Growing with the power of ‘Wan’

WAN Amir-Jeffrey Wan Abdul Majid did not waste time getting into his new role as Duopharma Biotech Bhd’s group chief executive officer (CEO). Taking over from long-serving group managing director Leonard Ariff Abdul Shatar effective Oct 1, he gave his first media interview as the new head of Malaysia’s leading homegrown pharmaceutical company – outlining a strategy built on continuity, discipline, and renewed energy for growth.

“My appointment represents continuity in Duopharma Biotech’s leadership journey,” he says. “It reinforces stakeholder confidence and reflects the maturity of our succession planning process and the depth of talent we’ve built internally.”

Wan Amir-Jeffrey, who joined Duopharma Biotech in 2016 and most recently served as CEO of group operations, is no stranger to the company’s transformation story.

He credits his predecessor for building a strong foundation of integrity and accountability that will guide his own leadership.

“Leonard taught me the importance of balancing strategic foresight with operational discipline,” he says. “Those lessons shaped how I lead – aligning strategy with execution and ensuring every decision creates long-term value.”

Duopharma Biotech’s 10-year corporate plan (2024-2033) remains the company’s north star. Rather than resetting the course, Wan Amir-Jeffrey intends to sharpen execution and accelerate delivery.

“The roadmap continues to guide growth across our key areas – consumer healthcare, biosimilars, and halal leadership,” he explains. “My role is to refine the strategy, translating vision into sharper execution and measurable impact.”

Under his watch, Duopharma Biotech will continue to strengthen its halal pharmaceutical leadership, deepen digital transformation, and expand regionally with a focus on operational excellence and sustainability.

The group achieved record-high revenue of RM813.7mil in financial year 2024 (FY24), a 15.5% increase, with net profit rising 19% to RM62.65mil. Wan Amir-Jeffrey wants to keep that momentum in FY25.

“We have been growing largely across the board, particularly in the government business,” he says. “The certification of our Bangi facility has allowed us to increase supply to the government alongside our Klang plant.”

Currently, about 60% of Duopharma Biotech’s revenue comes from the public healthcare sector, 32% from the private market, and roughly 8% from exports.

While the government segment remains a reliable anchor, he sees room to expand the private and export segments – especially as Malaysia moves towards import substitution and localised manufacturing to reduce healthcare costs.

“There’s an opportunity for Duopharma Biotech to seize some of these initiatives from the government,” he says. “We want to support their efforts to localise production while also building stronger positions in private hospitals and international markets.”

Doubling down on biosimilars

One major pillar of growth lies in biosimilars – high-value biologic drugs used in oncology, diabetes and autoimmune diseases. Duopharma Biotech’s partnership with India’s Biocon has already made it a leading supplier of insulin to Malaysia’s public hospitals, and the group is now eyeing deeper integration in this space.

“We want to localise insulin manufacturing,” Wan Amir-Jeffrey reveals. “Currently, we distribute finished products from Biocon, but we aim to bring that capability in-house while still collaborating with them on contract manufacturing.”

The group’s K5 facility in Klang currently manufactures oncology products and will anchor future expansion. Once new biosimilar products come onstream, Duopharma Biotech expects to reach full capacity, prompting plans for further investment.

“I hope in the next five years we’ll double that (contribution from biosimilar) to around 50%. But pharmaceuticals take time – maybe seven or eight years before we get there.

“You develop a product, it takes four to five years, then another year or more to register before launch. Malaysia is a good market for such unique products, especially as many are still imported,” he explains.

Wan Amir-Jeffrey maintains that its key growth drivers continue to be biosimilars and ethical specialty medicines, particularly in chronic disease management such as diabetes.

“Insulin remains a major focus area and we are currently supplying 100% insulin to Health Ministry’s hospitals,” he added.

Meanwhile, exports have become a growing part of Duopharma Biotech’s story, with Singapore and the Philippines as its top markets, followed by Indonesia, where it operates PT Duopharma Biotech Healthcare Indonesia. The group aims to double its export contribution over the medium term.

“Indonesia presents strong opportunities for our halal-certified portfolio,” Wan Amir-Jeffrey notes. “Regulatory changes mandating halal certification for over-the-counter medicines by 2026-27 align perfectly with our capabilities.”

The group also sees growth in Timor-Leste and is pursuing regulatory approvals across Asean and Europe, supported by the EU-GMP certification of its Glenmarie Highly Potent API facility.

“The Philippines is growing very strongly, especially with our renal range of products,” he says. “Indonesia, meanwhile, is a large consumer market where our halal-certified products and eCommerce strategy give us a unique edge.”

M&A ambitions

The new CEO inherits a company with RM255mil in cash and low gearing, giving it room to invest. Wan Amir-Jeffrey plans to channel this strength into rejuvenating manufacturing assets and expanding sterile and insulin production capacity.

“You never stop rejuvenating manufacturing assets because they do get older,” he says. “We are looking to localise insulin manufacturing and enhance our sterile product range – areas where we are already the largest supplier in Malaysia.”

While organic growth remains central, mergers and acquisitions (M&A) continue to feature in Duopharma Biotech’s strategy – though Wan Amir-Jeffrey stresses that targets must be strategically synergistic and revenue-accretive.

“We’re looking at several targets in the region, possibly in both ethical and consumer healthcare segments,” he says.

“But they must fit into our overall strategy and be ready to contribute to the bottom line. We’re not looking to fix struggling companies or invest in start-ups. Price, of course, will be key.”

He views M&A as an “expedited growth path” rather than a shortcut. “It must strengthen our portfolio and position us for Asean expansion,” he adds.

Duopharma Biotech has benefitted from a stronger ringgit, improved logistics and lower active pharmaceutical ingredient (API) prices after pandemic disruptions.

“Our gross margin improved from 34% in the second quarter of FY24 (2Q24) to 39% in 4Q24, supported by better supply chain stability and a stronger ringgit,” he says. “If the ringgit holds, that certainly helps us.”

Duopharma Biotech’s leadership transition extends beyond the top job, with deputy chief financial officer (CFO) Rohayu Rosnani Mohd Adanan appointed ahead of the current CFO Chek Wu Kong’s retirement next year – a sign of deliberate succession planning.

“Succession planning is part of our DNA,” he says. “We value leaders who combine strategic foresight, commercial discipline, collaboration and integrity.”

For Wan Amir-Jeffrey, the challenge ahead is balancing Duopharma Biotech’s steady legacy with new ambitions.

“Employees and investors can expect a renewed emphasis on innovation, agility and accountability,” he says. “Continuity gives us strength, and fresh ideas give us momentum. My job is to preserve what defines us while empowering our people to think ahead and lead Duopharma Biotech into its next chapter.”

With Wan Amir-Jeffrey at the helm, Duopharma Biotech is entering its next phase – confident, cash-strong and determined to build a resilient, regionally integrated healthcare champion rooted in Malaysian excellence.