“I saw a little niche market that we could capitalize on,”Varune recalls of the company’s 1976 beginnings. “The retail pharmacies were doing their own compounding on a small scale in each dispensary, and that took up their time. We could relieve them of that.” His timing proved fortuitous. Trinidad’s oil boom was driving unprecedented growth in retail pharmacy, creating demand for a specialized manufacturer. The company’s evolution follows the broader transformation of Caribbean pharmaceutical markets, which are projected to reach US$3.5 billion by 2029. Yet V&S remains an exception in Trinidad and Tobago, where imports dominate the pharmaceutical landscape. According to recent data, the country imported US$38 million worth of pharmaceutical products in 2022 while exporting less than US$500,000. Against this backdrop, V&S has not only survived but expanded steadily. “We started manufacturing simple products like ointments and repacking some pharmaceutical products,” Varune explains. “As the months and years went by, we gradually increased the number of products as we saw the needs from different pharmacy outlets.” THE BUSINESS MODEL THAT BUILT AN EMPIRE V&S Pharmaceuticals operates on a straightforward yet effective principle: identifying market needs and fulfilling them efficiently.The company manufactures 25 to 30 products directly while repackaging others to expand their range beyond 100 items. This dual approach allows them to serve diverse customer needs across Trinidad and Tobago’s 250-plus pharmacies. “We supply to retail outlets within Trinidad & Tobago and some Caribbean Islands. Apart from increasing sales, this assists us with earning foreign currency that is needed particularly for the purchase of raw materials,” Varune explains. The company’s product range spans from simple ointments, creams and antiseptic solutions to specialized formulations, each developed in response to specific market demands. For this, we rely on 89 BUSINESS VIEW CARIBBEAN VOLUME 12, ISSUE 07 V&S PHARMACEUTICALS LTD.
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