“Vision Is When You See It and Others Don't. Faith Is When You Do It and Others Won't.” Company Overview EXXABB LTD
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EXXABB LTD. INC Corporate Social Responsibility “Vision is when you see it and others don’t. Faith is when you do it and others won’t.” Company Overview EXXABB LTD. INC was founded by Mr. Jose Miranda Locsin. He visualized himself as the President of his own corporation even before he worked for ABBOTT Laboratories Philippines which is one of the prestigious, multi-national pharmaceutical manufacturer worldwide for 18 years and even after he decided to resign his dream was still the same and so after his resignation in ABBOT last January 2001, Mr. Locsin registered a named EXXABB Ltd., Inc. with DTI and Security Stock Exchange in May 2001 as a corporation. His Incorporators and Share Holders majority of them were also former executives who has faith in his capabilities to lead the new formed company, therefore the name EXXABB also stands for Ex-Abbott employees. EXXABB’s main office was registered and located at Villa Carolina, Muntinlupa City and has Atty. Felipe G. Capulong as their corporate secretary who handled the registration of the business permits and licenses with DTI and SEC. the acquisition of BFAD permit followed before they were given the authorization by ABBOTT laboratories to be one of their sub-distributors. Likewise, AB Sandoval and Zuellig Pharma, which are the distributor of Abbott Laboratories signed a Memorandum of Agreement (MOA) with EXXABB extending 50 days credit terms for any purchases agreed to supply EXXABB based on their license to operate with BFAD extending them a dated check payment terms. The Innovation… In the first year of operation, EXXABB started in the distributorship of Anesthetic Abbott Diagnostic products, premixed solutions and other hospital products to hospitals within the vicinity of Las Pinas, Paranaque and Muntinlupa as one of their first regular clients. Within the year in September 2001, EXXABB rented a commercial office at Guadalupe Arcadia among J.P. Rizal Extension, Makati City, initially meant as a storeroom for stocks to facilitate their deliveries to clients at Manila, Quezon City and Makati areas. In the second year of operation, EXXABB added additional products, like medical nutritionals - Ensure, Promod, Nephro, Glucerna, Alitrac, special diet for critically Lim-Locsin-Lorenzo-Orillaza Page 1 of 17 EXXABB LTD. INC Corporate Social Responsibility ill patients in their stocks. This time, more clients were added in their list, such as Makati Medical Center. In the third and fourth year of operation, more clients sought for EXXABB’s services, as they became known in the market by word of mouth. This time, more pharmacies and medical centers were added in their list of satisfied customers. Last year 2006, EXXABB changed venue from Guadalupe Arcadia, J.P. Rizal Extension, Makati City to 4/F Reliable Building, 7230 Malugay Street, Zuellig Loop, Makati City, and affected the sales of products because they can’t order any supplies from their supplier which lasted for 4 months because they needed to process their papers that contains their new address in DTI and Security Exchange because EXXABB is registered as a corporation and that is their authorization in BFAD that allows them to become a sub-distributor of ABBOTT. EXXABB Vision To be the pride of the Filipino Distribution Market, EXXABB LIMITED, INC. will be a viable, professional and dynamic distribution channel of health care products to hospitals and related institutions, ensuring sustained operations for the benefit and welfare of its stockholders, employees, the general public and its other constituencies. EXXABB Mission The company mission focus on providing creative distribution management with a larger clientele, to strengthen their position among top distribution channels of health care products and maintain a reasonable return on shareholder’s equity. a.) The company is committed to qualify in their products and services, and their relationships with clients, employees and sales associates. b.) Their strength is their people. The company is dedicated in bringing out the best among their employees and sales associates by providing job security, competitive compensation and opportunities for professional growth and personal development. c.) The company has the social responsibility to improve quality of life and shall always expose positive Filipino Values such as Malasakit, Matiyaga, Maka-Diyos at Makatao. Lim-Locsin-Lorenzo-Orillaza Page 2 of 17 EXXABB LTD. INC Corporate Social Responsibility Brief History EXXABB Ltd., Inc. started with the vision of Jose Miranda Locsin, visualizing himself as the President of his own corporation even before he decided to resign as an employee. Having been employed for more than eighteen years with ABBOTT Laboratories, Inc. - one of the most prestigious, multi-national pharmaceutical manufacturers worldwide, - Mr. Jose Locsin chose Abbott products that he’ll distribute all over the Philippines. His vision, backed-up by his expertise in sales and other skills and knowledge he already acquired in the operations