Technology and new innovations have helped improve the pharmaceutical industry of today. For instance, let’s take Authorized Generics. It refers to prescription drugs produced by brand pharmaceutical companies and marketed under a private label, at generic prices. Here we have with us, Prasco, a leader in authorized generics.
Prasco is a privately-held pharmaceutical company focused on high quality, affordable generics, and targeted brand opportunities. Since 2002 Prasco has been an industry leader in Authorized Generics. “We are committed to returning value to brand partners, building relationships and solutions with customers, and improving the lives of patients,” says the founder and chairman of Prasco, E. Thomas Arington.
Prasco has been one of the fastest-growing generic pharmaceutical companies for several years, including 45% growth in 2015. The company has also helped to increase competition by offering patients more accessibility at lower prices during and after 180-day exclusivity period.
The idea of a pharmaceutical company started way back in the early childhood days of Mr. Arington while he was sweeping the floors of Scofield’s Pharmacy in Shelbyville, Kentucky. But it was the mentorship he received from Mr. and Mrs. James Scofield that magnified his passion and dedication to the pharmaceutical industry. This eventually led him to establish his own company – Prasco in 2002.
“Since its inception, Prasco has been consistently recognized as one of the fastest growing companies in the generic industry,” recalls Mr. Arington. “When our first Authorized Generic launched in 2004, Prasco helped establish a new category that has since fueled the company's growth, brought brand quality products to the generic segment, and saved patients billions of dollars.”
Prasco has developed strong partnerships with many of the largest and most trusted brand companies and has increased competition across the industry, resulting in more options at lower prices for consumers. “And we’ve done all of this with passion and commitment to our ‘love God, love people’ creed,” he explains.
Prasco, being an independent and innovative healthcare company, uses an all-round 360-degree approach. All its solutions are designed and developed to expand horizons for its partners, customers, and patients. There is a high value on its insight, dedication, and expertise, which is why industry-leading companies rely on Prasco for its Authorized Generic, generic, and brand marketed solutions.
Prasco has launched more AGs than any other independent generic company and it also has the highest number of brand partnerships in the industry. In other words, the company’s brand product – the Authorized Generic is sold in private label packaging at a generic price. And since an AG is identical to the brand in every way, doctors, pharmacists, and patients can be confident that it is as reliable, safe, and as effective as the brand.
A Unique Philosophy: Unlimit
Unlimit represents the company’s corporate philosophy of removing limits for brand partners, customers, and consumers. “Our goal is to unlimit others by identifying new possibilities within the marketplace, building strong partnerships, and driving innovative solutions,” explains Mr. Arington. He further explains what Unlimit means to partners, customers, and patients.
Redefining Corporate Values
Prasco not only has a unique company philosophy, but also redefines its corporate values. In fact, its corporate values are defined by a simple phrase called ISEE. Here’s what each letter stands for:
I: IMPROVE daily both personally and professionally
S: SERVE God, family, customers, partners, fellow employees, and global community
E: EXECUTE tasks with excellence to exceed our daily goals
E: ENERGIZE others daily with our prayers and our passion for what we do and believe
For the Global Society
Prasco believes that its corporate outreach programs are essential to who it is and what it does. Collectively and individually, Prasco employees give time, talents, and resources to make an impact in local, regional, and international communities.
Be it sponsoring for industry volunteer events and fundraisers or to serve meals at local shelters, or even participate on mission trips, Prasco employees regularly engage with others outside our organization, demonstrating a heart to love God and to love His people.
The company also believes that ‘doing good is about doing right things.’ These are things that serve as examples, benefiting others individually and communities as a whole. It is also about being responsible and ethical as an organization. “Our belief is that serving God first will result in personal, family, and corporate satisfaction,” says Mr. Arington. “We are confident that organizational success will result from following God’s lead.”
Meet the Initiator
Mr. E. Thomas Arington co-founded Prasco, LLC. Mr. Arington served as the Chief Executive Officer at Prasco, LLC until December 2011. Mr. Arington served as the Chairman of Teva Women's Health, Inc. since 1988 and served as its Chief Executive Officer from 1987 to April 3, 2008 and President from 1987 to September 2000. Prior to Duramed Pharmaceuticals Inc., he served as the President of MarketMaster Inc. His career also included seventeen years with Lederle Laboratories, a division of American Cyanamid, where he held a variety of executive management positions. He serves as the Chairman of Prasco, LLC. Mr. Arington serves as the Chairman of the Board and Executive Director of Aprecia Pharmaceuticals Company. He has been a Director of Duramed Pharmaceuticals Inc. since 1987. He served as a Director of Barr Pharmaceuticals, Inc.
“We are committed to returning value to brand partners, building relationships and solutions with customers, and improving the lives of patients.”
“Our goal is to unlimit others by identifying new possibilities within the marketplace, building strong partnerships, and driving innovative solutions.”
IBM Tops 2020 U.S. Patent List; IBM India 2nd Highest Contributor
SAP Invests €55M to Accelerate Its Cloud Strategy in India
LG Now Has a Controlling Stake In Alphonso
B2B E-Commerce Startup Udaan Raises $280 Million
Digital Healthcare Tech Company DXY Raises $500M
© 2021 CIO Bulletin. All rights reserved.