with an entrepreneurial spirit and a dream. He co-founded and built P360 into a global SaaS company and a technology flagship in the Life Sciences field with over 300 employees.

Under his leadership, P360 continues to challenge the status quo with what he calls Powered Possibilities. With his focus on the human quality of a business and the value of its culture, his vision is to transform the business of life sciences to facilitate more speed to market and more care to patients.

What drives him every day is his passion for providing cost-effective, cutting-edge solutions that make your business stronger, and ultimately your life easier.

"We believe in disruption."


Anupam Nandwana

CEO, P360

Chapter-by-Chapter Summary

Following are the sections we covered in this conversation with their summaries, along with the time location in the video and audio to follow along. The timestamps in orange correspond to the chapters in the YouTube version of the podcast episode. This video will display to the lower right as you scroll down. 

Please Note...

The numbers that precede the headings (like 00:00) are the time-stamps associated with the video version of the podcast that's included above. 

00:00 Selected Highlights from the Conversation with Anupam Nandwana

This segment, the "trailer" of the episode, highlights snippets of the conversation that spotlight Anupam's wisdom on building P360 - a sustainable SaaS business in the life sciences industry.

"Life isn't fair, find your way."


Anupam Nandwana

CEO, P360

02:02 Context and Introduction of Anupam Nandwana

A key idea we explore on this podcast is the business philosophy that drives a company to build a thriving organization that can outlive its founders and creators. The guest I have for you today has a unique take on building a global technology company serving the Life Sciences industry.

Anupam Nandwana is the CEO and co-founder of P360 which specializes in technology that boosts Healthcare Professional and Patient Engagement across pharmaceutical and life sciences companies. It provides them with a data driven approach to a highly regulated environment.
 
Anupam came to the US at 23 with an entrepreneurial spirit and a dream. He co-founded and built P360 into a global SaaS company and a technology flagship in the Life Sciences field with over 300 employees.

Under his leadership, P360 continues to challenge the status quo with what he calls Powered Possibilities. With his focus on the human quality of a business and the value of its culture, his vision is to transform the business of life sciences to facilitate more speed to market and more care to patients.

What drives him every day is his passion for providing cost-effective, cutting-edge solutions that make your business stronger, and ultimately your life easier.

"We wanted to start a company where we both would want to work."


Anupam Nandwana

CEO, P360

03:33 The Genesis of P360

The name "P360" carries a unique and interesting story. Initially, the company was called "Prescriber 360," reflecting its focus on the life sciences industry. The term "Prescriber" was chosen to represent healthcare professionals, such as doctors and MDs, and the aim was to create a platform that provided a comprehensive 360-degree view of these prescribers.

However, as the company progressed, the name "Prescriber 360" was often shortened by customers to "P360" for convenience. Recognizing the appeal and simplicity of this abbreviation, the company underwent a significant rebranding effort about five or six years ago. With the help of a marketing agency, they revamped their branding, including colors and logos, officially adopting "P360" as their name.

The transition to "P360" also involved acquiring the domain name, which was a premium digital asset. The domain was owned by an individual in Boston who had held it for nearly two decades without using it. To secure the domain, P360 had to convince the owner of their suitability as the rightful owner, emphasizing their alignment with the "P" theme in their business, which includes physicians, patients, and payers.

Ultimately, the acquisition of the domain was successful, albeit at a significant cost, which the company deemed worthwhile for brand recognition and identity. P360 was founded in 2007 and reincorporated in 2016, continuing to build on its vision of innovation and disruption in the life sciences sector.

"The technology playing field had leveled for everybody."


Anupam Nandwana

CEO, P360

12:25 The Role of Cloud Technology in Business Growth

Cloud technology has significantly transformed the business landscape, particularly since the early 2010s. By 2010, major platforms like AWS and Azure had become mainstream, providing robust hosting solutions that were previously validated by pioneers like Salesforce. This shift marked a pivotal moment for businesses, especially startups, as it allowed them to leverage powerful infrastructure without the need for extensive in-house resources.

