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EF: This is the time of the JP Morgan conference in San Francisco and the World Economic Forum in Europe. If you were addressing these influential audiences about the significance of healthcare, what key message would you share, representing Mexico and Latin America from your perspective?
JB: We urge them to take healthcare seriously, particularly in Latin America. While many leaders across the region, except Argentina, which is now taking a different direction, often speak about helping and empowering the people, their actions do not always align with these promises. This disconnect is evident in improving access to healthcare and providing better treatments.
To achieve this, we encourage executives to build strong partnerships with the private sector and actively collaborate with experts who can provide valuable insights and innovative solutions. Fostering teams with deep subject-matter expertise has immense potential to strengthen leadership in this area. While capable managers exist, enhancing their ability to cultivate high-performing, knowledgeable teams—particularly in Mexico—will drive meaningful progress.
EF: What key lessons did you learn when you were first appointed, and how have those lessons shaped where things stand today? Looking back nearly four years later, how do you reflect on that journey?
JB: It was a fantastic opportunity to step into the role during such a challenging time. Joining the company in the middle of the pandemic brought unique obstacles. We vividly remember our first meeting with the former GM, Sanjay Singh, who was returning to India. It was a brief encounter, and everyone was masked and maintaining social distancing, following the strict health protocols of that period. Meeting the team for the first time under such conditions was an unusual experience.
Torrent in Mexico operates primarily in the primary care segment, relying on traditional demand generation through sales representatives visiting physicians. However, during the pandemic, this model faced significant disruption. The team struggled to adapt to virtual calls with physicians, which often felt nearly impossible due to technical and logistical challenges.
Despite these hurdles, we had a strong year in terms of performance. Our focus on CNS (central nervous system) products proved critical, particularly in mental health. The pandemic led to a significant rise in depression and anxiety, driven by factors such as the loss of loved ones, job insecurity, and general stress. Psychiatry was one of the few specialties that adapted quickly, as psychiatrists could conduct virtual consultations effectively.
The situation required a lot of adjustments on our end, including reorganizing how the team operated and navigating the transition back to office work. It was a period of immense learning and growth for all of us.
After a year of the entire staff working remotely, we, like many others, began a gradual return to the office. We split the team into two groups: one came in on Mondays and Wednesdays, while the other attended on Tuesdays and Thursdays. Fridays were designated as work-from-home days for everyone.
This transition posed significant challenges for us, as we had to implement numerous changes during this period. It has been a truly transformational experience for the entire team. Torrent has been present in Mexico for more than 15 years, but there has been a history of frequent leadership changes, which added complexity to the process. Adjusting to this new dynamic required significant effort, but it also created opportunities for growth and innovation.
I am the longest-serving General Manager in the company's history. May will mark four years in this role. This continuity has allowed us to transform the business and operations by implementing meaningful changes.
Rather than reinventing the wheel, we have focused on bringing structure to Torrent, a highly entrepreneurial company with unique characteristics. When we joined, no clear framework was in place, and it became evident that standardizing specific processes was essential for shaping the future.
For the past three years, we have worked with an external consultant to develop a clear strategy and vision, now serving as the foundation for all our decisions. This clarity has been transformative. With a well-defined plan and ambition, we can filter decisions through this "compass" and easily align the team's actions with our goals. For instance, if we aim to achieve a specific financial target within three years, it becomes straightforward to challenge behaviors or strategies that do not align with that objective.
Establishing the strategy was challenging, but now we meet annually to reflect on our progress, adjust where needed, and refine our plans. Just last week, we had our strategic planning meeting, at which we included Rodrigo Pavez, the GM for the Andean region, for the first time. We are transitioning to support the Andean operation from Mexico as a hub, with functions like regulatory, supply chain, commercial support, and HR centralized here while maintaining some operational staff in-country where necessary.
