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EF:You have worked for numerous multinational pharma companies. What drove you to start your own company, and what was the inspiration behind Mayanfarma?
SG: I have experience of over a decade in 3 multinational companies and worked in various capacities. Started from the very bottom of the ladder as a sales representative and grew to a Country Manager in Latin American Markets. It is an exciting journey and I loved every phase of it.
New challenges, exciting opportunities, and learning curves are visible in most companies, however,there is one thing which was very essential for me and I searched for it in each company I worked and that is its culture.
There was a restless entrepreneur in me who always desired to create something from scratch. I sense the excitement of building a team and creating credible brands. Most of them I can get from all the MNCs I worked for but above all, I wanted to build a company with an incredible work culture which I always wanted to have as an employee.
The inspiration behind Mayan Farma is to create an organisation that is transparent to business partners, trusted by its consumers, and loved by its employees.
EF: Considering the need to balance different economic and political situations, do you see the year 2023 as a challenge or an opportunity?
SG: Considering the current economic & political situations, it is an opportunity phase. The new reformations from Mexico Health authorities / COFEPRIS have opened the gates of Mexico's marketplace for overseas corporations.
Local BE studies wavier for registering the product with COFEPRIS has significantly accelerated the opportunity for many global manufacturers to explore the Mexican market potential. This addresses the lack of certain critical care drugs or non-availability challenges in the Mexico market.
There are nevertheless a few challenges like lengthy timelines for product approval and so forth.,however as they say, in every challenge lives a greater opportunity. It is worth the wait.
EF: How do you assess the differences in the regulatory bodies of each country in Latin America?
SG: I have first-hand knowledge of INVIMA & COFEPRIS and have a fair knowledge of ANVISA and the Ministry of Health Chile. COFEPRIS / ANVISA standards are generally considered regional references for Latin American markets. According tome, the key parameters for assessment would be:
- Timelines for approval of new product registration
- Language (Spanish / English) dossiers for submission
- Stringent regulations/guidelines on the dossiers by regulatory authorities
- Rolling out the tender requirements and criteria for participation in the same
EF:What is Mayanfarma doing to drive access in Mexico and Latin America?
SG: Our approach to increasing access at Mayan Farma, begins with our innovative product portfolio tailored to the Mexican market. As the industry shifts towards novel drug delivery systems and prefilled syringes,we are proud to announce our partnership with a reputable European manufacturer to bring critical care therapies in this packaging format to Mexico. Our focus at Mayan Farma is to make these products widely available for patients who currently do not have access to them.
EF: In 10 years, when you look back on this part of your career, how would you like to be remembered as the founder of this company?
SG: As a first-generation entrepreneur and founder, my aspiration is to be remembered as a person with a clear vision and strategy, and the ability to successfully execute it. I envision Mayan Farma as not only a successful company but also an ethical and socially responsible one that positively impacts people's lives and contributes to creating a better world.
Ultimately, I strive to be recognized as someone who left a lasting legacy that endures over time and made significant contributions to the pharma industry and society as a whole.
EF: If you had to start your own company in Mexico's healthcare sector, what would you create and why?
We are currently developing a business model which addresses the availability issue of medicines. The business mainly provides logistics solutions and a micro warehousing system in Mexico, allowing every hospital to have access to every medicine. We plan to implement a consignation model similar to that used by pharmacies, ensuring all hospitals, regardless of size, can access the medicine they need. Additionally,we are working on a digital project called '360 Degrees of Healthcare,' which will streamline the healthcare process from doctor consultation to the purchase of medicine, all within one app. This platform will offer both patented and innovative medicines for those who can afford them, as well as generic options for those who cannot.
EF: If you had to tell the industry what the roadmap to the future would look like for the next five years in Mexico or in Latin America, what would your three main pillars be?
SG: Digital Transformation: The digital transformation of the pharmaceutical industry will become increasingly important in the next five years. Companies should focus on developing digital strategies that incorporate technologies like artificial intelligence to enhance clinical trials and improve patient outcomes.
Collaboration and Partnerships: Collaboration and partnerships are likely to play an important role in shaping the future of the pharmaceutical industry in the region. This includes collaborations between pharmaceutical companies and other stakeholders, such as governments and healthcare providers, to address key healthcare challenges and drive innovation, access, and availability of essential medicines.
Evolving Regulatory Landscape: The pharmaceutical industry in Mexico and Latin America faces a dynamic regulatory landscape. In the next five years, companies must navigate regulatory changes that impact drug pricing, registration, and distribution. They should also prioritize compliance with local regulations and international standards,including those related to drug safety and affordability.
EF: Is there any final message you would like to give or something that we didn't ask you about that you feel we should be discussing?
SG: At Mayan Farma, we take great pride in coming to work every day with the aim of creating a better healthcare community and business that is second the none. It is with great pleasure that we announce our recent success in winning a significant tender for three drugs, which is an impressive feat for our young company that has been operational for only 15 months. This success has further motivated us to take on more responsibility in our mission to create a better healthcare community. In addition, we are excited about our upcoming expansion into South American countries. Furthermore, in Mexico by the end of this financial year, we will be introducing a new business vertical focusing on nutraceutical and food supplements.