In his youth, Stephen Saad envisioned himself either as a professional sportsman or a game ranger, never imagining that he would one day lead Africa’s largest pharmaceutical company, Aspen Pharmacare.
He played rugby, a sport he still enjoys although he no longer plays and just supports his favourite teams from the sidelines.
Being in the health sector, he acknowledges the importance of maintaining a balanced lifestyle. So he exercises regularly. He has a particular love for cycling and often participates in bike races, usually for charity.
Beyond his role as Aspen’s CEO, Saad prioritizes spending quality time with his family. The businessman frequently goes on weekend getaways with his wife and children, during which limited cellphone contact is allowed.
“Durban offers us an incredible lifestyle in our beautiful country, and my perfect weekend is about spending time outdoors with my family and friends. Kirkman’s and Exeter in the Sabi Sands Game Reserve are my favourite getaway destinations. We regularly escape to nature, which truly refreshes us. Limited cellphone contact is allowed, especially for our kids! During our time away, I catch up with the most important people in my life,” he shared in an interview with Leader.
While family life is essential to Saad, his passion for his work also drives him. He hopes to leave a lasting legacy in the healthcare sector.
“If our efforts result in a positive impact for my country and the African region, combating HIV/AIDS, tuberculosis, and malaria, that would be a great achievement. A vaccine discovery for these diseases would be first prize,” he stated.
Saad’s conviction is perhaps what fuels him. During the COVID-19 pandemic, as Aspen Group’s co-founder and CEO, he oversaw the global supply of anaesthetics and dexamethasone and supervised the production of COVID-19 vaccines that were instrumental in managing the pandemic.
In 2018, Saad was listed as the 19th richest person in Africa on Forbes Africa’s Billionaire’s ranking, with a net worth of $1.2 billion. Though he dropped off the list in 2019, Saad’s wealth remains substantial.
Who is Stephen Saad?
Saad was born in June 1964 to Lebanese parents, and raised in Durban, South Africa.
He attended Durban High School. He later obtained a BCom degree in 1985 and a Postgraduate Diploma in Accounting in 1986 at the University of KwaZulu-Natal. He then went on to qualify as a Chartered Accountant (SA).
Career
Saad’s career began at Quickmed, a prescription drug distribution company. The company was on the verge of being sold but Saad had a brilliant idea. He convinced the people who wanted to sell off the business that intellectual property ownership would be the only way to save the business. He then acquired a 50% share in the business.
His first major move was to orchestrate the merger of Quickmed with Covan, a family-owned eye drops manufacturer. This merger created Zurich, a company that quickly grew in size under Saad’s stewardship, doubling its turnover in a short time.
In 1993, Prempharm (now Adcock Ingram) saw the rise of Zurich as a threat and acquired the company. Saad was bound by a restraint of trade agreement after the sale, preventing him from pursuing similar business ventures immediately.
As such, during this period, he turned his attention to Varsity College, a struggling educational institution that was on the brink of closure. Saad revitalized the college, improving its operations and restructuring its overhead costs, He drove enrollment by employing an aggressive marketing campaign that offered students a money-back guarantee if they attended all lectures but did not pass their exams.
At the age of twenty-nine, he sold his share in Covan Zurich for US$3 million, thus becoming a millionaire
Aspen Pharmacare
The turning point in Saad’s career came in 1997 when he co-founded Aspen Pharmacare with Gus Attridge.
Saad recognized the opportunity in the generic pharmaceuticals market, and he steered Aspen toward becoming a leader in this space. His focus was on building a globally competitive pharmaceutical company that could maintain high standards of quality while keeping prices affordable.
Under Saad’s guidance, Aspen rapidly expanded its operations. The company established a strong presence in South Africa and then extended its reach into sub-Saharan Africa, Australia, and other international markets.
One of Saad’s significant achievements was positioning Aspen as the largest supplier of anti-retroviral drugs in Africa, a crucial step in combating the HIV/AIDS epidemic.
Aspen’s success was built on its ability to produce affordable generic medicines without compromising quality.
Under Saad’s leadership, Aspen expanded its footprint globally through strategic acquisitions and partnerships.
The company invested heavily in research and development and built one of the world’s premier pharmaceutical manufacturing facilities in Port Elizabeth, South Africa. This state-of-the-art facility became the backbone of Aspen’s global operations, enabling the company to manufacture a wide range of pharmaceuticals for both local and international markets.
Aspen also established a strong presence in Australia, where it became one of the leading pharmaceutical companies. The company’s expansion into Europe and Latin America further solidified its position as a global player in the pharmaceutical industry.
Currently, Saad serves as the CEO of the Aspen Group.
Philanthropy
Beyond his success in the pharmaceutical industry, Saad is known for his philanthropic efforts. His main focus is improving healthcare and education in Africa.
For instance, in 2012 Saad personally raised over R10 million for pediatric healthcare in Africa by participating in a grueling 240 km off-road cycling race.
In 2023, his company, Aspen, provided emergency relief to patients in Turkey and Syria after they suffered a devastating earthquake.
This year, the company has also made donations to patients in Ukraine impacted by the ongoing conflict in the country.
Awards
The tycoon received Ernst & Young’s South African Chapter of the World Entrepreneur Award in 2004 and the Convocation Award for 2005 from his alma mater, the University of KwaZulu-Natal.
He was also inducted into the international Ernst & Young World Entrepreneur of the Year Hall of Fame in 2005.
The mogul was also awarded an honorary doctorate from Nelson Mandela Metropolitan University in 2014 for Aspen’s positive impact in Port Elizabeth.
Family
Saad is married and has four daughters. He resides with his family in Durban South Africa.
He owns a private reserve in the Sabi Sand Game Reserve near Kruger National Park, where he likes to vacation with his family.
