Stephen Saad started by distributing prescription drugs in black townships. His company is now Africa’s largest generic medicines producer.
Born in Durban to Lebanese parents, Stephen Saad was a millionaire at 29, then co-founded Aspen Pharmacare in 1997.
Stephen Saad was born in June 1964 to Lebanese parents and raised in Durban. He attended Durban High School, studied commerce at the University of Natal, played rugby in Ireland and trained as a chartered accountant.
Medicine for the townships
He began his career at Quickmed, a prescription drug distribution company that served black townships during apartheid. At 29 he sold his share in Covan Zurich for 3 million dollars, becoming a millionaire.
Aspen
In 1997, together with Gus Attridge, he co-founded Aspen Pharmacare, which is listed on the Johannesburg Stock Exchange. It has become the largest producer of generic medicines on the African continent. He serves as chief executive and Attridge as deputy chief executive. In October 2016 he won Entrepreneur of the Year at the All Africa Business Leaders Awards.
Saad also chairs the Sharks rugby club in Durban and sits on the board of trustees of Durban High School. In 2014 Nelson Mandela University gave him an honorary doctorate for the positive role of Aspen in the city of Port Elizabeth.
His route shows that useful businesses are often found by serving customers others do not.
