ICM Pharma states that it has more than five decades of experience in the pharmaceutical sector, with a portfolio encompassing over 300 products. Current leadership includes Executive Chairman Mrs Koe Poh Tee, Managing Director Dr Stuart Koe and CEO Mr Manohar Nandiraju.1

1970: Foundation

ICM Pharma traces its beginnings to 1970, when pharmacist Mr Koe Khoon Poh established the business. A publication by the Singapore Manufacturing Federation reported that the company began with startup capital of S$5,000 and subsequently grew into a major supplier of pharmaceutical products to healthcare institutions in Singapore.

The company’s historical development extends beyond the modern ICM Pharma name. According to Singapore corporate information sources, the business initially operated as a trading entity under Woods International Pte Ltd, which became associated with veterinary product marketing in Singapore and Malaysia.

1975: Manufacturing begins

Manufacturing activities reportedly commenced in 1975, initially involving veterinary products under the Carrington brand.

1980s: Human pharmaceuticals

During the 1980s, ICM obtained Good Manufacturing Practice (GMP) certification from the Ministry of Health for the manufacture of human pharmaceutical products. This marked a significant transition towards its current identity as a pharmaceutical manufacturer. The company subsequently developed capabilities for manufacturing oral and external topical preparations, including creams, ointments, lotions and syrups.

1986: Incorporation of ICM Pharma Pte. Ltd.

The legal entity ICM Pharma Pte. Ltd. was incorporated in Singapore on 22 August 1986 under UEN 198601755R. Public corporate records identify its principal activity as the manufacture of pharmaceutical products and preparations for human use.23

1990s–2000s: Consumer healthcare expansion

Over time, ICM expanded beyond pharmaceutical manufacturing into consumer healthcare. It developed and marketed retail brands including Lactus, Growell Scalp Lotion and Acne Clear, which became some of its most recognisable consumer-facing products.

2010s–2020s: Broader pharmaceutical portfolio

ICM increasingly combined its traditional OTC and minor-ailment business with prescription and specialty pharmaceutical products. Its current portfolio includes both consumer health products and PharmaKoe Specialty Therapeutics, covering areas such as gastrointestinal medicine, respiratory treatments, anti-infectives and other therapeutic categories.1

Today, the company describes itself as a Singapore pharmaceutical manufacturer with over 300 products and a state-of-the-art cGMP facility.1

ICM Pharma operates across several distinct business areas beyond consumer drug branding.

Pharmaceutical manufacturing

Manufacturing is the company’s core activity. ICM produces pharmaceutical preparations in Singapore, with particular experience in:

• Oral liquid medicines
• Syrups
• Mixtures
• Creams
• Ointments
• Lotions
• Topical preparations
• Antiseptic products
• Selected solid-dose products
• Pharmaceutical specialty products

Historical manufacturing capabilities also included the packaging of tablets and capsules for clients.

OTC medicines

A significant portion of ICM Pharma’s consumer portfolio consists of over-the-counter and minor-ailment remedies. Its product catalogue covers categories including:

• Analgesics and antipyretics
• Antacids and antiflatulents
• Cough and cold preparations
• Anti-diarrhoeals
• Laxatives
• Antiseptics and disinfectants
• External analgesics
• Skin preparations
• Hair and scalp products
• Oral care products

The company website lists dozens of products across these categories.1

Prescription and specialty pharmaceuticals

ICM has developed a specialised pharmaceutical portfolio under PharmaKoe Specialty Therapeutics. Examples currently listed include:

• Agelmin — cetirizine
• Akacin — amikacin injection
• Diosper — micronised purified flavonoid fraction
• Esonide — budesonide nasal spray
• Mupider — mupirocin ointment
• Panalexin — pantoprazole injection
• Venlex Forte XR — venlafaxine

These products illustrate the company’s expansion beyond everyday OTC medicines into conventional therapeutic and prescription-oriented products.1

Lactus

Lactus is one of ICM Pharma’s best-known healthcare brands. The portfolio includes Lactus Syrup, based on lactulose, as well as newer probiotic-oriented products. The company positions Lactus around gastrointestinal health.1 The brand represents ICM’s strategy of developing consumer-facing national healthcare brands rather than operating solely as a contract manufacturer.