Torrent has been very successful and aggressive in its growth strategy. Over the last four years, our Mexico market has consistently achieved double-digit annual growth of around 20%. We have attempted to acquire a few companies in the previous three years, but due diligence results led us to step back. However, there remains strong interest in developing a local company, potentially in the $100–150 million range. Meanwhile, we continue growing organically by advancing our pipeline and addressing regulatory challenges.
We recently moved to a new office and have received strong support from the head office. One thing we appreciate about Torrent is its simplicity of structure compared to larger companies. The decision-making process here is very streamlined. Our regional team reports directly to the Head of International, who reports to the company chairman, allowing fast decisions.
We are also working to emulate the success of Torrent in Brazil, which has been operating for 25 years and is now a highly profitable and respected player in the market. We aim to achieve this in Mexico, especially in the branded generics segment, which remains significant in Latin America. Compared to markets like Germany, the U.S., or the UK, where the focus is on generics with tighter margins, the profitability in Mexico and Brazil makes this region a key area of interest for continued growth.
EF: What was the mission entrusted to you when you were appointed to lead the Latin America (Ex. Brazil) region?
JB: Our mission was straightforward: we aimed to achieve $25 million in revenue for Chile and Colombia within three years.
We opened an office in Colombia and are in the final stages of setting up operations in Chile. This includes handling legal requirements and opening bank accounts. Next year, we plan to establish a presence in Peru and Ecuador.
The revenue growth strategy currently centers on scaling operations in Colombia and Chile. We prioritized Chile first due to its efficient regulatory agency, which is faster than Mexico or Colombia. We have already started hiring the commercial and finance teams needed to run the business. Meanwhile, the B2B side of the company, which involves distribution in countries where we do not have affiliates, is also being expanded to add more agility to the process.
Beyond revenue goals, our mission includes strengthening Torrent's presence in the region and laying the foundation for the company's globalization. Torrent still derives 60% of its revenue from the Indian market, with the remaining 40% coming from international markets. Expanding our operations in Latin America is critical to reducing dependence on India and achieving a more balanced global footprint.
During our business review a couple of weeks ago, we discussed expanding our B2B business. Sanjay Gupta, Head of International Markets, told us not to be shy and ask for the needed headcount to capitalize on this opportunity and accelerate growth. I appreciate that kind of flexibility. While not everything I ask for will be approved, if it makes sense, I can usually count on getting the support I need.
Of course, this comes with great responsibility. As noted, we have delivered strong results over the past few years, which have helped build confidence in the region and made it easier to secure resources.
Coming from a multinational background, we have learned that it's not about always asking for more but about using resources efficiently and understanding the correct numbers. It is a more long-term approach here. In big companies, you are under pressure to meet quarterly earnings targets, which can create short-term thinking. Here, we focus on sustainable growth and making the most of what we have, which has been key to our success.
EF: Can you discuss your portfolio management strategy, particularly in B2B and CNS, and how these areas drive your business in Mexico? Additionally, with Torrent's strong pipeline, what do you see for the future of your operations and portfolio?
JB: For the past 15 years, Torrent has built its legacy around CNS, a cornerstone of the company's foundation. This deep-rooted expertise dates to the founder's pioneering work in India and continues to define Torrent's identity today. While CNS remains at the heart of the business, the company is now poised for strategic expansion—prioritizing innovation over convention.
Instead of competing in saturated markets like diabetes and cardiovascular care, we are taking a more strategic path. By focusing on specialized therapeutic areas with less reliance on general practitioners—much like CNS—we are positioning ourselves to drive meaningful impact and establish a unique footprint in the healthcare landscape.
While we are working to grow our CNS portfolio, we still cover only about 35% of the total CNS market, leaving room for expansion. We are exploring opportunities such as acquiring local companies or portfolios that larger multinationals might be divesting. We also avoid participation in government tenders and instead focus on the retail segment.
