Hyphens Pharma International Limited is a Singapore-based specialty pharmaceutical and consumer healthcare company. It operates as the flagship entity within the broader Hyphens Group, focusing on bringing pharmaceutical, medical-aesthetic, dermatological, and healthcare products to markets across Southeast Asia. The company is listed on the Catalist board of the Singapore Exchange (SGX) under stock code 1J5. 1

The group describes itself as a leading specialty pharmaceutical and consumer healthcare provider in the region, with operations spanning pharmaceutical distribution, proprietary brand development, and digital healthcare platforms.

Hyphens Pharma’s corporate history evolved through a series of acquisitions and reorganisations rather than originating as a conventional pharmaceutical manufacturer.

Origins: Pan-Malayan and Lim See Wah

The modern iteration of the group traces its roots to 1998, when entrepreneur and pharmacist Lim See Wah invested in Pan-Malayan Pharmaceuticals, a Singaporean pharmaceutical wholesaler with origins dating back to the 1940s. Lim subsequently assumed the role of Managing Director.

In 2001, the group acquired Hyphens Pharma, a business with existing regional activities. This acquisition provided a platform for transitioning from traditional wholesale operations into specialty pharmaceutical marketing and distribution.

Subsequent geographic expansion included:

• 2004: Commencement of operations in Malaysia.
• 2007: Commencement of operations in the Philippines.
• 2008: Completion of the acquisition of Pan-Malayan Pharmaceuticals from its founders.
• 2011: Commencement of operations in Indonesia; launch of Ceradan, the first proprietary brand.
• 2013: Transformation of Pan-Malayan into a medical-hypermart model.
• 2016: Acquisition of Ocean Health, a Singapore-based health-supplement company.
• 2017: Filing of a UK patent relating to dermatology technology.
• 2018: Listing of Hyphens Pharma International on the SGX Catalist board.
• 2019: Official opening of the new corporate headquarters and integrated facility.
• 2020: Receipt of a UK patent for Ceradan Advanced.
• 2021: Acquisition of the Novem group of companies.

The Initial Public Offering (IPO) took place on 18 May 2018. At that time, SGX characterised Hyphens as a specialty pharmaceutical company with a strong ASEAN presence. Financial figures for FY2017 indicated revenue of approximately S$113 million and net profit after tax of approximately S$6.1 million. 2

Hyphens Pharma functions primarily as a specialty pharmaceutical commercialisation platform rather than a traditional drug manufacturer. Its operational model involves two complementary streams:

1. Representing third-party pharmaceutical principals: Global pharmaceutical companies develop products, while Hyphens obtains distribution or licensing rights to register, market, sell, and distribute these products in selected Southeast Asian markets.
2. Owning and developing proprietary healthcare brands: The company develops its own healthcare brands, particularly in dermatology and consumer health.

Business Segments

The group categorises its activities into three primary segments:

1. Pharmaceutical & Medical Aesthetics

This segment represents the core specialty pharmaceutical side of the business. Hyphens collaborates with pharmaceutical and healthcare companies, predominantly from Europe and the United States, through exclusive distributorships, licensing agreements, and supply arrangements.

Therapeutic areas covered include:

• Dermatology
• Paediatrics and perinatology
• Allergy and otorhinolaryngology
• Gastroenterology
• Neuroscience and psychiatry
• Obstetrics and gynaecology
• Ophthalmology
• Pulmonology
• Rheumatology
• Orthopaedics
• Radiology
• Interventional cardiology
• Medical aesthetics

International partners represented in the portfolio have included Bausch + Lomb, Chiesi Farmaceutici, Guerbet, HRA Pharma, Laboratoires Expanscience, Laboratoires S.M.B, Laboratorios Salvat, MEDICE, Sofibel/Fumouze, Syntellix, and Uriach.

Notable products in this category include:

• Curosurf
• Dotarem
• Lipiodol
• Lexapro
• Fluanxol
• Clopixol
• Medikinet MR
• Besivance
• Lotemax
• Rupafin
• Vivomixx
• Piascledine
• Nabota
• Winlevi
• Stérimar

Availability and commercial rights for specific products vary by country.

2. Proprietary Brands

Hyphens develops and owns several healthcare brands, focusing on dermatology, supplements, and consumer health.

• Ceradan: Launched in 2011 as the group’s first proprietary brand, Ceradan focuses on skin-barrier repair and emollient therapy for dry, sensitive skin and conditions such as eczema. The range has been expanded through ongoing R&D investments.
• TDF Derma Formula: A dermatology line addressing conditions including atopic dermatitis, acne, pigmentation disorders, ageing skin, and hair loss. 3
• CG 210: A scalp-care brand within the proprietary portfolio.
• Ocean Health: Acquired in 2016, this Singaporean consumer-health brand was established in 1994. Its portfolio covers heart health, joint health, eye health, cognitive health, children’s health, and general wellness.
• Visiopro and Winlevi: Visiopro probiotics and Winlevi (a prescription dermatology product) are also listed among proprietary brands.

