Every year, tons of medicines with extended expiration dates are withdrawn from the market to be sold off to charitable organizations. These medicines, however, are incinerated at high industrial costs, for removal of medication from pharmacies, stocks and hospitals, as well as for general incineration. This entire process has resulted in a domineering gap between the pharmaceutical and charitable institutions. Although technological advancements and latest trends have helped attain optimized and robust solutions, the gap keeps broadening with time.
The current industrial demand is a technology or technological platform that could bridge the gap and help the concerned companies and institutions save on logistics and taxes. Leveraging various advancements of technology and other industrial aspects in the biotechnology sector, this problem can be minimized to ensure maximized networking between pharmaceutical companies and other institutions.
Bridging the rising barrier between the pharmaceuticals and other enterprises, PegMed has been providing holistic and sustainable disposable solutions for pharmaceutical industry medicines. The company has been facilitating the bridge between the concerned pharmaceutical companies and charitable institutions and helping the two mediums save costs on reverse logistics and discounts on taxes.
The project PegMed was incorporated in 2018 by Rodrigo Miranda (CEO and Founder) along with two other budding entrepreneurs who started out with the aim of helping the greatest number of people and institutions that need medication. Within a short period of time, PegMed has attained remarkable achievements—especially from 2020 onwards. Some of the most noteworthy recognitions are partnership with the Red Cross, Médecins Sans Frontières, UNICEF and about 40 other institutions nationwide (Brazil).
Distinguished Services and Solutions
PegMed provides solutions and services for sustainable disposal of pharmaceutical industry medicines—which are still expired—to charities qualified to donate, through a technological platform that centralizes the networks involved, streamlines the donation process and creates new alternatives for logistics.
The company offers a platform for the donation of several products such as medicaments, hospital supplies, cosmetics, hygiene and beauty products, and many more, which would go to incineration by the industry at the expiration date.
Cultivating Pensive Approaches
There are various problems associated with the incineration of several medical wastes and other products. Incineration contributes to environmental depletion since large amounts of toxic gasses are generated while burning a variety of products. Although it is often presented as a quick-fix solution for rapid reduction of wastes, it is one of the worst approaches to achieve waste reduction and energy goals.
Prior to sending the products for the incineration process, PegMed directs the products for donation purposes to non-profit institutions such as charities, NGOs, public health system, and others. By doing so, the company ensures providing basic amenities to people who need it, and also contributes to environment protection—by preventing incineration processes.
As several companies lack knowledge and prior guidance to prevent destruction of these items by incineration when they can no longer be traded, the company directs them to donation, helping people socially, as well as the environment.
As the CEO of a startup, Rodrigo ensures optimized functioning of the company’s daily operations. He facilities the company by immensely contributing towards its growth, and has been at the forefront of the company since its very inception. He ensures to contribute to the company’s growth by doing everything under his disposal and making the company his priority, like his partners. On the ground level, Rodrigo performs various roles and responsibilities such as coordinating the team, making contacts and meetings, providing assistance at necessary places, and prospecting clients to donate and institutions to receive the products.
Exponential Growth amidst All Odds
Being a new company in the market, PegMed previously lacked opportunities to experience a transformation cycle to evaluate. From 2018 until now, innovation, digital transformation and above all, sustainability, have become urgent issues.
During the initial years, the company had challenges concerning its growth due to factors such as access to key people in the organizations, internationalization process and in proposing a new culture of sustainability in the segment. However, with utmost focus, hard work and persistence, PegMed managed to overcome every odd. Currently, it can easily contact the key-people, with the ESG mindset helping to increase receptivity in these industries.
The company’s approach has remained intact post COVID-19. However, the search for the company’s solutions has accelerated subsequent to the pandemic which has helped several people with COVID-19 and other diseases. The company has been experiencing exponential growth since its foundation, which was further accelerated further by the pandemic.
Striving Towards Excellence
Over the years, transformations in the biotechnology industry were comparatively slower than that of others. After the pandemic, several factors were accelerated and things that would take time to happen were brought forth. With its visionary approach, PegMed is helping transform the social and environmental sustainability of the chain. It is avoiding the incineration of non-marketable products, due to expiration dates, donating to institutions that reach those who need it most.
PegMed aims to improve the perception of transparency in the medicament donation process, social and environmental impact evaluation, and new products. This is a process associated with the company’s growth and greater versatility in providing reliable services to its customers. The company strives to excel with a socio-environmental focus by helping those who require it the most.
Read Full Magazine: The 10 Innovative Biotechnology Solution Companies, 2021