Renowned asset managers Campden Wealth and Societe Generale organized the 14th conference for leading european family business in the majestic Lobkowicz Castle in Prague/ Czech Republic.
Prince William of Lobkowicz presonally welcomed the distinguished guests and gave an inspirational speech about his families long and colourful history and his return from the USA to reclaim his ancestors possessions.
Croma-Pharma's CTO Martin Prinz was invited to participate in a high-profile discussion panel on "Learning from the Youngers".
Other discussion groups featured other legendary families, whose history has been going back many centuries. Like Cyril Camus, the sole shareholder of the cognac empire of the same name or the son of Ferragamo Family.
At the splendid evening gala, awards were presented in 6 categories. Croma-Pharmas CTO Martin Prinz was very pleased to receive the category award for "Top Family Business Rising Star". The surprise about his nomination and even more so about winning the award were clearly visible.
Awards and Recognition-Prizes such as these presented at the European Families in Business Conference mean a lot to the company and its more than 320 employees, as they express recognition and appreciation of the company's great achievements and impressive development.
In accordance with section 68 (1) of the Trade Regulations of 1994, the Federal Minister of Economics may award this recognition to commercial enterprises that "have qualified through extraordinary contributions to the Austrian economy" and "obtain a leading and generally respected position in the relevant industry "(Z. 3).
At present, only 1,400 domestic companies are entitled to use the state coat of arms in commercial transactions.
Austria-based Croma-Pharma forms Joint Venture with Sihuan Pharmaceutical to market premium Intradermal-Filler in China, Hong Kong and Macao.
The registration of Princess® VOLUME and the signed Joint Venture open the fastest growing market for aesthetic medicine "Made in Austria". Croma-Pharma is one of only two European producers of Intradermal Fillers approved in China.
Hongkong, 12 June 2017 - Asia in general and China in particular are the fastest growing markets for minimally-invasive aesthetic medicine. The Chinese market sees fierce competition, mostly from local manufacturers. High-end western products, such as Princess® VOLUME, are very rare. At the end of May 2017, Sihuan Pharmaceutical Holdings Group Ltd. (via its affiliate SunMoral HK Limited) and Croma-Pharma entered a far reaching and long term cooperation. License and Distribution Agreements will combine each partner’s assets in the newly founded joint venture company SunCro Aesthetics & Cosmetic International Co. Limited. Financial details were not disclosed by the parties.
Croma-Pharma will contribute its products, experience and related intellectual property rights, whereas Sihuan Pharma Ltd will provide its multi-channel distribution and marketing knowledge in Mainland China. Within the next weeks, another Croma-product - Princess® VOLUME Lidocaine - will be submitted for registration by the CFDA.
The JV aims to market a complete minimally-invasive aesthetic portfolio. Sales of Princess® VOLUME will begin as early as July 2017, as traditionally September is the strongest month in sales for similar products in China. A genuine botulinum toxin will be added by Sihuan Pharma Ltd. to the growing portfolio of the JV’s premium aesthetic products by 2019.
The cooperation between Sihuan Pharmaceutical and Croma-Pharma will have a major impact on the aesthetic medicine market in China, which had an average growth of over 20% annually over the past years. This caused an increasing demand for safe, high-quality and efficient micro-cosmetic surgery products such as hyaluronic acid facial injections or Botox. The JV’s launch of premium intradermal-fillers is expected to change the Chinese market as a whole and to eventually drive products of low quality out.
Dr. Guo Weicheng, Deputy Chairman and CEO of Sihuan Pharmaceutical, said: “Sihuan Pharmaceutical has established an extensive marketing channel and demonstrated strong sales capabilities over the past years. That, together with Croma-Pharma’s expertise in pre-filled viscoelastic injectables for orthopaedics and aesthetic indications, will lead to rapid market expansion. With the establishment of the JV, the Group has extended its business into aesthetic medicine which has immense growth potential in China.”
Andreas Prinz, CCO and Co-Owner of Croma Pharma: "Croma-Pharma incorporates more than 40 years of experience in R&D of viscoelastic products. Our fully automated production lines in Austria deliver 6 million pre-filled injectables per year. We are rightfully considered leading european experts in Hyluronic Acid. With Sihuan, we have found the perfect partner to merge our strengths and assets to successfully enter the fast growing Chinese market. Sihuans ambitions and excellent distribution channels will help Croma Pharma to sustainably prosper in Asia."
About Croma-Pharma GmbH- leading experts in Hyaluronic Acid
Croma-Pharma, a family owned pharmaceutical company based in Austria is globally acclaimed for its expertise in pre-filled viscoelastic injectables for opthalmology, orthopaedics and aesthetic indications. Annual output of 6 million injectables makes Croma one of the major producers of high-end injectables worldwide.