3. Digital Healthcare and E-Pharmacy

Through DocMed Technology, the group operates digital platforms connecting healthcare professionals, institutions, pharmacies, and suppliers. This business evolved from the medical-hypermart activities and facilitates digital pharmaceutical commerce and e-pharmacy capabilities, moving beyond the traditional manufacturer → distributor → pharmacy model toward an integrated manufacturer → distributor → healthcare professional → digital platform → patient structure.

Singapore serves as the headquarters and strategic centre. Hyphens maintains direct operations in:

• Singapore
• Vietnam
• Malaysia
• Indonesia
• Philippines

The group also holds broader marketing and distribution relationships covering additional markets in Asia and the Middle East, including Bangladesh, Brunei, Cambodia, China, Hong Kong, Macau, Myanmar, Oman, South Korea, and Sri Lanka.

Regional Operations

• Vietnam: Hyphens entered the Vietnamese pharmaceutical market as an early entrant in 1989, expanding operations from Ho Chi Minh City and Hanoi to other provinces.
• Malaysia: Operations began in 2004, covering major markets in Peninsular and East Malaysia.
• Philippines: Established in 2007, building a local sales and marketing presence.
• Indonesia: Began in 2011, initially utilising partnerships for regulatory, logistics, and commercial capabilities.

Hyphens positions itself as a “Southeast Asian market-access platform for specialty healthcare products.” It bridges global pharmaceutical innovation and regional healthcare markets by providing capabilities that international companies may lack locally, such as:

• Local regulatory expertise
• Sales networks and medical promotion
• Relationships with doctors, hospitals, and pharmacies
• Market access strategies
• In-house regulatory departments

The company highlights four core capabilities: Market insights, Trusted brands and relationships, Strong sales network, and In-house regulatory department.

Strategic Focus Areas

Dermatology: A key growth area involving proprietary brands like Ceradan, TDF Derma Formula, and CG 210. Hyphens has collaborated with Singapore’s Agency for Science, Technology and Research (A*STAR) on dermatology innovation and secured a UK patent for Ceradan Advanced. In January 2026, an out-licensing deal for Cerapro MED Skin Barrier Cream covering six European countries was announced.

Medical Aesthetics: The group has expanded into aesthetic medicine, notably distributing Nabota, a botulinum toxin product developed by Daewoong Pharmaceutical, which has been registered for sale in Singapore.

New Specialty Products: Hyphens continues to introduce innovative products to the region, such as Winlevi, a topical prescription treatment for acne, launched in Singapore and Malaysia as the first introduction of the product into Southeast Asia.

Hyphens Pharma International Limited is the listed holding company. The broader group includes entities such as Pan-Malayan Pharmaceuticals, Ocean Health, DocMed Technology, Novem, and Ardence Aesthetics / Ardence Pharma.

The group is led by Lim See Wah, who serves as Executive Chairman and CEO. With a background in pharmacy and over 30 years of industry experience, Lim has driven the group’s strategy of entrepreneurial acquisition and regional expansion since investing in Pan-Malayan Pharmaceuticals in 1998.

Since its listing in 2018, Hyphens Pharma has reported significant growth.

• FY2024: Reported revenue of approximately S$195.4 million and net profit after tax of approximately S$10.9 million, described by SGX as record results.
• 1H2025: Reported revenue of approximately S$89.5 million and profit after tax of approximately S$2.0 million.
• FY2025: Results were released in February 2026, with the annual report filed with SGX in April 2026.

The company’s stated vision is “We Provide a Better Quality of Life”, with a mission to become “A Dominant Specialty Pharmaceutical Company in Southeast Asia Built On Trusted Brands & Relationships.”

Corporate values emphasise respect, appreciation, customer relationships, employee engagement, integrity, professionalism, ambition, and continuous improvement. The focus on relationships aligns with the nature of pharmaceutical distribution, which relies heavily on connections with healthcare providers, regulators, and international principals.

The current extensive product list includes:

Besivance, Bicold, Ceradan, Cetraxal, CG 210, Clopixol, Curosurf, D-Cure, Dorithricin, Dotarem, Duoxal, D-Vita, ella, Erdomed, Fenosup Lidose, Fluanxol, Lexapro, Lipiodol, Liposic, Lotemax, Medikinet MR, Nabota, Nutri-Vite, Ocuvite, Piascledine, Plinest, Rupafin, Stérimar, TDF Derma Formula, Vivomixx, Xenetix, and Winlevi.

These products span prescription medicines, medical devices, dermatology, ophthalmology, gastroenterology, paediatrics, allergy/ENT, radiology, and consumer healthcare.

1. HYPHENS PHARMA INTERNATIONAL LIMITED
2. Interview with Lianhe Zaobao :: Hyphens Pharma International Limited
3. Products | Welcome to Hyphens Pharma