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Threehorizons.
One company,
three doors.
Your bridge between the world and Japan's pharmaceutical & health industry.
5+
COUNTRIES
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PARTNERS
2023
FOUNDED
3
DOORS
Care Link
Specialty Pharma × Last Mile
Delivering directly to patients
Last-mile delivery of specialty pharmaceuticals from pharmacies to patient homes. End-to-end cold chain management, adherence monitoring, and PSP integration.
Global Bridge
Import × Export
A two-way bridge between Japan and the world
Japan market entry for overseas pharma and raw materials. Global expansion for Japanese OTC and supplements. Regulatory to logistics, end-to-end.
garden
Supplement Development
From idea to product
Supplement and health food planning to manufacturing. OEM/ODM, raw material sourcing, and branding support.
Latest Insights
Healthcare insights shared by CEO Masaya Yamamoto on NewsPicks
大幸薬品中間期 ― 正露丸の海外シフトと先行投資の読み方
One framing point first: this interim period is less about a Cleverin recovery and more about a geographic rewrite of where Seirogan is sold. Revenue for the half came in at ¥2,636 million (+9.3% YoY), while operating profit fell to ¥17 million (−63.4%), squeezed by a 3.8% rise in SG&A driven by overseas marketing spend even as gross profit grew only 1.4%. The pharmaceutical segment tells the real story: overseas sales nearly doubled (+118.7%) to ¥1,112 million, closing in on domestic sales of ¥1,410 million (−16.9%), with the domestic decline attributed to Seirogan supply constraints, the return of competing products, and lower inbound demand—factors worth separating from any reading of underlying demand weakness. The infection-control segment continues to shrink, though reduced advertising narrowed its segment loss by ¥59 million. Expanding overseas with an established brand is a rational strategic move given Japan's demographic headwinds; however, the two questions worth watching in the second half are whether overseas shipments reflect genuine end demand or channel inventory build-up—flagged by a ¥66 million operating cash outflow and a ¥286 million rise in inventories—and whether normalized domestic supply translates into a revenue recovery. The full-year guidance of ¥500 million operating profit, heavily back-half weighted at a 3.4% interim progress rate, rests squarely on both of those conditions being met.
扶桑薬品1Q増益の実態―費用圧縮と特許訴訟リスクの読み方
Fuso Pharmaceutical's Q1 operating profit rose 63.0% year-on-year to ¥972 million, but reading this as a genuine improvement in earnings power would be premature. Revenue grew 3.5% to ¥16.046 billion, while gross margin was essentially flat at 26.2%—nearly 70% of the operating profit gain came from a ¥257 million reduction in SG&A rather than from stronger underlying profitability. The company left its full-year guidance unchanged (revenue ¥63.2 billion, operating profit ¥20 billion), suggesting management does not expect Q1's cost levels to hold through the year. Below the operating line, interest payments rose and new handling fees emerged, limiting recurring profit growth to ¥264 million. Most significantly, the balance sheet still carries ¥8.744 billion in both a provisional payment and a corresponding litigation-loss provision, reflecting a Tokyo IP High Court ruling ordering payment of roughly ¥7.47 billion in a patent dispute with Toray—now under Supreme Court appeal. For a company with net assets of ¥35.751 billion, the outcome of that case could materially reshape the financials. The two things worth watching: the trajectory of the Supreme Court appeal, and whether the Q1 SG&A discipline can realistically be sustained—all while keeping dialysis fluids and infusions flowing without interruption.
大麻規制の先送り ― 利益相反が公衆衛生政策の信頼を損なうリスク
The pattern of regulatory delays benefiting specific interest groups is a universal risk in regulatory governance, not unique to the United States. Cannabis-derived compounds such as delta-8 THC have seen explosive market growth by exploiting legal gray zones between federal and state law, making the establishment of safety and quality standards an urgent consumer protection priority. If political connections are causing that process to stall, the credibility of public health policy is seriously undermined. From a healthcare perspective, the key concern is how regulatory gaps affect product quality control and adverse-event surveillance—emergency visits linked to cannabis-derived products are rising in the U.S., and the absence of a coherent framework across the FDA and state agencies also casts a shadow over the research and development of legitimate medical applications. While the conflict-of-interest allegations require careful fact-checking, this episode—where regulatory priorities appear to be shaped by political context rather than scientific evidence—offers lessons worth referencing when examining pharmaceutical and drug regulatory administration in Japan as well.