Lotus leadership honored
Serving as chairman of Lotus has been an immense source of pride for me. It is incredible what we have achieved over the past decade, bringing together and amplifying the talents of stellar teams in Taiwan and South Korea to create a regional and global leader in generics.
We were therefore very honored last month to be selected by CommonWealth Magazine as one of Taiwan's Top 50 enterprises, and the only pharmaceutical company on this elite list. I was also personally thrilled to be recognized through my chairmanship of Lotus as the most influential entrepreneur in the country's pharma sector. To be recognized as such in a country bursting with entrepreneurial talent and energy is a huge honor indeed.
I am also grateful to the editors of CommonWealth Magazine to have had a chance to talk about my work with Lotus and the amazing collaborations we've had in Taiwan and far beyond. That interview was just published and you can read it here.
English translation below.
Sales of Blood Cancer Generic Drugs Surged 60%! Lotus Pharm Hits Record Revenue, Expands into ASEAN - With a Leader from Iceland?
One of Taiwan’s top pharmaceutical company, Lotus Pharmaceutical, has established a strong international presence with addiction treatment drugs and blood cancer medications, driven by its Icelandic Chairman, Róbert Wessman. Respected even by Taiwan’s biotech industry, how did he, step-by-step, realise his vision for the pharmaceutical sector?
During a transcontinental interview with Mr Robert Wessman, his daughter suddenly appeared on camera. He promptly muted the microphone to comfort her - a tender fatherly image [juxtapositioned along] his professional achievements. At 55, Mr. Wessman has built one of the world’s top three generic drug manufacturers, founded seven international biotech companies, and now chairs Lotus Pharmaceutical (“Lotus Pharm”), Taiwan’s leading complex generic drug producer.
Ranked 37th on CommonWealth Magazine’s 2025 Benchmark Entrepreneurs list for outstanding operational performance, Mr. Wessman is also the most respected figure in Taiwan’s biotech sector.
In 2014, Mr. Wessman crossed the Atlantic to acquire a 67% stake in Lotus Pharm through his pharmaceutical group, Alvogen. Simultaneously, Lotus Pharm reverse-acquired four of Alvogen’s subsidiaries in South Korea, India, and other regions. That year, the company’s revenue surged from NT$500-600 million to NT$2.3 billion - a fourfold increase. By 2024, revenue soared to NT$18.584 billion, with earnings per share (EPS) reaching NT$19.35, a historic high.
With operations spanning around the globe, Lotus Pharm’s production facility in Nantou also holds certifications from the U.S., EU, Japan, China, and Brazil.
Mr. Wessman’s success stems largely from two blockbuster products: addiction treatment drugs and the generic version of the blood cancer drug Revlimid (Lenalidomide), which accounted for about 40% of Lotus Pharm’s revenue. However, analysis shows that while Lenalidomide sales grew 60% last year, growth is expected to slow to 20% this year. Meanwhile, addiction treatment drug revenue fell 30% last year and is projected to drop another 30% this year. [note: this is according to Josh’s conversation with an unnamed analyst]
Why isn’t the Icelandic chairman worried as these products’ momentum wane? Because he already has new contenders ready—such as Enzalutamide (for prostate cancer), Pomalidomide (for blood cancer), and Nintedanib (for pulmonary fibrosis), which have secured 19 market approvals. [note: also according to the unnamed analyst]
Process Management: Speeding Up Complex Generic Drug Launches
This is Mr. Wessman’s core strength - being the first to market complex generics after patent expirations, securing early market dominance.
"The key to a sustainable growth is through strong pipeline management, which helps continuously rolling out new products," Mr. Wessman says. Since becoming Lotus Pharm’s chairman, he has attended weekly meetings on drug development progress and product pipelines."
Mr. Wessman admits that identifying promising complex generics isn’t hard- it’s about spotting supply-demand gaps. The real challenge lies in quality control, R&D capacity, and securing regulatory approvals swiftly. Thus, he constantly evaluates which drugs to commercialise in-house and which to license to third parties, adapting to market shifts. Mergers and acquisitions (M&A) is also one of his key strategies for obtaining drug approvals.
An industry insider notes that Lotus Pharm’s chosen generics are "complex" because their originator drugs often involve intricate patents, undisclosed manufacturing processes, or hard-to-source ingredients - requiring strong in-house R&D capabilities.
