Since its founding, the Fujifilm Group has amassed a wide range of technologies cultivated through its photographic film business and provided products and services valuable to society, continuing to grow as a company. The Group promoted a growth strategy by consistently anticipating the future and centering on technologies such as optics, chemicals and electronics, which are needed to develop and produce photo-related products. Here, we will explain the history of innovation in the Fujifilm Group.
In 2000, the photographic film business accounted for roughly 60% of Fujifilm’s sales and generated around twothirds of operating income. With the subsequent rapid rise of digital technology, the photographic film market shrank at a rapid pace. The market fell to less than one-tenth of its historical peak by 2010. In order to overcome the biggest
crisis since its founding—losing its core business—Fujifilm undertook a large-scale business restructuring centered on reorganizing its photography-related business. By taking stock of the technologies we had cultivated in the development and production of photographic film and examining the fields in which these technologies could be applied, we were able to enter the markets of cosmetics and pharmaceuticals, newly identified as future growth areas. After making Fuji Xerox Co., Ltd. (now FUJIFILM Business Innovation Corp.) a consolidated subsidiary in 2001, we established FUJIFILM Holdings Corporation in 2006 to bolster our consolidated management. This also marked our transition to a holding company structure.
In anticipation of market growth, the Fujifilm Group made full-fledged entry into the regenerative medicine business in 2010 and the bio CDMO (contract development and manufacturing organization) business in 2011. In addition to actively pursuing M&A, we expanded our business by applying advanced production technologies, such as process engineering, cultivated through the manufacture of photographic film. In fiscal 2017, we formulated Sustainable Value Plan 2030 (SVP2030), a long-term corporate social responsibility (CSR) plan, and VISION2019, a medium-term management plan acting as a concrete action plan for realizing the former’s goals. We took action toward the priority issues of accelerating growth in the healthcare field and improving profitability of the document business.
We have accelerated synergies across the Fujifilm Group, focusing on the creation of value that exerts positive impact on society while evolving our leading-edge proprietary technologies. Especially in the bio CDMO business, we acquired a manufacturing subsidiary of U.S.-based Biogen Inc. and are aggressively promoting capital investment to reinforce our production capacity. By acquiring Hitachi, Ltd.′s diagnostic imaging business and making Fuji Xerox a wholly owned subsidiary, we also strengthened our business portfolio. This has built a foundation for our future growth. Toward the realization of our medium-term management plan VISION2023 announced in April 2021, we will accelerate the growth of the Fujifilm Group and contribute to resolving social issues.