Growell

Growell is a long-established ICM brand focused primarily on hair and scalp care. Growell Scalp Lotion has been identified by industry sources as one of the company’s established market-leading brands.1

Acne Clear

Acne Clear is an established consumer health brand focused on acne and related skin care concerns. ICM identifies it alongside Lactus and Growell as one of its award-winning brands.1

PharmaKoe

PharmaKoe Specialty Therapeutics represents ICM’s specialty pharmaceutical division. Its products span multiple therapeutic areas, including gastrointestinal, allergy, anti-infective, respiratory and cardiovascular health. ICM states that the PharmaKoe expansion includes the supply of tablets, capsules and injectables across various therapeutic areas.1

ICM’s online catalogue reflects the breadth of its business operations.

Consumer healthcare

• Pain and fever
• Cough and cold
• Digestive problems
• Diarrhoea
• Constipation
• Antacids
• Skin problems
• Wound care
• Hair and scalp care
• Oral and dental care

Pharmaceutical products

• Anti-infectives
• Antibiotics for respiratory tract infections
• Steroidal preparations
• Gastrointestinal medicines
• Antihistamines
• Prescription medicines
• Injectable medicines

Other products

• Antiseptics
• Disinfectants
• Hand hygiene products
• Personal care
• Veterinary products
• Cosmetics
• Selected industrial chemicals

Historical corporate profiles describe the product range as extending across pharmaceuticals, pet care, veterinary products, personal care, cosmetics, household products and industrial chemicals.

ICM Pharma distinguishes itself as a local Singapore pharmaceutical manufacturer rather than solely an importer or distributor. The company emphasises manufacturing under GMP and cGMP standards, stating that most products are manufactured at its GMP-certified Singapore facility, although selected products are imported from international partners.1

Its historical strength lies in liquid and topical dosage forms, including syrups, oral mixtures, lotions, creams, ointments and other external preparations. This specialisation allows for local manufacturing at scale without requiring the infrastructure needed for complex biologics or advanced drug-delivery systems.

ICM Pharma has historically supplied products to both public and private healthcare institutions in Singapore. Customers and distribution channels have included hospitals, polyclinics, clinics, pharmacies, retail pharmacy chains and business-to-business customers.

Industry material from the Singapore Manufacturing Federation described ICM as a major supplier to public and private healthcare institutions, noting that its products are available across major and independent pharmacies. ICM states that its products are available through hospitals, clinics and pharmacies in Singapore as well as internationally.1

An integral part of ICM Pharma’s identity is its status as a homegrown Singapore pharmaceutical company. While the local pharmaceutical sector is dominated by large multinational corporations, ICM is among the locally rooted manufacturers that have maintained production in Singapore for decades. Healthcare industry reports list ICM Pharma among Singapore’s local pharmaceutical manufacturers, noting its GMP certification dating back to the 1980s.

This distinguishes ICM from companies whose Singapore operations function primarily as regional sales, distribution or R&D offices.

The company’s current legal entity is ICM Pharma Pte. Ltd. Public Singapore corporate records identify the following details:

• UEN: 198601755R
• Company type: Exempt Private Company Limited by Shares
• Incorporation date: 22 August 1986
• Status: Live
• Principal activity: Manufacture of pharmaceutical products and preparations for human use23

Although the legal entity was incorporated in 1986, the historical business dates to 1970. Consequently, 1970 is generally cited as ICM Pharma’s founding year, while 1986 refers specifically to the incorporation of the current legal entity.3

ICM Pharma’s current leadership team includes:1

• Mrs Koe Poh Tee — Executive Chairman
• Dr Stuart Koe — Managing Director
• Mr Manohar Nandiraju — Chief Executive Officer
• Ms Michelle Tan — Business Manager
• Ms Jenny Goh — Finance Manager
• Ms Pearlrie Tay — Sales Director
• Mr Firdauz Samad — Warehouse & Distribution Manager
• Ms Lathalu K — QC & QA Manager
• Ms Wong Jia Xin — Production Manager / Registered Pharmacist

The company’s history remains closely connected to the Koe family, beginning with founder Koe Khoon Poh.1

ICM positions quality, reliability and customer-centricity as central corporate values. Its stated approach involves selecting pharmaceutical ingredients and raw materials, developing formulations for specific market needs, manufacturing under controlled GMP/cGMP conditions, performing quality-control testing, distributing through healthcare and retail channels, and continuously developing products based on market requirements.