Cloud computing essentially involves storing data and applications on the Internet, rather than on local servers or personal computers. This transition enabled businesses to scale rapidly and efficiently, as they no longer needed to invest heavily in physical infrastructure. For large enterprises, this meant a reduction in the need for dedicated infrastructure teams to manage servers and databases. For smaller companies and startups, it provided an unprecedented opportunity to compete on a more level playing field.

The advent of cloud technology coincided with the rise of mobile technology, further accelerating business growth. The introduction of smartphones and tablets, such as iPhones and Android devices, revolutionized the way businesses operated and reached their customers. This period saw a dramatic increase in data-driven decision-making, as the explosion of data, video, and audio content became integral to business strategies.

Overall, cloud technology has been a game-changer, enabling businesses of all sizes to innovate and grow in ways that were previously unimaginable. The combination of cloud and mobile technologies has opened up new possibilities, driving a significant shift in how businesses approach growth and competition in the global market.

"Your customer, when they decide to buy something from you, they are making a decision: At this point in time, today, this is the best use of my dollar buying this thing from this company."


Anupam Nandwana

CEO, P360

20:16 Navigating the Life Sciences Industry

Navigating the life sciences industry presents unique challenges, primarily due to its highly regulated nature. As Anupam Nandwana, CEO of P360, explains, the industry is characterized by its complexity and the critical importance of patient safety.

The pharmaceutical sector, in particular, is dominated by a few large companies with extensive global operations. These top-tier companies have significant resources, allowing them to operate on a scale that smaller companies often find challenging to match. However, the challenges faced by these smaller entities are similar, necessitating innovative solutions to level the playing field.

Challenges in the Life Sciences Industry

The life sciences industry is fraught with challenges, including navigating the intricate regulatory environment and managing risks associated with patient safety. Companies must be cautious and ensure compliance with stringent regulations, as the stakes are incredibly high.

"How do you compete with the big name? To me it's still a ground-up building." ~ Anupam Nandwana, CEO, P360

Regulatory Environment and Risk Management

The regulatory landscape requires companies to be meticulous in their operations. The risk of non-compliance can be substantial, impacting both the company's reputation and financial standing. Therefore, building trust with clients and demonstrating a deep understanding of their challenges is crucial.

Building Trust with Clients

Establishing trust involves understanding and addressing the specific problems faced by clients. By aligning with their needs and speaking their language, companies can foster a sense of comfort and reliability. This approach is essential for gaining client confidence and ensuring successful partnerships.

The life sciences industry demands a careful balance of innovation and compliance, with a strong emphasis on understanding client needs and maintaining rigorous standards.

"Marketing is, in modern era, an unbelievable equalizer."


Anupam Nandwana

CEO, P360

27:23 ZING: P360's Flagship Product

P360 has developed a range of products and services, but their flagship product is ZING, an innovative engagement platform. As Anupam Nandwana, CEO of P360, explains, the company initially started as a data analytics firm, managing vast amounts of data in the life sciences industry. Over time, they recognized the need for a more effective way to engage with end users, such as pharmaceutical sales reps and medical science liaisons, who interact with healthcare professionals.

ZING is described as a "system of engagement," distinguishing itself from traditional CRM systems, which primarily serve as systems of record. In today's omnichannel communication environment, interactions can occur through various channels such as email, text messages, video conferencing, and more. ZING integrates these diverse communication methods, ensuring that every interaction is recorded, monitored, and reported, which is crucial in the heavily regulated pharmaceutical industry.

"Over-deliver, over-deliver, be available. Don't let our egos come into play." ~ Anupam Nandwana, CEO, P360

The platform supports communication across different regions, accommodating tools like SMS in the US and WhatsApp in Europe and Asia. It also addresses compliance requirements, such as capturing signatures according to industry standards. By consolidating these communication channels and compliance measures, ZING enhances customer engagement and streamlines interactions.

ZING has gained significant traction and acceptance among major companies, highlighting its effectiveness and the value it brings to the industry. P360 is excited about the platform's future and its potential to transform customer engagement in the life sciences sector.

