Company introduction

Farmaforce Ltd is an ASX-listed organisation (FFC:ASX) offering innovative sales, data and medical affairs solutions to the Australian healthcare industry.

Since inception in 2014, the company has grown its revenue, clients and staff to become one of the leading service organisations in the growing Australian healthcare sector.

More than just a sales force, Farmaforce creates scalable, customised solutions that are on demand to help our clients reach their business goals, avoiding in-house overheads.

Farmaforce Ltd is a subsidiary of The iQ Group Global Ltd, which is a core member of The iQ Group Global bioscience investment group, providing specialist life science services to the global biopharmaceutical and investment sectors.

Why invest

Growing healthcare market in Australia

With the accelerated growth of the Australian population and the growth of the aging population, it is expected the pharmaceutical market will exceed $25 billon by 2020.

International companies entering Australian market

An increasing number of international companies are entering the Australian healthcare market and looking for strong sales partners to help them navigate the complexities and intricacies of the healthcare landscape.

Global trends for increased demand in outsourced sales

There are between 8,000 and 9,700 field-based representatives in Australia and around 5% of these are now outsourced. It is expected this figure will continue to climb to mirror the UK market, where it is 30%, and the US, where it is 9%.

Drug companies forced to find new ways of reducing costs

Generic competition, in addition to the drying up of drug pipelines, is forcing drug companies to look at their cost structure and find new ways of improving their bottom lines. Salesforce outsourcing is emerging as a cost-effective alternative to building in-house sales teams.

FarmaForce increasing market share

Farmaforce has been increasing its market share by securing new contracts and clients. This increase in market share has resulted in a cumulative revenue increase of 264% over the period 2016-2018.

Best in class and industry recognition

Farmaforce’s sales teams are best in class, receiving industry recognition by winning ‘Sales Team of the Year’ at the 2016, 2018 and 2019 PRIME Awards.

Governance

The board at Farmaforce draw on decades of experience delivering results in the healthcare industry.
Together they set the strategy and ensure high levels of success and governance.

George Elias
Chairman
George has more than 30 years’ experience providing accounting and business advisory services, and has been Chairman of the board since 2015. George is Principal of Elias Financial Services, an Authorised Representative of Count Financial Limited, and a member of the Australian Institute of Company Directors.
George Syrmalis
Executive Director & Group CEO
George is Executive Chairman and CEO of The iQ Group Global. Between 1995 and 2005 he founded and led The Bionuclear Group SA as CEO and Chairman, incorporating Antisoma SA, Bionuclear Institute of Diagnosis and Therapy SA, Bionuclear Research and Development SA and Vitalcheck SA.

In 2010, Dr Syrmalis founded The iQ Group Global to converge investment banking, scientific discovery, corporate advisory and commercialisation to bring medical innovations to the world.

Dr Syrmalis is a fellow of the American Academy of Pharmaceutical Physicians, the American College of Nuclear Physicians, the American College of Nuclear Medicine and the New York Academy of Sciences.
Con Tsigounis
Director
Con has more than 21 years’ experience in business and investor relations in the wholesale and retail sectors. As a director of The iQ Group Global Ltd since its inception, Con has been responsible for executing the company’s investor relations and capital raising strategy.
Harry Simeonidis
Non-Executive Director
Harry has been General Manager of FarmaForce since 2016 and has more than 25 years’ experience in global executive management roles in healthcare in Australia and Asia. Prior to joining FarmaForce he was CEO of GE Healthcare Australia for more than nine years, as well as a Director of GE Healthcare.