The technical workforce includes pharmacists, chemists, microbiologists and technicians.1 The R&D strategy focuses on high-value, market-driven products rather than competing with multinational pharmaceutical companies across all areas of drug discovery.1

ICM’s corporate positioning includes sustainability initiatives focusing on renewable energy, logistics efficiency, waste reduction, recycling, water conservation, sustainable packaging and lower-emission operations. The company highlights its in-house liquid formulation manufacturing as a means of reducing the need to import finished products, thereby potentially lowering transportation-related emissions.1

CSR efforts emphasise access to affordable healthcare, employee development and community engagement.1

While Singapore remains ICM Pharma’s principal base, the company maintains ambitions beyond the domestic market. Corporate materials describe products as being available internationally, with specific processes for export enquiries.1

Historically, the veterinary business had connections to both Singapore and Malaysia. The international strategy appears to focus on regional pharmaceutical distribution and contract manufacturing opportunities rather than positioning ICM as a global pharmaceutical corporation.

ICM Pharma operates as a combination of three distinct business functions:

1. Manufacturer: Physically manufactures pharmaceutical and healthcare products, particularly liquids and topical formulations.
2. Brand owner: Owns and develops consumer brands such as Lactus, Growell and Acne Clear.
3. Pharmaceutical supplier/distributor: Supplies healthcare institutions, pharmacies and business customers, including a specialty portfolio under PharmaKoe.

This combination places ICM in a dual position as both a B2B pharmaceutical manufacturer and a B2C healthcare brand owner.

Several factors distinguish ICM from a typical pharmaceutical distributor:

1. Long Singapore history: The company traces its roots to 1970 and has over five decades of operating history.1
2. Local manufacturing: Maintains pharmaceutical manufacturing capability in Singapore rather than relying exclusively on imported finished products.1
3. Liquid and topical expertise: Oral liquids, creams, ointments and lotions are among its traditional manufacturing strengths.
4. Combined OTC and prescription portfolio: Ranges from everyday consumer remedies to specialty pharmaceutical products.1
5. Recognisable consumer brands: Lactus, Growell and Acne Clear provide visibility beyond the professional pharmaceutical market.1
6. Healthcare sector supply: Products have historically been supplied to hospitals, polyclinics, clinics and pharmacies.

ICM Pharma operates on a different scale and with a different strategy compared to large multinational pharmaceutical companies.

ICM’s core competitive identity rests on manufacturing expertise, formulation know-how, established healthcare brands and local market knowledge, rather than blockbuster drug discovery.

The current ICM brand message is “Get Better”. This positioning revolves around accessible, reliable and value-for-money healthcare. The company describes its mission as providing high-quality, value-for-money healthcare products that improve health and well-being while building trust within the healthcare industry.1

This places ICM in a hybrid position spanning pharmaceutical manufacturing, healthcare supply and consumer health branding, rather than purely in consumer wellness or innovative drug discovery.

ICM’s website organises its catalogue into the following categories:1

• Analgesics & antipyretics
• Antacids & antiflatulents
• Antibiotics for respiratory tract infections
• Anti-diarrhoeals
• Antiseptics & disinfectants
• Cough & cold
• External analgesics
• Hair & scalp care
• Laxatives
• Probiotic products
• Skin preparations
• Personal care
• Steroidal creams
• PharmaKoe specialty therapeutics

The breadth of this catalogue supports describing ICM as a healthcare and pharmaceutical company rather than a single pharmaceutical brand.

ICM Pharma is a long-established, privately held Singapore pharmaceutical manufacturer that has evolved from a locally focused pharmaceutical and veterinary products business into a diversified healthcare company. Its operations now span pharmaceutical manufacturing, OTC medicines, consumer healthcare brands, specialty therapeutics and international distribution.1

Key differentiators include its heritage dating to 1970, GMP-certified local manufacturing, expertise in oral liquids and topical formulations, established consumer brands, and the combination of B2B pharmaceutical supply with B2C healthcare products.1 It is best understood as a homegrown Singapore pharmaceutical and healthcare group rather than solely a retail medicine label.

1. About – ICM Pharma
2. ICM PHARMA PTE. LTD. (198601755R) – Singapore Company
3. ICM PHARMA PTE. LTD. (198601755R) – Manufacture of pharmaceutical products and preparations for human use – Singapore Company