Profile 2016_Clusters.qxp_Layout 1 6/13/16 9:49 AM Page 50
I N D U S T R Y
Healthcare/ Life Sciences
C L U S T E R S
Life Sciences Company on Steep Growth Trajectory Thanks to its agility, adaptability, and dedication to quality, KRS Global Biotechnology is enjoying a steep growth trajectory. Fifteen years after its founding, the Boca Raton life sciences company has become a national leader in pharmaceutical outsourcing and manufacturing services with exciting new opportunities on the horizon. “We provide innovative, effective and safe solutions to some of the greatest challenges in today’s medical environment,” said Riccardo Roscetti, president and CEO. “What sets us apart is our ability to serve the U.S. and global markets with our growing portfolio, skilled team and state-of-the-art facility.” Founded in 2001, KRS was originally a nutraceutical company developing and distributing products for healthy lifestyles. Seven years later, KRS shifted gears to capitalize on an emerging opportunity in the pharmacy sector, developing kits to test the aseptic compounding techniques of sterile compounding technicians. KRS also moved into the pharmaceutical compounding sector, preparing personalized single-dose medications in bulk for the nation’s hospitals, surgical centers, clinics and veterinarians. In 2013, President Barack Obama signed the Compounding Quality Act, which set certain guidelines to ensure the safety and quality of compound medications. KRS soon became one of only 50 U.S. companies known as a 503B Human Outsourcing Facility. “We have come a long way from the days of mortar and pestle compounding,” said Stephen Duffie, vice president of business development. Palm Beach County’s life sciences cluster is anchored by the Scripps Florida Research Institute and the Max Planck Florida Institute for Neuroscience, and includes more than 80 innovative medical device, pharmaceutical, therapeutics, biotechnology, and
50 PALM BEACH COUNTY BUSINESS PROFILE | BDB.ORG
“U.S. hospital pharmacies spend $8 to $10 billion annually on outsourced compounded drugs and we are one of the largest suppliers,” Duffie said. Recognizing the growing need for compounded medications in fields like ophthalmology and oncology, KRS has ramped up its capabilities, which now include chemotherapy and veterinary/equine products. KRS also developed “media challenge kits,” which help nurses and pharmacy technicians test their medication compounding techniques – an annual or semi-annual state requirement. “We were making these kits for ourselves, and decided to offer them to the market as well,” said Sam Genovese, chief operating officer. “Our kits have clear instructions, illustrations and reporting forms, and there are thousands of U.S. hospitals, universities, infusion and compounding pharmacies across the country that are natural customers for our kits.” Seizing another growth opportunity, KRS registered with the FDA in 2014 as a medical device manufacturer to develop future products for life science customers. “All our lines complement each other and add to our ability to penetrate the market,” said John Swartz, vice president of national accounts. KRS has its own in-house analytical laboratory and team of microbiologists, biochemists, chemists, pharmacists, technicians, and scientists. “We work closely with our logistical partners such as UPS, FedEx and DHL to offer quick turnaround times and deliveries for our compounded or manufactured preparations,” added Swartz. KRS also invested in a water treatment plant, turning municipal water into highly sterile “water for medical IT companies. Life sciences is also supported by five universities, including Florida Atlantic University (FAU), a Carnegie Foundation for the Advancement of Teaching “High Research Activity” institution, 14 hospitals and numerous medical faciilties.
Published on Jun 21, 2016
PROFILE, now in its 26th year of publication, is recognized as the business annual of record for Palm Beach County, Florida. This premier, a...