Read the Conversation
EF: After eleven years of consecutive growth of Faes Farma, what are your priorities for 2024 to sustain the momentum in Mexico?
AB: 2024 will be a year of fieldwork for us, consolidating the sale of our new products. Our main goal is to expand our market presence. We launched eight new drugs in Mexico last year and now aim to ensure they reach patients by engaging physicians and demonstrating the value of our products for prescription. At a corporate level, Faes is investing in Mexico, increasing the team on the field three-fold.
As one of the few pharmaceutical companies to launch eight innovative products in a year, our challenge is to convince physicians that our new products are better than other existing options. Additionally, we have to overcome the regulatory challenge; getting market authorization in Mexico is never easy, and we work in a competitive market. The opportunity lies in demonstrating our capacity for adaptation and resilience. We must capitalize on the sector's emerging trends, take advantage of technological advances, and expand our portfolio as more Faes innovation emerges.
Faes distinguishes itself from big pharma companies by focusing on innovative products in different molecules rather than cell and gene technology. We offer affordable solutions for patients unable to afford expensive personalized therapies. Our innovative products are priced competitively, sometimes even more economical than generics. Even with no competition in specific therapies, we prioritize offering the best prices to collaborate with public health. The Mexican market is out-of-pocket, and adapting to the situation, we serve people looking for affordable healthcare options, helping those in lower and mid-income groups access better care.
Faes' production plant is located in Spain, but we also import gastro products from Japan. As we are launching products with scientific support for the first time in America, we have to build strong relationships with physicians to make ourselves known. Our growth spans various therapeutic areas, notably hormonal, respiratory, gastro, urology, pediatric, and gynecology. To navigate economic challenges, we collaborate with medical societies across different levels of the ecosystem.
- Today, I am in Guadalajara, meeting with forty-five reputable physicians to showcase our product, and tonight, we are organizing a webinar for pediatric physicians in Mexico, expecting over 600 participants to learn about our products. - We work through continuous medical education, which doctors appreciate as it provides them with new information.
Our annual report highlights Mexico as one of the most attractive countries for healthcare investment. Rather than investing in manufacturing plants, we focus on bringing solutions to patients and expanding our commercial team to reach more patients effectively.
EF: Considering the significance of nearshoring, do you foresee Faes Farma opening a production plant in Mexico in the long term?
AB: Our decisions are shaped by government regulations. For now, Faes Farma is prioritizing other areas and not planning to invest in plants in Mexico.
We are about to open the third largest production plant in Spain, which is our main focus. Meanwhile, we already have a plant in Central America that meets our needs.
EF: Mexico struggles with cardiovascular diseases, diabetes, and obesity. How does Faes Farma respond to the regional healthcare needs?
AB: We offer unique drugs for chronic diseases. At Faes, we are revolutionizing the use and perception of vitamin D. Vitamin D (Calcifediol) is beneficial for patients with diabetes, renal issues, cancer, and even for those with Covid. It plays a crucial role in the body's overall function, including neurological connections, yet 70 to 80% of people have insufficient levels. Similarly, we are innovating with antihistamines to provide a safe option for prolonged use, focusing on delivering security, efficiency, and efficacy in these products.
In Mexico, it is usual for laboratories to contract specialized companies for storage and logistics to supply our patients. Due to our recent growth, we have expanded our collaborations with pharmacy chains to reach new areas. Unlike many products in Mexico that can be obtained without a prescription, ours, being innovative, requires a medical recipe. Therefore, our system relies on generating demand through medical prescriptions. If there is no medical representative in a certain region, we cannot distribute our products. This shows why we seek to work closely with physicians and ensure our innovative products are prescribed.
EF: How do you attract new talent to the company? And what skills are you looking for?
AB: One of our biggest challenges has been finding skilled employees. We look for people with the right experience, train them, and aim to keep them with us. To ensure they stay, they need to enjoy their work and trust in the company's growth. We provide essential tools like cars and iPads for their comfort. Given the competitive industry, a good incentive plan is crucial to keep our employees from leaving for other companies.
EF: How are you bringing digital tools to FAES Farma to keep expanding operations while being more efficient?
AB: I am passionate about the power of digital technology. We have shifted away from paper trails with our reps; they now have all the information on tablets, including scientific reports and studies for physicians. We use podcasts, WhatsApp, and webinars to communicate with both physicians and clients. Unlike generic companies, we prioritize providing scientific medical information rather than offering convention sponsorships. We do not go with doctors to conventions or congresses, including our own Faes Congresses, to avoid competing for their attention. We operate from a digital perspective, avoiding gimmicks, and readily provide necessary data digitally when requested by doctors.
EF: What would you like to celebrate as an achievement at the end of 2024?
AB: I am eager to celebrate our company's ongoing growth. With our solid foundation, continued expansion is highly likely, especially with eight new products launched and more on the way this year, where we are especially exploring respiratory and gastro areas.
