Q&A: A generic rise, Jim Luce, Amneal Pharmaceuticals
Usually big-name companies come to mind when referring to the generic-drug industry. But like any other, the generics industry is a fluid one in which a company can propel itself from a small start-up to an industry giant, as Amneal Pharmaceuticals has done lately. Drug Store News recently caught up with Amneal EVP sales and marketing Jim Luce to check on the latest developments at the company.
Drug Store News: Your company calls itself “Generic’s New Generation,” but what sets you apart from other generics companies?
Jim Luce: Amneal is dedicated to building superior customer relationships based on solid professionalism, high integrity, outstanding responsiveness, openness and candor implemented through focus on mutually aligned priorities. We clearly understand the key deliverables our customers require, then work diligently to create and provide value beyond the obvious. A great example is the feedback from an industry veteran customer who recently commented, “Of the 46 suppliers I work with, Amneal has, without question, the most responsive and valuable customer service team. They answer their phones, respond to emails quickly and, most importantly, have answers.”
DrSN: How would you characterize your growth lately?
Luce: Amneal is now the 12th largest U.S. generic supplier in number of prescriptions, according to June 2009 data from IMS Health. We have achieved a year-over-year increase of 114%, the highest in the industry. Amneal’s aggressive growth strategy and commitment to customer service have enabled us to build considerable momentum.
A comprehensive approach encompassing product diversification, rapid ANDA approvals and strategic acquisitions will ensure that Amneal continues its exceptional progress. The company is developing a robust pipeline through its newly expanded R&D and manufacturing capabilities. Just seven years after its founding, Amneal now has over one hundred products approved or filed with the FDA and in development, including 36 approved ANDAs in multiple dosage forms.
Well-considered acquisitions of undervalued product lines and facilities are also key to sustaining company expansion. Amneal is passionate and aggressive about growth, yet disciplined in approach and execution of our strategic plans.
DrSN: What new products will Amneal release in the next couple of months?
Luce: We anticipate receiving FDA approvals for products such as antihistamines, antiepileptics, antiemetics, decongestants, antianxiety agents, analgesics and antacids/H2-blockers. Dosage forms will include oral solutions, oral concentrates and tablets.
Ten additional medications are expected to be launched by year-end. Amneal’s current portfolio includes 250 products in 32 product families, which span 20 therapeutic categories.
DrSN: Where do you see Amneal next year or five years from now?
Luce: Amneal expects to introduce more than 20 products between now and the end of 2010, then approximately 25-30 per year thereafter, further expanding our position in the generic industry. We are continuously adding to our internal pipeline across virtually all dosage forms and several therapeutic categories, including several Paragraph IV and 505(b)2 filings. Over the next five years, Amneal will continue to pursue its stated vision to become a top five U.S. generic manufacturer by significantly expanding our robust organic pipeline and executing smart, strategic and aggressive acquisitions of products, facilities and technology.