The Managing Director of ICM Pharma on what it really takes to balance tradition, innovation, and trust in pharmaceuticals

“How They See It” is where we explore the perspectives of leaders shaping today’s most impactful organisations. In this instalment of “How They See It,” we delve into the journey of Dr. Stuart Koe, Managing Director of ICM Pharma. Under his leadership, ICM Pharma has become one of Singapore’s prominent pharmaceutical manufacturers, producing household staples like Growell Scalp Lotion and Ridwind Baby Drops. Dr. Koe – recently featured in the SPH Media video series, Singapore Dreamin’ – shares his insights on navigating the pharmaceutical industry, fostering sustainable growth, and the innovative strategies that have propelled ICM Pharma’s success.

“At the heart of my work lies a phrase so simple it feels almost unremarkable: “Get better.” It’s an instruction, a mantra, and a promise that has guided ICM Pharma since 1970. We’re one of Singapore’s few local pharmaceutical manufacturers, a family business producing staples like Growell Scalp Lotion, Ridwind Baby Drops, and Hygin-X hand sanitisers — ubiquitous during the pandemic, their blue bottles quietly present in homes and clinics alike.

“Get better” is also a call to action that echoes through every corner of our work. It’s about patients recovering, employees thriving, and partnerships flourishing. It’s a commitment that demands integrity, consistency, and the courage to keep building even when the path ahead is uncertain.

For us, business is deeply personal. Many of our employees have spent their entire careers with us, arriving as fresh-faced recruits and staying until retirement. This isn’t by coincidence; it’s by design. ICM Pharma is a place where people aren’t just employees — they’re family.

To lead is to build an environment where people feel valued and supported, not just professionally but personally. Work should offer more than a paycheck; it should provide purpose and the opportunity to grow. When you challenge people to stretch themselves, to learn new skills, and to aspire toward something greater, they inevitably rise to meet those expectations. Over the last decade, we’ve doubled our turnover without increasing our headcount. That kind of growth doesn’t happen by accident. It’s the result of a team evolving in tandem with the business, of every individual taking pride in their contribution.

Learning to lead

Leadership, for me, has always been an act of discovery. This is my third job in 35 years. I started at Singapore’s Economic Development Board, then moved to Fridae.com as its CEO, before taking the helm at ICM Pharma. Each role taught me something different, but all underscored a central truth: leadership isn’t about power; it’s about people.

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A leader is like a ship’s captain, steering toward a destination that only they might fully see. The crew may not always understand the course, but the captain’s role is to inspire trust, adapt to the currents, and ensure that every person on board works in harmony. It’s about vision and integrity, yes, but it’s also about knowing when to chart a new course and when to stay the course. For someone like me — an introvert who prefers action over talk — this has been a continual balancing act. But I’ve learned that leadership is most powerful when it’s lived through example. Whether it’s maintaining rigorous quality standards or nurturing a culture of fairness, actions always speak louder than words.

Purpose has always been my anchor. It’s what gets me out of bed in the morning, what sustains me during the tougher days, and what keeps me striving for more. ICM Pharma’s mission isn’t just about selling medication; it’s about touching lives. Every product, every decision we make, carries the potential to improve someone’s life, however incrementally.

For me, purpose isn’t some lofty ideal; it’s a deeply personal drive to create meaningful connections. Success isn’t found in accolades or market share. It’s found in the trust of our partners, the gratitude of our customers, and the fulfilment of our employees. It’s about knowing that what we do matters, even if it’s in ways that may never make headlines.

Looking ahead

When I reflect on my journey, three accomplishments stand out. First is the trust I’ve built with those around me. Trust isn’t given lightly; it’s earned through consistency, mentorship, and the courage to make difficult decisions. Second is resilience. Life, as we all know, is rarely smooth sailing. Every setback I’ve faced has been an opportunity to learn, to adapt, and to grow stronger. And finally, it’s the lives I’ve touched. From employees who feel genuinely valued to children in Nepal whose education I’ve quietly supported, these moments of connection are what stay with me. They remind me that impact doesn’t always come in grand gestures — it’s often found in the quiet, persistent acts of care and compassion.

At 52, I often find myself reflecting on the road ahead. Life, I’ve come to realise, is a series of experiences, each one shaping us in ways we can’t always predict. There’s a richness in that unpredictability, in the constant opportunity to learn, to grow, and to refine who we are.

Helping others “get better” has been the through-line of my life. It’s a simple phrase but one with profound implications. Whether through the medicines we create, the people we nurture, or the quiet acts of kindness we extend, it’s the legacy I hope to leave behind — a reminder that every small action carries the power to transform a life.”

Watch Dr. Stuart Koe’s inspiring story in Episode 1 of Singapore Dreamin’, a heartwarming makeover series that gives local SMEs the tech, work, and confidence upgrade of a lifetime. Hosted by Irene Ang,‬ and empowered by Singtel, these stories show how every dream can come alive with the right tools and guidance. And to that, we say: Hello, possibilities.