Aspen Philippines Inc. was launched uniquely as the first South African pharmaceutical company in the country. Its mother company, Aspen Pharmacare Holdings Ltd. holds a proud legacy of over 160 years, providing quality and affordable medicines through its global presence in over 150 countries (as of 2014) in terms of products, offices, and 24 manufacturing sites.
Aspen Philippines’s growth is considered an inspiration, as proven by its recent nomination in an international industry awards. In less than three years, Aspen Philippines’s work force grew from one to 150. The initial 12 brands expanded to 37 brands both locally acquired, and in partnership with other companies. Expenses were also managed well, resulting in lower actual values versus forecast. Its sales grew from P64 million to a phenomenal P1.2 billion. Cash balance at the end of June 2012 was higher by P14 million, or 147 percent versus target. This is reflected in its swift entrance to the IMS 100 top companies, rising from 36th ranked in September 2012 to 30th in June 2014.
These achievements can be rightly credited to Marcelina “Ace” Itchon, who founded Aspen Philippines Inc., and is also its CEO and president. She set it up from the ground to be the robust company that was built from the collective experience of its team, with her serving as the role model.
Aspen Philippines’s Ace started her career in the pharmaceutical industry as a medical representative and rose from the ranks through dedication, hard work and passion. Through the years, Itchon had gained tremendous experience locally and in Asia Pacific setting in both sales and marketing in all therapeutic areas: sales force effectiveness, operational excellence, training, succession planning, talent management, and organizational development. The hallmark of her management style is empowering the individual —maximizing the potential of each employee while championing women’s issues. All these were instrumental in making Aspen Philippines the “big and has a heart company” it is today.
The crowning glory of Aspen’s success is Itchon’s prestigious nomination at the Asia CEO Awards. Asia CEO Awards, presented by PLDT Alpha Enterprise represents a wide-reaching alliance of local and international business people to promote the Philippines on the world stage. As one of the largest events of its kind in the Asia Pacific region, it is considered a must-attend occasion for business leaders active in Southeast Asia.
This honorable body bestows 10 awards to some of the most accomplished leadership teams and individuals currently operating in the Philippines and the region. The awards recognize extraordinary leaders who have demonstrated outstanding achievement for their organizations and contributions to others.
Taking a different business strategy
Aspen Philippines has been operating in the Philippines for almost three years. Itchon was placed at the helm of a fledgling company, seemingly green among the big multinational companies already settled in the country. But building from the ground up and establishing a strong management team has made the company grow tremendously. The carefully selected management group set up a robust company that was built from the collective experience of its team. “Being chosen to develop Aspen Philippines has been a personal honor, privilege and an enormous responsibility,” Itchon says.
Aspen Philippines took an innovative approach in doing business by reinvigorating heritage brands from local and global acquisitions, introducing new products in the market, and forming commercial alliances with other multinational companies.
The company also takes pride in strictly adhering to a high standard of ethics consistent with the ethics of its mother company. More than just lip service, Aspen Philippines Inc. formed Assurance, Compliance, and Collaboration for Excellence (ACCE), a team of young subordinates who are empowered to challenge their superiors’ non compliance to company policies, as well as to find more efficient ways of doing things.
Every day new scientific findings are published in the field of health and medicine. Aspen Philippines Inc. is a big believer in continuous learning.
The success of Aspen Philippines Inc. is an inspiration to those who believe in hard work, values and innovation. A maverick in the field, it chose to take the less beaten path in a field that already had many established players; this perspective proved to be its strength. Aspen Philippines Inc. proves that there are always new ways of scaling the heights in a well-trodden business landscape. Itchon has stewarded Aspen Philippines Inc. well, growing tremendously as one of the most innovative pharmaceutical companies in the country.
www.aspen.ph