Read the Conversation
Conversation highlights:
- Access Remains the Defining Challenge: Competitive dynamics and regulatory changes are gradually improving affordability and availability across key Latin American markets.
- Focused Expansion Across Core Markets: Torrent Pharma is strengthening its presence in Mexico, Colombia, and Chile through a lean regional structure and experienced local leadership.
- Execution Over Complexity: Speed, discipline, and low bureaucracy underpin the company’s ability to compete effectively as a niche player.
- Evolving Go-to-Market Models: Trade and pharmacy channels are gaining importance alongside traditional physician-driven strategies.
- A Broader Role in Healthcare: Long-term growth is paired with investments in education, digital tools, and support for the medical community beyond commercial objectives.
EF: Reflecting on Mexico´s Health industry, what is one key challenge to address in the next five years?
JB: Access remains one of the main challenges, particularly in Mexico, because it continues to lag behind other markets. The issue goes beyond public coverage and extends to the retail channel. However, the landscape is starting to shift. Growing competition is putting downward pressure on prices and opening the door to new therapies and improved treatment options. Physicians are responding positively, as they now have more alternatives and feel more confident about prescribing products when they trust their quality and know they are within reach for patients.
The government’s decision to remove the requirement for local manufacturing facilities has also encouraged a steady flow of new entrants. If this policy is maintained, access should continue to improve over time.
EF: Could you share an update on your current regional footprint and your company´s expansion plans for Latin America?
JB: We remain in the middle of the expansion process and have adjusted our organizational structure. Two commercial leaders have now fallen under my direct leadership. Following the departure of our regional general manager, we appointed two seasoned country heads, including a strong local leader in Colombia. Their deep market knowledge is enhancing coordination and strengthening relationships with key stakeholders.
We expect to begin invoicing within the next six months. In Colombia, we already hold around 25 marketing authorizations. In Chile, we have about 15, and more than 20 additional applications are currently under review by the authorities. Our plans remain robust, and we are highly focused on growth in these markets. Chile is smaller, but attractive, as approvals are typically faster. In Colombia, the situation is similar to that in Mexico. The regulatory process is not particularly fast, but the opportunity remains significant. Our initial priority is to expand our presence by launching our existing pipeline and partnering with other companies over the coming years to broaden our portfolio.
Across the industry, many companies are working to bring semaglutide to market in the next few years, creating an increasingly competitive race, especially for diabetes-focused companies, for whom a GLP-1 product will be essential to remain competitive. While our primary focus will continue to be central nervous system therapies, we are also expanding into oncology, urology, and diabetes, where GLP-1 products will play a central role in our long-term strategy. This should significantly enhance patient access, especially as semaglutide is expected to lose patent protection in 2027 following a recent extension.
EF: What key capabilities will be most critical to support your pipeline and commercialization strategy in the coming years?
JB: What truly matters is strong execution: discipline, speed, and doing things well, rather than constantly trying to create something new. As a smaller company, our limited bureaucracy allows us to make decisions quickly, which is a real competitive advantage and will continue to be a strength for us.
We are very clear about being a niche company, not trying to compete in every therapy. In Mexico, for instance, cardiovascular disease is a major but crowded field. We focus on diabetes and carefully select the molecules with long-term potential, and apply the same approach in oncology and urology. Our goal is to become experts in what we do. In central nervous system therapies, we already hold a leading position in our covered market. Our recent launches have performed very well, and we will continue to expand our portfolio in this segment.
We put significant resources behind each launch, as we are comfortable investing for several years, accepting our operating margins to decline temporarily if it supports long-term growth. We often talk about where the business should be in 10 or 20 years. With Aman Mehta now leading the company and expected to remain in the role for decades, this vision is even stronger. This approach sets us apart from companies that focus only on short-term results. It is one of the key capabilities that has helped us consistently gain market share.
EF: How do you view the future of Latin America, and what role do you see it playing within Torrent Pharma going forward?
JB: Our goal is to reach 100 million dollars in revenue over the next five years, a key milestone in our ambition to become a more important region for the company. India remains the main market, generating about 60 percent of total revenue, and that share may stay the same or even increase, given the company’s acquisition strategy. We are also exploring potential targets in the region, although we have not yet identified the right one.
We see strong potential in Latin America, especially within the branded generics segment, where there is still substantial room for growth. Markets like the US and Europe are mostly pure generics, where prices and margins are much lower. That is why we plan to expand our current footprint in markets where we see profitable growth opportunities.
Our go-to-market model is also evolving. In the past, we focused mainly on physicians, driving prescriptions, creating demand, and ensuring good distribution, while today, trade and pharmacy chains are becoming much more important. We expect to shift part of our investment from traditional marketing and education toward trade marketing and building new capabilities so we can adapt to this changing environment.
Looking ahead, one of the main challenges will be creating a differentiated portfolio with some incremental innovation, as competing only in traditional, highly saturated molecules will become increasingly difficult. This is how we expect the branded generics segment to evolve over the coming years.
EF: Is there any additional topic or insight we have not covered that you would like to add?
JB: I believe branded generics companies should play a broader role than simply expanding their portfolios and improving patient access. We should be more engaged with society and physicians in ways that are not entirely commercial, assuming our responsibility to give back to the healthcare system. While this has traditionally been led by large pharmaceutical companies, branded generics companies can and should also contribute.
For example, we are investing in an educational program for medical residents that is having a strong impact. We have developed an AI-supported learning platform for residents training to become specialists, who must pass very demanding exams, while working in hospitals and seeing a high number of patients every day. This platform helps them learn more flexibly. All the content is developed and reviewed by experts. They can use the platform to ask an AI assistant to create a podcast for them to listen to while driving, or a summary to review quickly.
These initiatives are not directly linked to sales or business performance. We have a responsibility to support the healthcare ecosystem, not just to launch more products and increase profits, but also to make a meaningful contribution to healthcare in the countries where we operate.
