Read the Conversation
Meeting highlights:
- Mission & Passion for Dermatology: Farmapiel Focuses on offering high-quality, affordable dermatology products that enhance health and appearance, especially as self-care demand grows.
- Comprehensive Portfolio & Impact in Mexico: Farmapiel provides a wide range of dermatology products, including treatments for acne, melasma, hair loss and aesthetic enhancements. The company emphasizes local product development and manufacturing, ESG initiatives, and strong nationwide distribution partnerships.
- Societal Contributions: Through local manufacturing, partnerships with universities, and sustainable practices, Farmapiel supports job creation and environmental efforts. Support from EMX Capital, a private equity firm that invested in Farmapiel 10 years ago and has made possible the achievement of the company´s fast expansion in dermatology
- Innovation & R&D: Farmapiel holds patents for innovative products and invests in research through global collaborations. The company prioritizes affordability and accessibility, expanding its reach via e-commerce and international markets like the U.S.
- Insights on Mexico’s Potential: Mexico’s skilled workforce, proximity to the U.S., and untapped potential in the pharmaceutical sector make the country a great place to invest. Companies should prioritize tailored strategies, education, and nearshoring to drive growth and global competitiveness.
EF: What attracted you to the dermatology sector, and what personal mission have you set for yourself in this role?
RS: Health and dermatology have always been part of life. Before joining Farmapiel, I was the CEO of Medica Sur for three years and previously led Darier Laboratories, a dermatology company. I've always been passionate about expanding my horizons, investing, and pursuing entrepreneurship.
In 2013, I saw an opportunity and acquired Farmapiel. A year later, I partnered with EMX Capital, a private equity fund, to secure the capital needed to grow the business. This enabled me to continue Farmapiel’s operations—founded in 1991—while transforming it into a more impactful enterprise.
My vision has always been to offer high-quality products at affordable prices, leaving a positive mark on society, the economy, and families, including my own. As both CEO and stockholder, I’m proud of the progress we’ve made since 2013.
Dermatology is an exciting field because it addresses health issues while enhancing daily life. It has evolved to encompass both health and appearance, with growing demand as economies improve and people prioritize self-care. This trend accelerated during the pandemic, with virtual meetings and screen time making people more conscious of their appearance. Today, people of all ages turn to dermatologists for medical and aesthetic treatments, making dermatology part of everyday self-care.
The field’s breadth is what draws me to it. Dermatology spans areas like acne, pigmentation, keratosis, and skin cancer prevention, including the promotion of sunscreen use. It is a dynamic and impactful area to work in, blending health and care in ways that truly make a difference in people’s lives.
EF: Can you describe your company’s impact in Mexico and the key products in your portfolio that address Mexico's dermatology needs?
RS: We maintain a broad dermatology portfolio, offering one of Mexico’s most complete product lines. Our range includes treatments for acne, melasma, and hair loss, as well as anti-infectives and steroids for various dermatological needs.
We also have a strong presence in dermo-cosmetics, featuring emollients, sunscreens, and an extensive shampoo line for conditions like seborrheic dermatitis. Additionally, our aesthetics line includes injectables such as botulinum toxin and specialized fillers for skin enhancement.
Our manufacturing operations include contract production for other companies, a smaller but significant part of our business. Our facility, acquired from GSK in 2014 and located in the state of Queretaro, produces most of the products we sell.
With over 300 employees, we emphasize corporate governance and ESG initiatives. Supported by our private equity partner, EMX Capital—a professional group with investors from Mexico and the U.S.—we prioritize compliance and maintain a strong corporate structure.
We operate nationwide, working with key players such as Mexico’s main distributors and pharmacy chains to ensure widespread distribution of our diverse portfolio, reaching physicians from Tijuana to Cancún.
EF: How do you create an impact on society beyond your products?
RS: We actively engage employees through our product development and manufacturing site, providing direct employment and creating indirect job opportunities that benefit the local economy. Most of our supply and manufacturing is based in Mexico, supplemented by domestic and international sourcing, which generates a cascading economic impact.
Our operations are located in San Juan del Río, between Mexico City and Querétaro. This industrial hub hosts several pharmaceutical and large companies. We have a strong partnership with the Universidad Tecnológica de San Juan del Río, one of only two Mexican universities offering a degree in chemical pharmaceutical engineering. We support students through scholarships and hire top graduates, offering practical training alongside academic support.
We are committed to environmental sustainability. For example, we’ve eliminated paper inserts in our product packaging by printing information directly inside the box and are using recycled cardboard for packaging, reducing waste. In our skincare line, we minimize preservatives by using airless packaging, which prevents oxidation and keeps products fresh while reducing skin irritants. We also avoid animal testing, except where legally required for regulatory purposes.
During the pandemic, we addressed the shortage of high-quality sanitizing gel in Mexico by producing and distributing it at minimal profit and donating 16 tons to public hospitals nationwide. This initiative supported healthcare efforts during a challenging time, reinforcing our commitment to societal impact.
