There’s something special about companies that last 100 years. Comparatively few large companies do, and very few of those were founded in emerging economies. But last year, Grupo Roemmers, based in Buenos Aires, celebrated its 100th anniversary. This pharmaceutical company limited its business to Argentina until the mid-1970s. Since then, it has grown rapidly throughout Latin America and the Caribbean through a very effective strategy and management style. It sets up separate businesses for each country or local area where it does business. It gives local leaders autonomy to make decisions but engenders a deep commitment to the Roemmers culture and management system. And it sells affordable generic prescription pharmaceuticals with a mix tailored to the aging populations of each local market.
Lessons from Grupo Roemmers' Story
- Expand by focusing on what you do best
- Balance local autonomy with global values and practices
- Invest in developing high-potential people
- Cultivate agility and flexibility
