Ernst & Young hailed Generika Drugstore President, Mr. Teodoro L. Ferrer, as finalist for the 2010 Entrepreneur of the Year.
The Entrepreneur of the Year Award given by Ernst & Young is the most prestigious business recognition in the world for entrepreneurs. It is the first - and only truly global - award that acclaims those individuals building successful and dynamic businesses in more than 50 countries all over the world.
Mr. Ferrer was screened and interviewed together with about 80 other nominees, and then included in the short list of finalists for the award. His innovative and market-oriented approach in setting up a nationwide chain of retail drugstores focused on quality affordable generic medicines with the aim of helping the poor and marginalized sectors of society was duly noted. Two features in the storyline of Mr. Ferrer were remarkable: he dared to enter the retail business for pharmaceuticals where none of the Generika investors had any prior experience; and he embarked on this entrepreneurial journey at the age of 60 years.
Mr. Ferrer was awarded with a trophy by Mr. Cirilo Noel, Chairman and Managing Partner of SGV & Co., and Atty. Antonette Tionko, Program Director of Entrepreneur of the Year Phils. in a gala ceremony held at the Makati Shangri-la Hotel last October 12.
Proclaimed as Master Entrepreneur and Entrepreneur of the Year 2010 Philippines was Mr. Tennyson Chen of Bounty Fresh Food.
Among the past winners, most notable is Mr. Tony Tan Caktiong of Jollibee Foods who won in 2003 and went on to become World Entrepreneur of the Year in 2004.
The other past winners are Ms. Socorro Cancio-Ramos of National Bookstore, Mr.Lance Gokongwei of Cebu Air, Mr. Senen Bacani of La Frutera, Mr. Wilfred Steven Uytengsu of Alaska Milk and Ambassador Jesus Tambunting from Planters Development Bank.
The Entrepreneur of the Year program was established in the United States by Ernst & Young to recognize the achievements of the most successful and innovative entrepreneurs worldwide.
SGV Foundation, the local affiliate of Ernst & Young International, annually conducts the search for the country's outstanding and deserving individuals for the distinction of Entrepreneur of the Year.