EF: How is Farmapiel driving R&D in Mexico, and what role does innovation play in shaping the future of dermatology products over the next 5–10 years?
RS: At Farmapiel, our research and product development team, based at our manufacturing site, handles in-house formulations. We also collaborate with external experts, including a seasoned U.S. chemist, to create differentiated products and incorporate innovative ingredients. Our connections with innovation hubs in Europe, the U.S., and Asia ensure we stay updated on advancements in ingredients, packaging, and technology.
We are proud to hold two patents in Mexico for innovative dermatology products: an innovative combination of acne treatment and a topical solution for hair loss. We have also filed patents in the U.S. and Europe and continue to develop new combinations and products to benefit our patients.
Our goal is to remain competitive by providing high-quality products at fair prices. We believe that offering excellent products with reasonable margins ensures long-term sustainability. While Mexico's GDP per capita is still developing compared to the U.S., we are committed to making innovative dermatology solutions accessible. This approach has earned us leadership positions in several categories, and we aim to continue contributing to society through affordable, high-quality products.
We also operate an e-commerce division in Mexico, comprising a diverse team of about 20 people from Mexico and many other countries like the U.S., Spain and Argentina. This division has achieved significant success, and we recently began introducing our products in the U.S. via Amazon, following our philosophy of providing innovative dermatology solutions at fair prices. We are excited about our progress and future opportunities.
EF: How are you integrating digital tools to improve operational efficiency?
RS: Mexico is still developing compared to the U.S. We estimate that only about 15% of skincare sales occur online through major marketplaces like Mercado Libre and Amazon, whereas in the U.S., certain categories can have 30-35% of their business from these platforms. We are actively working on increasing the numbers.
EF: What can large multinationals learn from local players in terms of conquering the Mexican market and showcasing Mexico's value to the world?
RS: Agility is key. Success depends on the speed of adaptation. Global products are no longer universally effective—it’s about tailoring them to specific markets, including product design, packaging, and pricing. While patents and R&D exclusivity are important, a global approach can still accommodate localized adaptations to meet customer needs and enhance differentiation.
Mexico, with its proximity to the U.S., shares similarities in innovation, consumption, and product preferences. At the same time, it is a maturing market with a large, developing population. As the economy, education, and communication channels advance, Mexico offers significant opportunities. However, areas with the highest purchasing power are becoming saturated with competitors, requiring businesses to work harder to stand out.
Competition in Mexico has intensified as new companies enter various industries. To succeed, businesses must focus on differentiation, creativity, and competitive pricing strategies. Manufacturing in Mexico offers a significant advantage, especially with the rise of nearshoring. For instance, the automotive sector includes over 20 manufacturers like GM, Toyota, and Nissan. Mexico is also a leading producer/assembler of finished products for the U.S., such as TV screens, particularly in Tijuana.
Why hasn’t the pharmaceutical sector achieved similar growth? Mexico boasts incredible talent and healthcare leaders who have made significant strides in improving healthcare. Expanding this success to supply the U.S. presents a clear opportunity.
Mexico’s potential lies in its skilled workforce driving innovation and creating sophisticated services and products. As education, communication, and quality of life improve, the country becomes even more capable of producing high-quality outputs. This progress presents a unique opportunity to elevate Mexico’s pharmaceutical industry and global impact.
The formula is straightforward: education, communication, and freedom to excel. With these elements, Mexico can foster an environment for growth and innovation, paving the way for long-term success.
EF: Why do you believe that investing $1 in Mexico is better than investing it elsewhere?
RS: Investing in Mexico holds great potential due to its strong, long-standing partnership with the U.S., its top commercial partner. With a population of 128 million, Mexico has significant opportunities to enhance its human capital. Improving access to education, healthcare, and services for the 60% underserved population would strengthen the talent pool and create a more competitive North American commercial block, including the U.S., Canada, and Mexico. A more educated and healthier workforce is key to unlocking Mexico's full potential and driving its growth in the region.
EF: Approaching the end of 2024, what achievements are you most proud of?
RS: This year has been marked by the deep commitment of our team. It’s the people who make the difference. As leaders, we are nothing without a team that believes in big goals and continues to grow even after achieving success.
We’ve expanded into the U.S. market, a milestone I’m thrilled about. While challenges like obtaining FDA approval for our dermocosmetics plant tested us, we persevered and succeeded. We also expanded our manufacturing capabilities, launching nearly 20 new SKUs across 11 brands with multiple variations—a significant achievement in just one year.
I want to thank my team for its trust, dedication, and vision. I’ve always believed in Mexico and invested my own net worth here, confident in the business and the country’s potential. While opportunities in Latin America may arise, our proximity to the U.S. remains a tremendous advantage. Thank you all for your commitment as we continue to grow and thrive together.
