What have been the main milestones for Prince Sterilization Services (Prince) over the past 12 months?

Over the past year, there has been an increase in demand for Prince’s services and business has been extremely strong. The company continues to expand and we are excited about the future. Our latest state-of-the-art 30,000 square foot GMP manufacturing facility in New Jersey allowed us to increase our capacity and throughput dramatically, and we can also offer new services such as assembled vials, nest and tub services, and vapor hydrogen peroxide sterilization to further expand our reach in the pharma and biotech industries. In the past three years, Prince has invested over US$18 million in equipment and facility leasehold improvements. In the 2nd half of 2024, capacity will be boosted significantly as new equipment comes online coupled with more automated processes and available facility space.

What does Prince hope to achieve with the launch of its new packaging segment? 

The 2024 and 2025 years are extremely exciting for Prince as investments that were made several years ago are beginning to materialize and generate revenue. Vertically integrating packaging is a goldmine for Prince. All the products we sell require aseptic packaging. This opportunity is also for services to companies that do not have terminal sterilization but would like it done in an aseptic manufacturing facility under extremely clean conditions. The decision to launch a packaging segment was made by listening to our customer’s needs and the demand in the market.  We forecast tremendous growth in this area. 

What is Prince’s growth strategy ahead? 

To bring a company beyond what a family can do organically,  you have to consider acquisition and partnership options where we might, for example, become a platform and become a larger enterprise. This is the possibility we see for ourselves in the future. Prince is on a significant growth trajectory, and we must manage our growth as we expand and scale our offerings. 

The FDA recently recategorized vaporized hydrogen peroxide (VHP) as an established medical device sterilization method. How does this reinforce Prince’s competitive advantage?

This tremendously reinforces our competitive advantage and validates our decision to offer these services,  as we believe that there must be alternatives to ethylene oxide due to its recent challenges. Prince decided to invest in vaporized hydrogen peroxide sterilization several years ago, and we are now ahead of the curve as the FDA has deemed VHP as an official terminal sterilization modality. We are set to become one of the first providers of contract VHP sterilization services and gain a sizable market share in medical device sterilization as companies turn away from EtO seeking an eco-friendly alternative sterilization modality.

What is your outlook for the life sciences industry in 2024?

I hope to see that the pharmaceutical industry, as is the case in the biotech industry, will shift its focus from treatment to prevention so that the human race will not suffer certain maladies, diseases, illnesses, and cancers and then recover from them, but rather, we will stay healthy and can expect a longer lifespan because we have learned from the past. There needs to be a mindset shift that focuses on what we can do to prevent sickness and disease, and the industry should understand that it will still be profitable by taking a proactive stance rather than a reactive stance. Overall, Prince is well-positioned to capitalize on high-growth sectors from emerging trends including an increasingly complex regulatory landscape, a rise in biologics and combo products, and a higher proportion of new drug approvals received by emerging and mid-tier pharma. 

What are Prince’s main priorities and goals for 2024? 

Prince will continue to focus on executing our plan and finalizing the performance qualifications of our new lines. Our growth initiatives and expansion plans are dependent on good management and execution. The company will also continue to focus on fostering healthy customer relationships. We are extremely excited about the growth our hydrogen peroxide and packaging segments can bring to the company in 2024 and beyond. We look forward to being a bigger company with larger resources to help us robustly execute our plan.