The Irish Times/PA Consulting Group Management AwardUnited Drug may have transformed itself beyond recognition since it was established by west of Ireland pharmacists in the late 1940s, but chief executive Mr Liam FitzGerald believes the ethos that drove the company forward through its formative years continues to underpin its dynamic growth.
"We remain very true to the core values of the group. There is a real focus on the bottom line. Our people are motivated by a fierce desire to succeed," Mr FitzGerald said.
In most other respects, United Drug is unrecognisable from the modest distribution network founded in 1948 by a collective of Mayo chemists who were disgruntled at what they regarded as an inadequate support service from the Dublin wholesalers that then dominated the market.
Today, United Drug not only supplies the majority of the State's independent pharmacists but is engaged in a range of ancillary activities, including medical and scientific product distribution and pre-wholesaling in Ireland and Britain, where UDG, its joint venture with Alliance UniChem, is market leader.
Executives believe there is further potential for expansion in non-core areas.
"There is huge potential for organic growth at home and abroad. We have moved with success into medical and scientific instruments and see opportunities in that field, both at home and abroad," said Mr FitzGerald.
United Drug's commitment to pharmaceuticals wholesaling remains undiminished, however.
The group's distribution network and follow-through support services have allowed independent pharmacists to compete on an equal footing with foreign multiples, which have aggressively pitched themselves in the sector over recent years.
United Drug is determined to stay clear of retailing, believing its focus on wholesaling allows the company to develop close-knit, long-term links with independent traders.
Receiving the Irish Times/PA Consulting Group Management Award crowns a record-breaking year. Turnover climbed 15 per cent and trading profits rose 20 per cent in 2002.
Core wholesaling accounted for just 45 per cent of profits, underlining the success of United Drug's efforts in nurturing new revenue streams.
Growth in the UK proceeded apace. Last October the company acquired British-based Ventiv Health.
In April, it bought the privately owned British medical devices supplier New Splint.
United Drug employs 1,800, with approximately half of the workforce based in the Republic.
