Leaders

For decades, family-managed businesses in India followed an unspoken script of passing the baton dutifully from father to son, irrespective of their competence, while daughters, no matter their potential, stood in the wings. However, this narrative is shifting in contemporary times with women such as Priya Coulagi leading the charge of their family businesses.

A third-generation entrepreneur, Priya is the Executive Director, Sigma Laboratories Pvt. Ltd., a Mumbai-based Pharmaceutical company. With inheritance, she earned leadership, owned capability, and rewrote the norms of success. From building the factory from scratch to securing international certifications, Priya has played a pivotal role in scaling Sigma Laboratories’ operations. Priya has led strategic growth in Sigma Laboratories, focusing on product planning, market expansion, and reimagining the company's future.

Having returned from the U.S. and being part of the founding batch of the Indian School of Business, Priya leverages her diverse professional experiences to shape her leadership and vision for Sigma Laboratories.

Take us through your educational journey. How did ISB influence your growth as a professional? Which core values did the institute instill in you?

Completing my high school, I headed to the U.S. and joined Grinnell College in Iowa, a liberal arts school, which emphasized critical thinking and learning how to navigate unfamiliar situations. After graduation, I returned to India, worked for a while, and then pursued my MBA from the Indian School of Business (ISB).

Risk-taking is a major core value instilled in me during my time at ISB. Being a cautious person, I was surrounded by people who were taking bold risks, whether in startups, family businesses, or corporate careers. ISB taught me the art of educated risk-taking and making calculated, thoughtful decisions backed by insight.

Take us through your professional journey before coming on board at Sigma Laboratories.

I began my career as Maintenance Contracts and Planning Manager at Jet Airways. It was one of the top companies back then, and I worked across engineering and flight operations, which was completely out of my comfort zone. However, ISB taught me how to learn, and even without any aviation background, I managed quite well. I was handling negotiations for major engineering contracts worth millions of dollars.

Negotiation has always fascinated me, it's a skill I continue to refine every day. At ISB, I majored in Strategic Leadership and Change Management, which included both negotiation and behavioral analysis.

Attending a session with Professor Sumanthra Ghosal completely shifted my way of thinking. His ideas and frameworks still influence me to this day, and I use them not just in my decision-making but also when I mentor others.

What led you to join Sigma Laboratories? Tell us about the underlying idea behind the pharma venture and its key areas of expertise.

Sigma Laboratories was founded by my grandfather, Srinivas Coulagi, in 1941, and later led by my father, Dilip Coulagi, for over four decades. At the time, I was working with Jet Airways when my father invited me back into the family business with an exciting new proposition, to set up and lead an international, export-focused division. Ready to dip my toes into guided entrepreneurship, I returned to the fold.

While Sigma Laboratories was earlier a leading domestic company, I decided to switch focus to highly regulated international markets. We specialize in niche, high-value, and low-volume pharmaceutical products, mostly for Europe, Australia, New Zealand, and other markets around the world.

I focus on quality products that demand high standards. Over the past 20 years, I’ve built a solid reputation as a trusted quality partner. Our strength lies not just in offering a good product, but in having excellent systems and deep regulatory knowledge.

What different hats do you wear in your role as the Executive Director of Sigma Laboratories?

As the Executive Director of a family-managed business, my primary goal is to set the strategic direction. I strive to hire the right people and guide them effectively. My focus is on defining the vision and then giving people the space and autonomy to execute it.

I started off with managing projects and building up the company from scratch. Leaning on my experience in operations, finance, and facilities, I mentor my younger managers. My primary responsibility is to guide the family business towards a long-term vision, ensuring succession and sustainability, rather than focusing on short-term profits.

What challenges do you encounter as a leader in the Indian pharma space? How do you overcome the challenges?

The major challenge that I faced was not thinking big enough when I was young. It's easy to get stuck in the day-to-day challenges and forget to look beyond the ceiling. It's important to ask questions and push boundaries.

I have realized that my role is to dream big for the future. I try to give myself time to dream and plan for the next phase. I never think of failures as final, rather I look at them as part of the journey.

I have faced challenges like a major fire, funding issues, and stakeholder conflicts, however, they don't derail the larger vision. As long as the overall direction is facing upwards and you stay positive & keep taking action, you are moving forward. Change and failure are part of the game. I have learned to take it in my stride and now see it as part of the joy of building something meaningful.

Looking back what has been your guiding leadership philosophy? What is your ‘success mantra’?

My guiding philosophy is to get the right people, coach them, push them, and, most importantly, expect the best from them. I always think long-term, five to ten years out, and do not believe only in planning for just a year or two ahead.

One of the biggest things I have done as a leader is help people see the big picture and get them to believe in a dream, not just a task. It's all about how you talk to people, how you communicate the organization’s vision.

Priya Coulagi, Executive Director, Sigma Laboratories

Priya Coulagi is the third generation running the family-managed pharmaceutical company. Having prior experience in operations and finance, Priya’s focus for Sigma Laboratories has been on developing high-quality, niche products for regulated markets. An ISB alumna, her education instilled a core value of educated risk-taking, which has helped the company position itself as a trusted name in the industry. Priya's commitment to mentoring and strategic thinking leads the company toward sustainable growth and innovation.