"Lotus Pharm focuses on niche generics, where speed is critical," agrees Weng Li-li, executive director at PwC Taiwan.
Thai Shareholder Strategy: Expanding into Southeast Asia
Chen Yi-fen, chairwoman of the Taiwan Generic Pharmaceutical Association, points out that Lotus Pharm originally produced conventional generics with lower complexity. After merging with Alvogen, it shifted to complex generics, which inevitably raised production costs – making it unsustainable to just rely on Taiwan’s domestic market.
"In the long run, drug prices will decline, but sales volume will rise. Economies of scale will lower costs, ultimately boosting competitiveness," Mr. Wessman explains after resuming the interview post-daughter duty.
Thus, Lotus Pharm has expanded beyond the Taiwan market, positioning itself as a core player in Asia-Pacific and now targeting Southeast Asia. Last year, it acquired Teva’s Thai subsidiary and secured Sanofi’s anti-inflammatory drug licenses and manufacturing tech in Vietnam and Cambodia. This year, it purchased five branded drug licenses and related operations from Vietnam’s Duy Tan Pharmaceutical.
Mr. Wessman’s Southeast Asia strategy began four years ago. To ensure Lotus Pharm had sufficient capital and connections, he orchestrated a 2021 deal where his international pharma venture firm, Aztiq, partnered with Thailand’s state-owned PTT Group’s biotech arm, Innobic, to acquire a 51% stake in Lotus Pharm - effectively making a Thai state owned enterprise a major shareholder and a powerful ally for its regional expansion ambitions.
The results are visible in Lotus Pharm’s Q1 2025 financials: consolidated revenue rose 12.7% YoY to NT$4.73 billion, while net profit jumped 38.5% to NT$1.435 billion, driven by Teva’s Thai integration and strong Vietnamese sales.
Weng Li-li notes, "M&A integration isn’t as easy as it seems." Multiple bidders often compete for the same target, and without thorough pre-deal evaluation and post-merger integration planning, companies risk losing talent or distribution channels – this is a true test of leadership and management expertise.
From Island to Island: An Icelandic Chairman Leads Taiwan’s Pharma Giant
Mr. Wessman is truly rich in experience. In 1999, he took over Iceland’s Actavis and recognised that while big pharma dominated Western markets, Central and Eastern Europe (CEE) remained unsaturated. His first acquisition was in Bulgaria, followed by expansions into Serbia and Turkey - building an empire through industry consolidation.
"CEE in 1999 was like Asia 10 years ago, or Southeast Asia today," Mr. Wessman says. A decade ago, Asia was filled with small, substandard pharma manufacturers - similar to CEE’s early days -and needed an industry consolidator. Lotus Pharm fit the bill.
Recalling his decision to invest in Lotus Pharm, he smiles: "Several oral oncology drug patents were about to expire, offering huge opportunities. But producing oral cancer drugs requires dedicated facilities - no mixing with other drugs. Many manufacturers failed our assessment, but Lotus Pharm had a complete production line in this area."
As Lotus Pharm’s largest shareholder, Mr. Wessman focused on high-barrier, low-competition generics that patients truly needed - with the ultimate goal of challenging Celgene’s blockbuster blood cancer drug, Revlimid.
"M&A isn’t about continuing the past - it’s about shaping the future."
At the time, Lotus Pharm lacked the quality control, R&D, and global distribution capabilities. To upgrade the company, Mr. Wessman deployed resources from his other ventures, bringing in top talent - including Petar Vazharov, a veteran of his CEE successes, as CEO. He also brought in his 16-year finance lieutenant to oversee Lotus Pharm’s books, and also his best product and R&D specialists.
These seasoned biotech leaders delivered, successfully developing Lenalidomide - Lotus Pharm’s flagship blood cancer generic -and challenging Celgene’s Revlimid.
"I don’t acquire companies to continue what they have been doing for the past decade, but to achieve what we envision for the next 10 years," Mr. Wessman says, explaining the management overhaul. His pharmaceutical empire, he believes, always starts with a vision - and growth requires like-minded talent.
"To make effective medications accessible to those who can’t afford premium drugs."
This vision has remained unchanged throughout his journey.