Croma-Pharma is one of only two European companies having obtained market authorization for a product by the Chinese authority CFDA. The success is based on research and development at the company headquarters in Austria. The owners follow a clear vision for high-quality technologies and boldly seize opportunities for the acquisition of complementary companies or technologies. Croma-Pharma currently employs 320 people and operates 12 subsidiaries in Europe, North-America, Brazil and Australia. Through distribution partnerships, its products are marketed in more than 70 countries all over the world. Croma-Pharma is a multi-award winning company and celebrated its 40th anniversary in 2016.
About Sihuan Pharmaceutical Holdings Group Ltd.
Founded in 2001, Sihuan Pharmaceutical Holdings Group Ltd. is a leading Chinese pharmaceutical corporation and the largest cardio-cerebral vascular drug franchise in China’s prescription drug market by market share. The Company is also the fourth largest pharmaceutical company in terms of hospital purchase in China’s hospital market by the end of 2016. The success of the Company can be attributed to its differentiated and proven sales and marketing model, extensive nationwide distribution network, young and diversified product portfolio, and strong R&D capabilities. The Company’s current products encompass the top five medical therapeutic areas in China: cardio-cerebral vascular system, central nervous system, metabolism, oncology and anti-infectives.
Murad Al-Katib of AGT Food and Ingredients Inc. from Canada named EY World Entrepreneur Of The Year 2017. Murad Al-Katib, President and CEO of Saskatchewan-based AGT Food and Ingredients Inc., was named EY World Entrepreneur Of The Year 2017 at an awards ceremony held in Monaco’s Salle des Etoiles. He was picked from among the 59 country winners from 50 countries vying for the title.The EY Entrepreneur Of The Year™ (EOY) programme passionately believes in promoting entrepreneurship across the world and empowering entrepreneurs to grow their businesses both in Austria and around the world.
The or EY Entrepreneur of the Year Awards, sponsored by Ernst & Young, is a global competition that encourages entrepreneurship. Founded in 1986 in Milwaukee with just one award, as of 2016, twenty-five programs were run in more than sixty countries.
Despite the name, the award can be given to multiple individuals per year. In 2016, Martin and Andreas Prinz of Croma-Pharma claimed the EY Entrepreneur of the Year in Austria. They were representing Austria in Monaco at the WEOY Gala June 10th 2017. Together with them, there were 59 winners from 50 countries competing for this most prestiguous award. All the participants were introduced in the EY Alumni Club and used these days at Monaco to strenthen ties, networks and learn from each other.
The Entrepreneur of the Year Awards have been awarded to over 10,000 since 1986 averaging 400 recipients annually.
World Entrepreneur of the Year
Annually, each of the overall country winners gather in Monte Carlo, Monaco, for the annual EY World Entrepreneur of the Year Award. EY Entrepreneur of the Year Nominees are reviewed by an independent judging panel composed of several distinguished business leaders and previous award recipients. All country winners will be inducted into the World Entrepreneur of the Year Academy and to the Entrepreneur of the Year Hall of Fame, on permanent display at Ernst & Young's US headquarters at 5 Times Square in New York City.
Examples of past winners
1989 Michael Dell/ Dell Computer
1990 Kraut Kelleher/ Southwest Airlines Corporation
1991 Howard Schultz/ Starbucks
1997 Jeff Bezos/ Amazon.com
2000 Eddie Jordan/ Jordan Grand Prix
2003 Sergey Brin, Larry Seite/ Google Inc.
2005 Wayne Huizenga/ Blockbuster
2007 Henri Termeer/ Genzyme
Despite the fact that Martin and Andreas Prinz could not win the World Entrepreneur of the Year, they were among the top finalistes Their impressions of this glamorous event and the many gained experiences and new contacts will foster their entrepreneurial vision and give the company valuable impulses for sustainable growth.
Croma-Pharma GmbH, headquartered in Leobendorf near Korneuburg, is one of the largest global players in the field of aesthetic medicine. Yesterday, Petra Bohuslav, Minister of the Government of Lower Austria for Economic Affairs, Tourism, Technology and Sports paid a visit to the family business in the newly erected headquarters. "If a company such as Croma-Pharma GmbH decides to invest around 40 million euros in a new headquarters and production plant in Lower Austria, this is the most impressive confirmation that we are on the right track with the aim of making Lower Austria more attractive for businesses", says Petra Bohuslav, State Secretary.
Constant development, strong growth and the best prospects for the industry were decisive for the company´s Management's decision to set up a new, entirely growth-oriented headquarter. Petra Bohuslav: "The proprietor family Prinz has remained loyal to the business location of Lower Austria. What has emerged here is not only the largest commercial building in the region, but also a strong signal for the economic capacity of Lower Austria. Croma-Pharma is a leading company for the entire region! "
One of the foundations for the long-lasting, international success of Croma-Pharma GmbH is the highly specialized R & D department and the excellent networking with the Lower Austrian research landscape. The company invests around 12 percent of sales in the research and development of new products and is also active in the TFZ Tulln with its own R & D center. "With the new headquarters, we will also achieve a doubling of production capacities as well as the modernization and expansion of the R & D department. In Lower Austria, we find perfect conditions to be successful in the future. Within only a few years we want to be one of the world market leaders in the field of minimally invasive aesthetic medicine, "said CEO Andreas Prinz and CTO Martin Prinz.
