What has been the focus of business for Laboratorios Richmond in Colombia?
Our focus is growth, expansion, and the development of portfolios. Laboratorios Richmond has been in the market in Buenos Aires since 1935. In 2019, Richmond acquired Expofarma in Colombia, a local pharmaceutical company that participated in the cardiometabolic and analgesic segment. The idea behind the acquisition was to develop the other portfolios in high-cost categories. Colombia is the main subsidiary of the company, and we aim to account for 25% of the group in five years. The high-cost categories that we want to grow in Colombia include HIV, oncology, multiple sclerosis, and other segments. We aim to have sustainable and responsible growth in the country.
What role do partnerships have in the company's strategy of international expansion?
Partners are key to Richmond's expansion strategy in different territories and categories. One example is the last MoU signed with the Russian Direct Investment Fund, which represents the Gamaleya Institute that aims to develop a new vaccine plant in Argentina to produce the COVID-19 vaccine and others. In Colombia, we are in initial conversations with other third parties to be part of this initiative and contribute to the local production of vaccines in the country.
Laboratorios Richmond will produce the Sputnik vaccine in Argentina. What implications do you foresee for the company in Colombia in that strategy?
We are proactively looking into the opportunity in Colombia. It will deploy resources and capabilities in the production plant in Argentina and opens up an opportunity to explore with third parties to make production possible in Colombia. There is also an opportunity to make use of the government's proposals on capital and resources to companies that are going to do this development in the country. It is the right time and momentum for that.
What partnerships do you currently have in Colombia, and which ones are you targeting?
We currently have different partnerships with institutes and universities to carry out research for efficacy and security of different active ingredients and some generic molecules in key segments. On the other hand, we are part of different projects with Cámara de Comercio de Bogotá in terms of internationalization and are currently developing contacts in Peru and Ecuador to extend business in the Andean region through this platform. We are also trying to acquire additional licenses in Argentina to commercialize new products. We are partnering with third parties to strengthen the capacity of plant production in Bogotá and to comply with good manufacturing practices in the country according to the regulations of INVIMA. We are investing in different areas, and not just commercialization.
How has adaptability been key during Richmond's 80-year history and what is the company's strategy into the future?
The company's strategy is to create generic products in key segments, mainly HIV, where we are leaders in some countries. In Argentina, there have been strong developments in terms of research and first generic in the marketplace. As a result, we innovate in pharmaceutical compositions, fix combinations with the aim of having quality products at low prices, so people can have access to medications mainly in HIV, oncology, and cardiometabolics. We are also targeting the multiple sclerosis and arthritis markets with key products this year. Currently, Colombia represents 10% of the company, but we aim to account for 25% of the total revenue of the group.
How can Laboratorios Richmond serve as a partner for international companies in their ventures in the Latin American and Colombian markets?
We can be great partners to providers and suppliers of active ingredients from different countries that are looking to gain access to the market in the country. We not only have the production plant for intermediary procedures and get the finished product, but we also have an important record of knowledge of the marketplace and access to the channels in the country.