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EF: What will be Psicofarma’s main priorities and goals for 2024?
AO: In 2024, Psicofarma is shifting its focus to directly engage with patients, not just healthcare professionals. We have realized the importance of supporting individuals with diseases, particularly after experiencing product shortages last year. Our objective is to consistently offer products and services while actively communicating with patients. We are also committed to raising awareness about mental health among various medical specialties, including doctors, cardiologists, gynecologists, and general practitioners, not limited to psychiatrists.
EF: Could you elaborate on Psicofarmas’ model for active patient communication?
We identified different communication groups to address prevention, diagnosis, and ongoing support for mental health. Prevention entails addressing genetic and social factors, such as school bullying, to prevent the development of conditions like depression by fostering supportive environments.
The next group includes those already diagnosed, who need understanding and guidance on managing their condition beyond medication, like exercise and healthy habits. Finally, there are those in long-term treatment facing challenges like relapses or medication adherence. We are committed to providing tailored communication and services for each journey stage.
EF: What is in your current portfolio, and what innovative approaches are you implementing for specific diseases?
AO: Previously, our portfolio primarily included conventional allopathic treatments. However, we are now broadening it to incorporate over-the-counter products, probiotics, and other alternative medicines. Our goal is to introduce innovative products to Mexico and collaborate with national health institutes to promote local innovation. Despite the influx of innovations into the country, few originate here. Hence, we're committed to nurturing incremental innovation within Mexico, even starting from scratch if needed, to enhance our healthcare landscape.
EF: Embracing nearshoring as an opportunity; how does Psicofarma position itself as a supplier to the US and other Latin American countries?
AO: We are witnessing a crucial moment with the nearshoring trend in the US. The demand for closer suppliers remains high, unaffected by the upcoming presidential election. Mexico's strategic geographic position allows us to reach the north, east, and northwest regions of the US in less than a week, making its diversity a crucial advantage. Psicofarma has been actively preparing for this shift by improving product quality, optimizing logistics, and gaining a deeper understanding of the US market. With these efforts, we are well-prepared to supply the world's largest pharmaceutical market with both finished dosage forms and APIs. This opens up opportunities for offering products and services tailored to the needs of both government and private entities.
EF: Why is a dollar invested in Mexico better than a dollar invested anywhere else?
AO: Some Asian countries have developed strong pharmaceutical industries with government support. However, Mexico's market size hasn't prompted similar incentives, keeping many companies local. Despite this, Mexican pharmaceutical facilities are state-of-the-art, meeting stringent regulations, and increasing capabilities. With these resources, Mexico offers competitive quality and cost structures compared to Europe and the US, even against Asian suppliers.
EF: What can we do to attract more visibility to the mental health field and transform the value this niche has?
AO: Stigma has been a long-standing issue in mental health, dating back to the 1960s-70s when pharmaceutical products were first introduced. While there was a halt in innovation, there's been a recent uptake in product launches over the past fifteen years. The complexity of mental illnesses, like depression and anxiety, makes it challenging to gauge their effectiveness. Unlike conditions with clear indicators, such as regulating blood sugar, measuring improvements in depression is more nuanced and relies on subjective assessments. Diseases like Alzheimer's receive significant investment and attention, while others like bipolar disorder and schizophrenia often receive less funding and support. Schizophrenia patients, in particular, are frequently abandoned by their families and society, highlighting the need for greater support and investment in mental health care.
EF: Are you taking any initiatives in Mexico to bridge virtual therapies in remote areas? Are you using digital innovation to increase access to awareness and, afterwards, help the patient?
AO: We are establishing an ecosystem focused on mental health, in which digital channels are becoming increasingly important. Psicofarma has already launched two websites. “Contigoenmente” and “Mentalizarte”.
“Mentalizarte was developed in collaboration with the National Institute of Psychiatry and stands out with its user-friendly design and features illustrations and insights from psychiatrists.
Both platforms aim to provide resources and support for mental health, offering a space where individuals can access information curated by specialists and connect with practitioners if needed. They address common concerns like medication side effects and provide solutions to help manage mental health conditions effectively. Our goal is to foster a supportive environment where everyone feels empowered to seek help and improve their mental well-being. While cultural barriers have historically hindered open discussions about mental health, there is now a growing awareness and acceptance of seeking treatment and support.
EF: What would be your message to attract and bring more people to the field and start a career in the healthcare industry related to mental health?
AO: One crucial aspect is to enhance opportunities for medical practitioners, particularly general practitioners, to specialize in mental healthcare. Historically, Mexico's public healthcare system offered limited opportunities for psychiatry education. Although more practitioners are now undergoing training, there remains a shortage of hospitals and resources dedicated to psychiatry studies. This shortage is not unique to Mexico; it's a global issue. Moreover, the duration of psychiatry education in medical programs varies widely across universities in Mexico. For instance, some courses may last only a week, while others are more comprehensive. It is imperative to stress the importance of mental health training alongside other medical specialties. Additionally, it is essential to recognize that patients with chronic illnesses such as diabetes or cancer may also experience mental health issues, highlighting the necessity for holistic care.
EF: Celebrating the company’s 50th anniversary, what have been your main milestones, and what do you still plan to achieve?
AO: Psicofarma was founded on October 10th 1974, coinciding with World Mental Health Day. It's an exciting time in Psicofarma's history as we celebrate 50 years since a group of psychiatrists founded the company to address Mexico's shortage of affordable generics. Under our current CEO's leadership, the company has grown from a small operation into Mexico's top healthcare provider. We supply a diverse range of products to both public and private sectors and have plans to further expand our portfolio to focus on specific mental health conditions. Our mission extends beyond just selling medicines; it's about enhancing happiness and well-being in people's lives. We are dedicated to raising awareness and ensuring access to mental healthcare for everyone.
Celebrating the company’s 50th anniversary, Psicofarma plans to give back by providing two gifts: internally, we'll support our team's mental health with tools and education. Externally, we'll create an ecosystem through our foundation to benefit the wider community.
