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EF: Could you give us a brief annual review of 2023 and your current priorities and opportunities for 2024?
MR: Glenmark´s fiscal year closes in March, but so far, it has been a phenomenal year for us. We have had double-digit growth, outperforming the respiratory and dermatology retail market, and launched several new products.
After introducing a branded nasal spray for allergic rhinitis two years ago, we have positioned it at number two in the market ranking, in half the time we expected. Glenmark Mexico now has the best historical market share, moving up several positions in the ranking. I look forward to closing our last quarter as successfully as we should because winter is the high season for allergies and respiratory products.
I have been leading the company for three years. The last two years of overachieving expectations have given Glenmark Mexico the power and trust of the organization; they are prepared to put more resources behind the country and the team. After an amazing 2023, in 2024, we plan to grow in size and increase our sales team. We have received some additional investments this year, and next year, we will have even more, so as a leader, I am very proud of what we have achieved.
EF: Could you elaborate on your strategies to grow the company and increase market share?
MR: There is no magic; it is about making intelligent and informed decisions, having the right focus and market segmentation, implementing good marketing strategies, and having the right supply and materials. We understand how the market works, and we are compliant.
To improve follow-ups, new strategies and tactics, I encourage my team, even people from non-commercial departments, to spend time in the field with our sales reps.
Moreover, the right distribution is essential. We have improved greatly in that area. We have looked for new sources of growth, for example, in supermarkets where some of our products are listed and in insurance companies and other pharmaceutical formats as points of sale. We have put in a lot of work and are seeing the fruits of the last two years' effort.
Last but not least, people are the key to success. We have built a strong and talented team over the last three years. The office is always buzzing, and the mood and energy are positive, with people going out of their way to accomplish objectives. We are a Great Place to Work, and all the above combined is the secret of our success.
EF: How does Glenmark position itself as a more innovative organization?
MR: We have been on the track toward innovation for many years and now have several unique molecules in Mexico with patent protection. We have three innovation centers worldwide and will launch our first global brand soon. Glenmark understands there is value in building brands, and therefore, in Mexico, we play in branded generics. This approach requires more investment, but it pays back, and we are delighted with our results – Our most recent launch achieved 2nd rank in the second year of sales.
We will see many more products from Glenmark in the future as R&D is happening on a global level. We already have a few products in phase three in our pipeline and plan to bring these unique products to the market shortly. We focus on specific therapeutic areas we are already strong in, and our robust pipeline is moving forward.
EF: Digital tools and AI must be integrated into the company pools to stay relevant, optimize processes, and communicate better. Where does Glenmark stand on this topic?
MR: Like it or not, AI is very much here and taking up more and more of our lives, and pharma is no exception. AI is a powerful tool, and we need to learn from it and put it to use to where it will add the most value. Glenmark is preparing to use AI technology; we may include some tools at a practical level next fiscal year.
EF: What will it mean for Glenmark if COFEPRIS manages to accelerate the approval process rate?
MR: We all want to offer the best treatments at a reasonable price to be available for the patients. Without approval, no new therapies, molecules, or innovative products can compete with other products in the country. The speed of the regulatory issue is complex in many countries. However, there has been a positive change in COFEPRIS regulatory aspects, so we expect approval for various products and have several launches planned for the next fiscal year. Five of our products were approved in the last twelve months and can now be launched in Mexico.
In the coming years, Mexico expects an influx of various new technologies, products, and tools. These could include adopting best practices through collaboration with agencies like the FDA or MEA, potentially increasing resources to approve more molecules. Additionally, if a product has already been approved in one country, other nations might adopt that approval for their own use. Harmonizing regulatory frameworks throughout the LATAM cluster can further grow the attractiveness of the region.
EF: With an election year coming up, a hypothetical question. What would your healthcare proposal be if you were one of the presidential candidates?
MR: We should put the patient in the center, providing the best treatments to as many people as possible in the most affordable way. It is easier said than done, but allowing new products, treatments, and technologies to come into the country quickly and efficiently would help the population's health.
It is important to introduce new therapies into the official list of medicines. Even if some treatments are slightly more expensive, they will solve the problem, so in the long term, they are better and cheaper options. More companies with the same molecule participating in the federal tenders, not just local companies, will create a better price for more people to get treatment.
EF: Is there a final message you would like to share?
MR: I expect 2024 to be a year of growth for Glenmark. We are extremely well-positioned sooner than we thought we would be, and now we must keep the momentum and think up new ideas to stay ahead of our competitors. I am passionate about my work; I try to be better, faster, and innovative and to pick the right products from the pipeline. The sky is the limit with the right people around me who know what they are doing and what is expected from them and their teammates.