of a distributorship of pharmaceutical products, made him pursue this line of business. Right after his resignation from ABBOTT in January 2001, Mr. Jose Locsin registered EXXABB Ltd., Inc. with DTI and Security Stock Exchange in May 2001 as a corporation. Majority of the Incorporators and Shareholders, who joined Mr. Locsin in the formation of the new corporation were former ABBOTT executives who have faith in his capacity to spearhead the company and believed in the viability of the business. Therefore, the name EXXABB for the new company, meaning ex – Abbott employees. EXXABB’s main office was registered at Villa Carolina Muntinlupa City. Atty. Felipe G. Capulong, the Corporate Secretary facilitated the registration of business permits and licenses with DTI and SEC. The acquisition of BFAD permit followed before they were given an authorization by ABBOTT Laboratories to be one of their sub-distributors. Likewise, AB Sandoval and Zuellig Pharma, which are the distributor of Abbott Laboratories signed a Memorandum of Agreement (MOA) with EXXABB extending 50 days credit terms for any purchases agreed to supply EXXABB based on their license to operate with BFAD extending them a dated check payment terms. In the first year of operation, EXXABB started in the distributorship of Anesthetic Abbott Diagnostic products, premixed solutions and other hospital products to hospitals within the vicinity of Las Pinas, Paranaque and Muntinlupa as one of their first regular clients. Within the year in September 2001, EXXABB rented a commercial office at Guadalupe Arcadia among J.P. Rizal Extension, Makati City, initially meant as a storeroom for stocks to facilitate their deliveries to clients at Manila, Quezon City and Makati areas. In the second year of operation, EXXABB added additional products, like medical nutritionals - Ensure, Promod, Nepro, Glucerna, Alitraq, special diet for critically ill patients in their stocks. Lim-Locsin-Lorenzo-Orillaza Page 3 of 17 EXXABB LTD. INC Corporate Social Responsibility In the third and fourth year of operation, more clients sought for EXXABB’s services, as they became known in the market by word of mouth. This time, more Drugstores, Clinics and Medical Centers were added in their list of satisfied customers. Last year 2006, EXXABB changed venue from Guadalupe Arcadia, J.P. Rizal Extension, Makati City to 4/F Reliable Building, 7230 Malugay Street, Zuellig Loop, Makati City, and affected the sales of products because they can’t order any supplies from their supplier which lasted for 4 months because they needed to process their papers that contains their new address in DTI and Security Exchange because EXXABB is registered as a corporation and that is their authorization in BFAD that allows them to become a sub-distributor of ABBOTT. EXXABB, now on its 6 th year is definitely growing and expanding. From three customers, they now have 16 regular customers. From three product lines, they now have 47 regular product lines. EXXABB has a long way to go before they can become among top distribution channels of health care products, but their vision and mission keeps them on the right track to achieve their goals. INSIDE THE ORGANIZATION… Organization Structure Lim-Locsin-Lorenzo-Orillaza Page 4 of 17 EXXABB LTD. INC Corporate Social Responsibility EXXABB has six incorporators who invested in the company. The Board of Directors is composed of President, Vice President, and Corporate Secretary. The President makes decision regarding all aspects of the company. The other four members of the Board of Directors are also consulted regarding the decision-making. The Vice-President supports the decision of the president. The BOD holds a regular meeting every two months. These directors discuss the existing problems of the company and try to formulate strategies to solve problems. General Manager managed the day-to-day operation of the corporation that is the sales and distribution of the products and the collection. Secretary stands as an assistant of the people on the higher position. The Internal Accountant examines the record books, and other documentation relative to accounting activities to determine their accuracy. In addition, he examines and tests reliability of accounting procedures and its accuracy, resulting from reports and financial statements. The Pharmacist handles permits regarding PDEA (Philippine Drug Enforcement Agency) and BFAD (Bureau of Foods and Drugs) and records purchases and sales of regulated and dangerous drugs. The Sales Administrator is the one covering the accounts (attends to sales and collection, returns of expired and damaged medicines and other P.R. requirements) and he also handles inventory of the materials needed by the company. Purchase Supervisor supervises the purchasing of pharmaceutical products. The Treasurer is responsible in the budget needed by the company. HR Head is responsible for the hiring employees. The driver delivers the orders and at times collects receivables Products and Services offered The company is a pharmaceutical product trade distribution that deals with pharmaceutical products like general anesthesia, muscle relaxant & adult nutritional products.