Read the Conversation
EF: What are Galderma's priorities for 2024?
CDG: Galderma Mexico´s purpose is to advance dermatology for every skin story, meeting individual consumer and patient needs with superior outcomes in partnership with healthcare professionals through premium, cutting-edge brands developed through scientific innovation, focus, and passion for our body’s largest organ - the skin with a comprehensive portfolio across Injectable Aesthetics, Dermatological Skincare, and Therapeutic Dermatology.
Galderma has remained the number-one dermatological company in Mexico for the past five years. We have not only defended this position but also expanded it. Our priority is to continue our accelerated, fast-paced growth profitably. Over the last three years, we have grown at a rate above 20%, and we aim to sustain this in 2024. Our three business units increased their market share last year. In January 2024, we achieved a big milestone as, for the first time, we secured the top position in Injectable Aesthetics. Our growth in the Dermatological Skincare space has exceeded 30%. Cetaphil, our flagship brand in this segment, has led the way, followed by Benzac for acne OTC, and Loceryl for nail fungus. We are continuing to build momentum and invest in key areas.
Over the past eight years, our company has nearly tripled in size and number of contributors. This aggressive expansion is fueled by our fast-paced sales growth and strong bottom-line contribution. Mexico has become one of the top 10 countries for Galderma globally, climbing from the top 20 a decade ago to now ranking at number 9. This is a great achievement because it puts Mexico on the priority list for Galderma's continued global growth.
EF: What role will innovation play in Galderma’s business strategy and operation model in Mexico?
CDG: Mexico was among the first countries to bring innovation into the dermatological market by launching Aklief. This revolutionary retinoid delivers precise potency for rapid and sustained skin regeneration for face acne in adult females to improve skin quality. Aklief was the first retinoid launched in Mexico after 20 years.
Also, keeping up the pace, last year we launched Alastin, the fastest growing medically dispensed premium brand in the USA, with strong recognition on its peri-procedure and scientific positioning. Mexico was the first international rollout, followed by Canada, the UK, and Australia. Other countries will continue in 2024. This new brand has great products for pre- and post-device treatments, like lasers, which help patients reduce downtime days. It complements our portfolio and presents an exciting growth opportunity globally.
In parallel, Galderma has been aggressively investing in developing a new biologic called nemolizumab, which has proven effective in treating rare diseases like prurigo nodularis (PN) and atopic dermatitis (AD). The entrance into complex skin therapies will elevate Galderma's presence in the dermatological field and put it on the same playing field as other biologic companies. In Mexico, we are already working to anticipate ourselves for this launch and prepare the company with the new capabilities and know-how needed to make this launch successful.
EF: How does Galderma engage in medical education to attract healthcare professionals to the field of dermatology?
CDG: Mexico has a large population, yet there are only about 2,200 dermatologists in the country, 1 dermatologist for every 65,000 people, mostly in big cities, making access even more difficult in smaller towns. The big opportunity ahead lies in creating and opening more space for dermatology students in local universities since approx. 80-100 dermatologists graduate each year, which is very low compared to other countries in the region.
As a dermatological company, Galderma aims to advocate for a healthcare system that focuses on overlooked skin conditions. Stories of patients suffering from severe skin conditions, like atopic dermatitis, highlight the importance of addressing these types of diseases. The industry needs to work with the private and public sectors to broaden their coverage and prioritize dermatological conditions in healthcare.
EF: How have Galderma’s AI initiatives, like the FACE app, progressed? How is the company advancing in the digital realm to enhance client relationships and overall operations?
CDG: Galderma continues to invest in AI technologies, and the FACE by Galderma App is a good example. Mexico was among the first countries to introduce this AI-based FACE app tool, which shows treatment outcomes beforehand and has been well-received by doctors and patients alike.
Our digital presence has significantly improved over the past two years, with a strong team and active engagement on platforms like TikTok and Instagram.
Also, we are working more and more with Mexican influencers to reach our audiences with our brands. One of our influencers recently represented Mexico in Cetaphil’s global activation event at New York Fashion Week. Thanks to efforts like these, our e-commerce business saw triple-digit growth last year, and we aim to continue this trend by focusing on its expansion this year.
EF: How does Galderma attract new talent to the company?
CDG: People are our top priority at Galderma, and all our HR actions mirror this. Our Mexico affiliate is known for its high engagement levels. Year after year, we have been recognized as a Great Place to Work company, ranking among the top pharmaceutical and biotech companies. This achievement reflects our commitment to creating an inclusive and equal-opportunities company where employees are respected, cared for, and offered chances to develop and grow.
Last year, we redesigned and remodeled our offices, adopting an open-space layout and creating a young, new, and dynamic atmosphere. Our annual national sales meeting has evolved into a recognition event where everyone from the company is included. During these meetings, the objective is to reinforce our purpose, set targets, align our strategies, and execute actions while providing opportunities for team bonding. This approach has significantly strengthened our employee's commitment, resulting in high industry-leading engagement numbers.
EF: Why would you say that a dollar invested in Mexico is better invested here than anywhere else?
CDG: Mexico's macroeconomics are promising and showing positive signs with a strengthened economy. A favorable exchange rate makes it an attractive destination for international distribution companies like Galderma.
Mexico's momentum and proximity to the US have led to increased imports into the US, surpassing China as the top import source, demonstrating its strength and potential. Nearshoring initiatives have also brought significant investments into Mexico, particularly from multinational companies. Mexico's growing middle class and low market penetration in various categories make it an attractive investment destination.
The dermocosmetics market in Mexico has been growing double-digit year after year. With Galderma outpacing market growth and gaining market share, we are very bullish on the future.
EF: As you approach your 10th anniversary with Galderma, what achievements do you want to celebrate upon reaching this significant milestone?
CDG: Apart from the outstanding sustainable results the company has delivered during this time, what I celebrate the most is the exceptional quality of the whole team. We have done a great job attracting, retaining, and developing talent. My direct reports are the leaders who have made this possible and are at the helm of this journey and growth. I feel fortunate to be part of Galderma during this crucial moment of growth and innovation. We are at the forefront of revolutionizing the industry with groundbreaking developments; if the last 10 years have been phenomenal, the next ones will be even greater.
EF: Do you have a final message for our readers?
CDG: Mexico has always been a land of opportunities and will continue to be so. While not perfect, the competitive system provides opportunities to all willing to work hard while taking measured risks. The country offers a strong, capable, and very competitive pool of local talent, attracting international players willing to discover this country of opportunities. National and international companies will continue investing in Mexico, given its huge potential, diversity, and low penetration in many business categories. At Galderma, we are committed to promoting diversity and inclusion; today, we are proud to say that our workforce comprises 60% females. Moving forward, we aim to increase our diversity further, offering more equal opportunities to LGBTQ+ individuals, ethnic minorities, and people with disabilities.