The new company headquarter comprises around 6,000 square meters of office space on six floors as well as a connected 3,400 square meter of warehouse and logistics center. Due to the centralization and modernization process, the process flow becomes shorter, the interaction of the departments is speeded up and the overall efficiency is increased with the same quality.
"Croma Pharma is a perfect example of what can be achieved with vision, determination and great innovative power - a company that conquers the world from Lower Austria. The company is firmly anchored in the region. What has been created here and what state of the art research is being done in Lower Austria is impressive, "says Petra Bohuslav, the economics and technology expert.
On April 24th 2017, a CE certificate for Princess® VOLUME PLUS Lidocaine was issued by the notified body.
Princess® VOLUME PLUS Lidocaine is the latest development of Croma-Pharma's Dermal Filler series and a major addition to the portfolio of CROMA-PHARMA. This intradermal filler was developed as an extra-volumizing filler with a higher HA content (2.5%). Princess® VOLUME PLUS Lidocaine has been supplemented with 0.3% of the proven, fast-acting local anesthetic Lidocaine and thus guarantees a particularly high treatment comfort.
CROMA-PHARMA's latest Filler is used for the treatment of severe facial wrinkles, volume losses and an improvement of facial contours. This authorization has been preceded by a one-year long intensive development period and an 18-month assessment phase by the "Notified Body" SGS United Kingdom Limited. Within the scope of product development, Croma has succeeded in further optimizing and automating the proven production process in order to ensure the highest quality and safety of the products.
The welcome speech was personally held by Andreas Prinz CCO of Croma-Pharma. Mr. Prinz outlined the new strategic direction of the company and the so-called "cromatic approach" – Croma-Pharma's newly defined holistic approach for a modern, minimally invasive aesthetic treatment concept.
80 physicians participated throughout the day´s lectures and parallel live demo workshops on models.
In three theoretical lectures, Dr. Harald Kubiena, the medical director of YUVELL Fine Aesthetics, presented UNIVERSKIN, the latest innovation in individualized skin care technology. Afterwards, Dr. Hanno Pototschnig presented the aesthetic possibilities of the (platelet-rich plasma) PRP technology from Arthrex GmbH. Dr. Lukasz Preibisz, the renowned PDO lifting threads expert, then presented his latest experiences using PDO´s in body treatments.
Frequently hosting KOL-expert workshops to further educate doctors, Croma-Pharma presents itself as a trustful, competent and innovative global player in the continuously growing market for minimally-invasive aesthetic medicine. Training the holistic "cromatic approach" of craftfully coordinating all relevant and recognized technologies and offering them from one reliable source of reference, Croma-Pharma has positioned itself as a preferred partner of doctors to ensure bringing aesthetic medicine to the highest possible standard of quality.
Brazil is the third largest market in the world for aesthetic medicine. Therefore, this market is of a high priority for Croma-Pharma.
On May 8th 2017, the Brazilian inspection body ANVISA (Agencia National de Vigilancia Sanitaria) granted the approvals for Princess® VOLUME Lidocaine and Princess® FILLER Lidocaine. Lidocaine-based Filler products account for nearly 60% of Filler sales worldwide and are therefore a must for every aesthetic portfolio.
As a result, Croma Brasil is now able to distribute five intradermal fillers and will be able to expand its sales significantly thanks to these latest additions.
On May 2nd 2017, the Australian Government Department of Health (TGA) issued the positive Medical Device approval for Princess® Volume Lidocaine. This is the first Lidocain-containing product from the Princess® portfolio approved for the australian market. As a result, Croma´s product portfolio for the australian market now contains three filler products without Lidocaine (RICH, FILLER and VOLUME) and now also Princess® Volume with Lidocaine.
Lidocaine-enriched intradermal-fillers account for almost 60% of worldwide Filler sales. Therefore, the approval of this product in Australia was of major importance for Croma-Pharma´s Regulatory Affairs Department. Receiving this registration took almost two years and included a very thorough GMP inspection visit of the Australian authority to the company´s production site in Leobendorf near Vienna, Austria.
After completing the respective in-house change control processes in order to deliver the TGA compliant product variant, the new product is expected to enter the Australian market in August 2017 by the latest. Meanwhile the requested documents for the registration of Princess Filler Lidocaine will be submitted to the Australian authority these days and the aim is that approval should be received by the end of this year.