Survival in pharmaceutical sector: 25% growth next year

Labormed drug producer, owned by Advent International investment fund, has budgeted a 25% turnover increase for 2011 from the 70-75m-euro level reached this year.

"2011 will be another year of survival. The strategy we have to survive is growth. There are two ways one can carry on in such an environment. Cutting costs and the business size as much as possible, but this strategy would not work in our case. The second solution would be to grow and this is what we've chosen for Labormed," Stephen Stead told ZF.
He added the growth would come from the OTC drug portfolio, but also from new product launches.
"The most important projects of 2010 were rebranding finalisation, after acquiring Ozone portfolio and the internalisation of these products, building a new administrative offices near the plant, where the entire personnel moved. We made major changes in the organisational structure by outsourcing logistics, expanding the OTC team, strengthening the Rx (prescription drugs) team and the international department. We introduced 11 new products this year, part of them developed in house," Stead added.