Chennai-based global management consultancy firm Ma Foi Strategic Consultants has acquired 17.5 per cent stake in Coimbatore-based Oviya MedSafe Pvt Ltd, a pharmacovigilance startup providing drug safety services.
The acquisition marks Ma Foi’s foray into the Rs 90,000 crore pharmaceutical industry.
Pandiarajan K, founder of the HR firm Ma Foi, exited the business after the company was acquired by Dutch firm Randstad and set up Ma Foi Strategic Consultants in 2012, a company that focuses on strategic consulting, research & analytics, management education and e-Learning.
Oviya MedSafe is a pharmacovigilance consulting and services startup, founded by J Vijay Venkatraman, a diabetologist and drug safety physician. The company pegs the current global pharmacovigilance market size at about $12 billion.
Commenting on the deal, Venkatraman said, “Oviya MedSafe aspires to step in as an end-to-end provider of global pharmacovigilance support. The strategic input and ongoing support from Ma Foi will help the company grow more steadily and expand its scope across the globe.”
Pandiarajan, founder & managing director of Ma Foi Strategic Consultants, said, “As we witness the rapid and promising growth of the country’s consulting and research/analytics sector, we see ourselves playing an even more crucial role in the emerging pharmacovigilance consulting market.’’
(Edited by Sanghamitra Mandal)