The company is investing heavily in oncology, with plans to introduce oncology treatments to the retail market, potentially offering affordable alternatives to patients. This shift could open the underdeveloped retail market for oncology. Additionally, we are considering ophthalmology, urology & dermatology as another niche area for expansion. Torrent already has a strong dermatology presence in India, and we are now evaluating how to strategically enter into new therapeutic areas, possibly targeting segments like obesity rather than broader areas like diabetes or cardiovascular care.
To achieve our ambitious goals, we are looking to hire more talent to strengthen our portfolio capabilities and accelerate our pipeline. While our growth has been impressive, we recognize the need to expedite our development further to maintain our trajectory and competitiveness.
EF: As someone who is shaping the future of talent in the pharmaceutical industry, how are you aligning the current skill sets and resources within your team with the capabilities that AI will bring in the future? How do you envision this integration?
JB: We have already experienced one major disruptor with COVID, and now AI will likely be the next significant shift.
Our understanding of AI is still developing—maybe a 1 out of 10. Much of what we learned about it came from various sources, and we realized we needed to invest more time studying it ourselves. We are all still in the early stages of understanding AI, though we hear a lot about its potential in clinical trials and improving patient diagnoses. Some psychiatrists and our team were even discussing that one day, we might interact with virtual physicians who could diagnose conditions like depression or anxiety better than human doctors.
That said, how we engage with customers will undoubtedly change, but we do not believe the role of sales representatives will disappear. We have heard that for the last twenty years, but when we visit the field in places like Mexico, things are still very traditional, especially in less affluent areas.
While AI will continue transforming healthcare globally, its adoption varies significantly across regions and socioeconomic groups. Despite technological advances, we've observed a strong preference for personal interaction in markets like Mexico. This was particularly evident during the COVID-19 pandemic. While digital solutions provided temporary alternatives, the enthusiastic return to in-person interactions demonstrated that technology complements rather than replaces human connection in healthcare delivery.
The human perspective remains at the core of healthcare delivery. While AI technology enhances our capabilities—from streamlining administrative tasks to supporting clinical decisions—it augments rather than replaces human expertise. Our team leverages AI across various functions, including communication, strategic planning, and workflow optimization, demonstrating how technology can enhance productivity while preserving the essential human elements of healthcare.
EF: Torrent is celebrating its 15th anniversary in Mexico in 2025. When you raise a glass to mark this milestone with your team, what will your speech be like?
JB: When we raise our glass to celebrate, we invite the team to continue dreaming and remain bold, not afraid of what we can achieve. We would thank them because we are here because of their efforts, and not only them but everyone who has been part of Torrent's journey over the past 15 years.
We would also remind them to keep having fun because we enjoy ourselves. It is incredible to see how talent from larger companies is starting to look at Torrent and asking if they can join us. It is a testament to how our company is evolving.
Other companies, including big multinationals, focus more on high specialties, and some of their teams struggle due to layoffs. However, we do not have much bureaucracy in Torrent, which makes us more agile. Many people appreciate this flexibility. Of course, we do not have an extensive HR infrastructure or standardized talent development processes, but we have been creating those ourselves and sharing best practices with other countries.
The company is growing rapidly, acquiring businesses in India and looking to expand to other geographies. This growth mindset is real, and the key is that it is not just about short-term goals but about planning for the long term. For instance, when we moved into this beautiful new office, we signed a 10-year lease, even though we only need part of the space now. This is to prepare for the future, anticipating that we will need more space as we continue to grow.
This mindset is not just about the physical office but also reflects how we approach business. The company is doing well globally, and we are using our new office as a PR tool. Customers and physicians see it and hear about how well Torrent is performing. This sends a strong message about our direction and growth.
My message will be one of gratitude and forward-looking optimism. I will encourage our team to dream boldly and maintain the innovative spirit that has defined our journey. Despite challenges, our agility and the growing interest from professionals across the industry underscore Torrent's evolving stature. As we look to the future, our focus will be on sustaining growth and continuing to attract top talent to fill our expanding operations.
