QuaDPharma LLC President and CEO Stephen Panaro said the four-year-old company should triple its sales from last year, which totaled $1 million.
Based in Newstead, QuaDPharma manufactures and tests small-batch pharmaceuticals including ointments, lotions, creams and liquids.
Last year, the company hired Pascal Soares as a business development consultant, who increased the company’s sales funnel. The result was they quoted $6.1 million in business.
“We have a lot of open capacity, and eventually we’ll have to hire,” he said. “I want to add jobs, about 50 over the next seven years.”
He said the focus of the 11-person company is turning more to the manufacturing side of the business, which includes pre-commercial and commercial products, materials for clients to conduct clinical studies.
“We’ll manufacture and package whatever’s needed, then they distribute it,” he said, adding that they’re now doing commercial production on an over-the-counter European product that is looking to get into the U.S. market.