"Live up to your billing."

Anupam Nandwana

CEO, P360

43:31 Humanizing the Client Avatar

In the process of humanizing the client avatar, it's essential to understand the key individuals involved in the decision-making process for enterprise-level solutions like Zing. Anupam Nandwana, CEO at P360, highlights the importance of identifying the characteristics of the person responsible for purchasing decisions.

Typically, the person leading marketing for a particular brand plays a crucial role in ensuring that content reaches the doctor effectively. However, the pharmaceutical sales representative is often the pivotal figure in this process. These reps are the intermediaries who communicate directly with doctors, building relationships that can take months or even years to develop.

"You can deliver 120% and you have bought that brand-equity."
~ Anupam Nandwana, CEO, P360

In the past, sales reps would simply visit a list of doctors, but the landscape has changed significantly. Today, digital engagement is key, and having reps who are accepted and trusted is vital. They need to have confidence in their ability to serve their customers effectively.

Marketing teams invest heavily in content creation, but the challenge lies in the last mile of delivery. Ensuring that this content reaches doctors efficiently is a problem that P360 aims to solve.

The roles of sales reps, along with those who manage them, such as VPs of sales, marketing, or sales operations, are crucial in this ecosystem. Understanding these dynamics helps in crafting a more humanized and effective client avatar.

"When we were 10 (employees)... think and manage like we are 50. When we are 50, think and manage like 100. At 100, we started thinking and managing like 200-250.


...You are operating at a scale you want to operate. At 300 I have to think like 500."


Anupam Nandwana

CEO, P360

45:25 The Vision

Anupam explains that having a clear vision is crucial, yet it must be balanced with adaptability. He describes two common approaches to business vision: one where a clear vision guides the business from the start, and another where the business evolves organically into a niche or opportunity.

Anupam emphasizes that while the core vision of improving customer engagement remains constant, the path to achieving it is not always straightforward. He notes, "You have to evolve," highlighting the importance of adjusting to new information and changing environments. For instance, the widespread adoption of QR codes and mobile technology has necessitated adaptations in business strategies.

He further explains that as technology and consumer expectations evolve, businesses must also adapt to remain relevant. Anupam illustrates this with examples, such as the expectation for products to be mobile-friendly post-2007, following the introduction of the iPhone.

Anupam also discusses the growth of P360, noting that while the company has expanded to 300 employees, the vision and management strategies have evolved to anticipate future growth. He stresses the importance of setting a vision not only for the product but also for the company and its employees, ensuring that they are equipped for future success, whether they remain with P360 or move on to other opportunities.

"People are inherently reasonable, rational people. Friction comes in when you start assuming what the other person is thinking."


Anupam Nandwana

CEO, P360

50:53 Company Culture and Leadership at P360

The company culture at P360 is deeply rooted in the belief that employees are more than just workers; they are integral to the company's success and growth. This philosophy is evident in the way the leadership at P360, led by CEO Anupam Nandwana, approaches employee engagement and empowerment.

Anupam emphasizes the importance of creating a workplace that he and his co-founder would personally find fulfilling. This approach has led to a company culture that prioritizes personal responsibility and career development for its employees.

Leadership at P360 is characterized by trust and empowerment, especially in the context of remote work. Anupam Nandwana's belief in trusting employees regardless of their location is a testament to this. He states, "If I trust my employees in the US, I trust my employees in India." This trust has allowed P360 to operate as a remote-only company for over a decade, long before it became a widespread practice due to the COVID-19 pandemic.

The decision to embrace remote work has not only been a strategic advantage but also a means to access diverse talent. By allowing employees to work from anywhere, P360 has been able to recruit top talent from various locations, including smaller cities and individuals who might face challenges with traditional office hours.

P360's leadership principles are also influenced by the teachings of renowned authors like Jim Collins. Anupam Nandwana frequently references Collins' concept of "bullets and cannonballs," which suggests experimenting with small initiatives before committing significant resources. This strategic approach has been instrumental in P360's growth and success.

