Newspaper article The Journal (Newcastle, England)

Pharma Firm Looking to Boost Presence in Japan

Newspaper article The Journal (Newcastle, England)

Pharma Firm Looking to Boost Presence in Japan

Article excerpt

Byline: JONATHON MANNING Reporter jonathon.manning@reachplc.com @JONNYAMANNING

APHARMA firm is looking to expand its presence in Japan after boosting turnover by more than PS17.5m last year.

Cramlington's Sterling Pharma Solutions saw its turnover jump 46%, from PS37.9m to PS55.4m, for the year ending March 31, 2018.

The huge increase to turnover is a result of the firm doubling its sales since 2016, when the company was formed through a management buyout of the Shasun Pharma Solutions Dudley site.

A large proportion of the firm's success comes from its US division, where sales have increased by 164% since 2016.

Sterling Pharma's business in North America now makes up 68% of its portfolio.

The firm - which specialises in making active pharmaceutical ingredients (APIs) - is now looking to expand its presence overseas, with a particular focus on growing in Japan and Asia.

Kevin Cook, Sterling Pharma's CEO, said: "Our strong growth can be attributed to a number of factors, including the emerging pharma sector in the US - which is why the continent is a key market for us - and big pharma demand for the complex and hazardous chemistries we provide.

"Our strategy will focus on the diversification of our customer and product base. We also have plans to expand our presence in Asian markets such as Japan and have an ongoing investment plan to ensure we can continue to meet the various needs of our customers globally."

Sterling Pharma has already taken steps to crack the Japanese market and has hired a consultant in the country to expand its presence.

Andrew Henderson, sales and marketing director, said: "Just over 18 months ago we hired a consultant based in Tokyo to support our business development efforts in the Japanese market. The Japanese market can present a challenge from a language perspective but to be successful in Japan it's important that you are aware of their culture and this must be considered in your business development strategy and approach. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.