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EF: Starting into 2024, what are Stendhal's priorities?
RR: 2024 will be a year of challenges, with an upcoming election that will impact Mexico’s healthcare system. Nevertheless, we are set on maintaining our achievements and excelling in the health sector. Stendhal plans to persist in investing in innovative products, solidifying our reputable presence beyond Mexico. Our partnerships globally, especially in Asia, Europe, the United States, and Australia, have been robust. Despite the changing socio-political landscape in Latin America, we are exploring partnership opportunities to enhance our portfolio. With more companies eyeing the region, our business model anticipates growth, presenting promising opportunities for Stendhal in the foreseeable future.
EF: How do you see Mexico evolving as an innovative hub, and what role does Stendhal play in this scenario?
RR: In Mexico, changes in COFEPRIS are causing delays in the approval of new products, posing a challenge for the pharmaceutical industry. We are addressing this challenge by seeking partnerships and focusing on mature products to sustain our business model. Despite encountering reporting delays, our 30% growth last year sets an ambitious baseline for 2024.
Thanks to our innovative orphan drug portfolio, Stendhal is now a leading pharmaceutical company in Central America.
EF: How do you build the structures to reach and develop access to orphan drugs across Latin America?
RR: In our business model, which involves dealings with multinational companies, we have observed that one-size-fits-all agreements often fall short in the diversity of Latin American countries. Recognizing this, some companies now opt for multiple partners, aligning with our approach. Our strength lies in country-specific strategies, which have helped us excel in Mexico, Central America, and the broader region. We achieve success through valuable alliances, offering clinical information through our medical department and patient programs. These initiatives inform physicians and empower patients, demonstrating how our products, though sometimes costly, can truly transform lives, especially in critical situations.
EF: How do you think Mexico can still evolve and bring more investment and innovation to the country?
RR: As part of AMIIF, we encountered challenges with clinical studies. Previously, the healthcare sector invested nearly $500 million in clinical trials, but this has decreased due to slow approval processes. We are addressing this issue by emphasizing to the government how delays impact clinical trials. Rather than viewing it as a setback, we see it as an opportunity to improve. By adapting our approach, we aim to turn challenges into opportunities, ensuring growth in Mexico's pharmaceutical sector.
EF: How do you leverage AI and digital tools to streamline and improve operations across LATAM?
RR: We are making significant investments in AI as we explore its potential. It is a new frontier for us, and there's still much to uncover. AI streamlines data analysis, accelerates decision-making processes such as communication with physicians, and optimizes clinical study designs. However, we are only scratching the surface of its capabilities. The primary challenge lies in ensuring security, as data protection is paramount. Despite this, we are leveraging AI responsibly, albeit with some limitations due to security concerns.
EF: What advice would you give to other executives when it comes to building a cohesive work culture?
RR: Our business model thrives on adopting a growth mindset. Every quarter feels like a challenge, pushing us out of our comfort zone. With numerous reports to deliver, it is crucial to continually challenge and enhance our capabilities, ensuring we attract the best talent in the market. Competing with the top ten pharmaceutical companies in Mexico requires high standards that we set, which is why we are striving to transform the industry in all the countries we operate in. The dream of reshaping the pharmaceutical landscape is alive, and we remain steadfast on this path.
EF: Hypothetically, if you were the new health minister, where would you start improving the healthcare in Mexico?
RR: To transform the healthcare sector in Mexico, I would begin by listening to the experts, irrespective of political affiliations. Adding up the knowledge of our experts multiplies the benefits to the patient. Our common goal is the well-being of the patient. Despite potential challenges for the pharmaceutical industry, I have observed positive steps by the government in enhancing patient access.
Combining industry knowledge with government efforts can amplify benefits for both patients and the healthcare sector. Rather than viewing innovation as a cost, I believe in defining a business model where innovation leads to better outcomes and cost savings. Engaging in conversations with the government is essential to foster this approach.
EF: What final message would you like to deliver?
RR: Stendhal can account for numerous success stories showcasing our ability to make products readily available for patients. Modesty apart, I genuinely believe we are the ideal choice for partnerships in the countries we operate in. It is worth noting that we are the only Mexican pharmaceutical company in AMIIF, aligning our compliance policies with IPMA standards. This makes us proud, demonstrating that we operate at the same high standards as global companies.
