The story of Dr Vijay Patel OBE

Please note: Barclays Private Bank does not endorse any of the companies or individuals referenced in this article.

Dr Vijay Patel OBE is one of the UK’s most successful entrepreneurs. In this special feature, we share his inspirational life story, as told to us during an exclusive video interview filmed in the spring of 2024.

At the age of five, Vijay lost his father while the family was still in Kenya. To make ends meet, his widowed mother set up a little nursery in the family home to support herself and her three children. “We had food and two sets of clothes, one on and one off – and that’s how we grew up,” he recalls. “Our mother was very keen for us to study hard and do well. She believed that education was the only way out of our situation.” 

From an early age, Vijay’s work ethic was clear and in the 1960s, he moved to the UK from Kenya. While studying for his A-levels, he juggled various part-time jobs, from cleaning to pot washing, and factory labourer to waiter – a far cry from his lifestyle today. Having achieved strong grades at school, he went on to study Pharmacy at De Montford University.

His university education laid the path for his eventual career, which saw him go on to build a healthcare conglomerate with his brother Bhiku. The wide-ranging business covers pharmacy and pharmaceuticals, as well as real estate, private equity and venture capital. Thanks to its outstanding commercial success, Vijay joined the ranks of Britain’s wealthiest people. But he never forgets his roots.  

“When you’ve experienced a period of deprivation, the biggest motivation is to distance yourself from it,” he explains.

Building a conglomerate from scratch 

For Vijay, the spark to achieve big things was lit early when he first noticed that the finest homes and best cars belonged to businesspeople.

Determined to reach the same heights, he knew his ambition set him apart. “I don’t know how many children think like that,” he recalls. “But I did because we were living in a tiny room. I saw how wealthy people lived.” 

That drive to succeed set him in good stead, and it was in 1975 that his business journey began, with the opening of his first pharmacy in Leigh-on-Sea, Essex. At the time, he lived above it in a small flat. “I thought I’d have a couple of pharmacies and make a nice living,” he remembers. But the business grew beyond his wildest expectations.

From these humble beginnings, he started buying and improving other pharmacies in the area, often spending Sundays refitting and renovating, which allowed him to remain open six days a week. The hard graft was twinned with a laser focus, and specially, the firm belief that a strong reputation for customer service was as important as profit. “Your customer is your income. If you have a happy customer, you have a happy business. I built those businesses purely on service.” 

That mantra clearly worked because within five years, Vijay was running 10 pharmacies. In 1984, the brothers founded Waymade Healthcare, a pharmaceutical business in Basildon, Essex. They grew the business rapidly.

Vijay struck deals with big pharmaceutical companies and built a pharmaceutical sales and distribution business. He founded Amdipharm, as a subsidiary of Waymade, in 2003, to acquire branded pharmaceutical assets worldwide. Despite his success, Vijay remembers not feeling secure about his wealth until 2013, when private equity firm Cinven bought a majority stake in Amdipharm. 

The following year, still hungry for more accomplishments, he set up Atnahs Pharma, now Pharmanovia, which trades in 160 markets and holds a portfolio of drugs in various fields, including neurology, endocrinology and oncology.

A strong maternal influence 

Reflecting on his journey, Vijay credits his late mother as his greatest inspiration.

She believed education was the only way out of poverty and instilled this belief in her children. Despite their circumstances, she taught them the importance of giving by donating 10% of their small income to charity. 

This desire to help others continues today, as Vijay and his brother focus much of their energy on philanthropy. “I don’t think about wealth anymore but rather how much good we can do for others. That’s because of how we were brought up by mum, although what we’re doing is only a drop in the ocean as there is so much need. However, as my mum said: ‘Many drops fill a pond. When everybody gives a little, it goes much further.’”

Lessons in business 

Vijay has completed countless acquisitions, from single pharmacies to entire drug portfolios. “When I buy a business, I know that in that business is a gem, a nugget,” he explains. 

Despite an insatiable appetite for success, he emphasises the importance of not wasting time. “Once the decision (to buy) is made, do not procrastinate. The guys who won’t succeed are the ones who say, ‘what happens if it rains tomorrow?’ Invariably, it will rain, but we are going to do this and work hard at it, rain or no rain,” he says. 

For many years, Vijay didn’t recognise himself as an ‘entrepreneur’ – he was just doing what needed to be done. Today, through Waymade Capital, his family office, he assesses pitches from entrepreneurs seeking funding and can quickly tell if they have sparkle in their eye and hunger in their belly. “Entrepreneurs are optimists, visionaries, quick decision-makers and adept at discerning the best potential outcome for opportunities,” he says.

He advises that making mistakes is part of the process. “A mistake is tolerable as long as it is not overly imprudent.” 

Family matters

At the heart of Vijay’s business is a strong family dynamic and a range of complementary skills. His brother Bhikhu, an architect by training, joined the business in its early years. “He sees things in 3D, he sees a problem before it may happen and navigates to a solution, if and when, it happens,” Vijay explains. 

Today, their children run large parts of the family business. Vijay’s children attended local grammar schools to ensure they were ‘grounded’ before heading to university and business school. His pride in his children is clear: “Both my sons have been to prestigious business schools to earn their MBAs and are far more polished than I ever was.”

Despite the younger generations coming through, Vijay remains the Co-Chairman of the Waymade Group, alongside his brother. “My son mentioned that, while we have a successful business, we are poised to expand it significantly. It was wonderful to hear! My sons are entrepreneurial, they possess the inherent talent and ambition to achieve success in their own right," he says.  

The family recently spent two years working on a company constitution, encompassing their vision and values, and including environmental, social and governance responsibilities. The Patel family business now spans 149 countries, with headquarters in Basildon. “We love Basildon and Essex," Vijay reflects. “It’s where we started, we owe it to them.”

As for the legacy he hopes to leave, Vijay channels his mother’s teachings by saying, “I would like people to think, ‘He was a kind guy who worked diligently and instilled in others the importance of generosity and giving.’”