AYALA Healthcare Holdings Inc. (AC Health) announced having acquired a minority stake in north Luzon-based pharmaceutical company Joleco Resources Inc., which operates stores under the brand name “Saint Joseph Drug.”
The definitive agreements were signed last December 15 between Joleco and AC Health’s pharmaceutical arm, AHCHI Pharma Ventures Inc. (APV).
Established in 1958 by Dagupan City-based pharmacist Jose Cruz and wife Leila Lagman, Joleco has grown Saint Joseph Drug from a modest provincial drugstore with three employees and a 3.5-meter storefront into a leading regional pharmaceutical chain spanning over 112 stores across Northern Luzon.
“The addition of Saint Joseph Drug to our portfolio is in line with our commitment to enhance accessibility and affordability of healthcare for Filipinos nationwide. Saint Joseph Drug, alongside our existing retail pharma brand, Generika Drugstore, will expand our capacity and footprint to distribute quality and affordable medicine to our countrymen,” AC Health President and CEO Paolo Maximo F. Borromeo said.
“Together with our pharma importation businesses IE Medica and MedEthix, we will greatly enhance synergies and efficiencies within our pharmacy platform to further improve our products and services throughout our AC Health network,” Borromeo added.
Joleco Chairman, President and CEO Socorro Dorotea L. Cruz also expressed “enthusiasm” about the partnership.
“This partnership with AC Health marks a significant milestone in Saint Joseph Drug’s journey. We are proud to have established Saint Joseph Drug as a household name in Northern Luzon over the years, and we look forward to broadening our reach with AC Health,” Cruz said.
AHCHI Pharma serves as the holding company for AC Health’s pharmaceutical businesses that are composed of Generika Drugstore, I.E. Medica and MedEthix, its pharmaceutical-goods importation and distribution arms.