Overall, the company culture and leadership at P360 are defined by a commitment to trust, empowerment, and strategic growth, ensuring that both the company and its employees thrive.

Reference Books: Leadership, Vision, Strategy and Company Culture

Here are the books referenced in the conversation, along with a short description of their relevance:


"Good to Great: Why Some Companies Make the Leap... and Others Don't" by Jim Collins
Description: This book explores why some companies transition from being good to great, while others fail to make the leap. In the context of the conversation, it highlights the importance of leadership, vision, and strategic decision-making in building a successful and sustainable business.

Read on Amazon


"Built to Last: Successful Habits of Visionary Companies" by Jim Collins and Jerry I. Porras

Description: This book examines the enduring principles and habits of visionary companies that have thrived over the long term. It relates to the conversation by emphasizing the role of core values and company culture in achieving sustainable growth.

Read on Amazon


"Great by Choice: Uncertainty, Chaos, and Luck—Why Some Thrive Despite Them All" by Jim Collins and Morten T. Hansen

Description: This book delves into how companies can thrive in uncertain and chaotic environments by making disciplined choices. It connects to the conversation by underscoring the need for adaptability and strategic planning in a competitive market.

Read on Amazon


"The Infinite Game" by Simon Sinek

Description: This book discusses the concept of playing an infinite game in business, where the focus is on long-term success rather than short-term wins. It is relevant to the conversation as it highlights the importance of having a clear vision and values that guide a company's journey.

Read on Amazon

"It's your responsibility to take that blame."


Anupam Nandwana

CEO, P360

01:03:27 Scaling Beyond: Vision for the Future and Closing Thoughts

In this concluding section, Anupam Nandwana shares insights into the future plans for P360 and reflects on the entrepreneurial journey. As the company continues to grow, Anupam emphasizes the importance of evolving leadership roles and empowering others within the organization.

He acknowledges the challenge many leaders face in stepping back from daily operations, likening it to letting a child grow independently. Anupam advises that the key to successful scaling is changing one's mindset and allowing others to take ownership. He shares his personal experience with UI and UX design, where he learned to trust his team and let them make decisions, even if they differ from his own vision.

Anupam stresses the importance of creating a supportive environment where team members feel valued and are encouraged to take initiative. He believes in giving credit where it's due and handling criticism constructively, ensuring that the team feels secure and motivated.

In closing, Anupam highlights the balance of strength and humility required in leadership. By taking responsibility for challenges and celebrating successes, leaders can foster a culture of growth and innovation. This approach not only benefits the company but also empowers individuals to contribute meaningfully to its success.

"Over-deliver, over-deliver, be available. Don't let our egos come into play."

Anupam Nandwana

CEO, P360

01:09:44 Getting In Touch

If you're interested in learning more about P360, you can visit their website at p360.com. For those who wish to connect personally with Anupam Nandwana, the CEO of P360, LinkedIn is a great platform. His unique name makes it easy to find him there, and he welcomes connections and communication.

Anupam is open to connecting with people and enjoys engaging in conversations. Feel free to reach out for collaboration or inquiries.

Take-Aways: From the P360 Story

Here are some takeaways from the conversation between Bhavesh Naik and Ben Greiner:


  1. Timing and Technology: The importance of timing the inception of a business to align with technological advancements for a competitive edge.

  2. Cultural Influence: Leveraging cultural background and community support can be pivotal in fostering an entrepreneurial spirit.

  3. Regulatory Challenges: Navigating a heavily regulated industry like life sciences requires a deep understanding of compliance and risk management.

  4. Competitive Advantage: Smaller businesses can leverage their agility and focus to compete effectively against larger conglomerates.

  5. Customer Engagement: Building strong relationships with clients and understanding their needs is crucial for business success.

  6. Vision and Adaptability: Maintaining a clear vision while being adaptable to industry changes is essential for long-term growth.

  7. Marketing as an Equalizer: In the digital age, innovative marketing strategies can level the playing field for smaller companies.

  8. Leadership and Integrity: Effective leadership involves maintaining integrity and empowering teams to achieve sustainable success.
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