Hanmi Pharmaceutical’s major products are exported locally
Saudi pharmaceutical company Tabuk establishes sales network in 17 countries
Pre-introduction of new urinary and anti-cancer bio drugs, etc.
Promote expansion of export items in line with local market medical conditions
Participated in Milan ‘CPhI Worldwide 2024’ exhibition
Hanmi Pharmaceutical succeeded in entering the Middle East and North Africa (MENA) market for the first time.
Hanmi Pharmaceutical announced on the 10th that it has signed an exclusive licensing partnership with Tabuk Pharmaceuticals, a leading local pharmaceutical company in Saudi Arabia, to export major products to the MENA region. Following the partnership, we plan to continue to increase export items in the future and further accelerate our advancement into the MENA region.
In particular, this contract is evaluated as having great significance as it was concluded in line with the policy to expand exports to the Middle East that the Korean government is currently actively pursuing, led by the Ministry of Trade, Industry and Energy. Hanmi Pharmaceutical also has high expectations about entering new markets.
MENA is a vast market with a population of approximately 600 million people. Among them, Saudi Arabia is also a market that is leading the expansion of the pharmaceutical market based on its high income level. It is considered a country with very high growth potential in the pharmaceutical market as well as various industries such as construction, energy, and IT. Tabuk, a local pharmaceutical company headquartered in Saudi Arabia, is known as a leading company in the MENA region. It is evaluated as having a solid sales network in 17 countries in the Middle East and North Africa.
Hanmi Pharmaceutical and Tabuk held an official event to commemorate the partnership at the ‘CPhI Worldwide (Convention on Pharmaceutical Ingredients Worldwide) 2024’, a pharmaceutical and bio exhibition held in Milan, Italy on the 8th. At the event, Lim Joo-hyun, Vice Chairman of Hanmi Pharmaceutical, and Ismail Ismail Key officials including Tabuk CEO Ismail Shehada and Chief Business Officer (CBO) Wisam Al Khatib attended.
Under the partnership, Tabuk is responsible for local approval and sales of prescription drugs and major items developed by Hanmi Pharmaceutical. In detail, urinary products and new anti-cancer bio drugs will be supplied first. Afterwards, the plan is to sequentially introduce other items in line with the medical issues and market characteristics of the MENA region.
Lim Joo-hyun, Vice Chairman of Hanmi Pharmaceutical Group, said, “This partnership demonstrates the strong commitment of both companies to solve local medical problems and provide better treatment outcomes for patients.” He added, “Hanmi’s excellent research and development (R&D) expertise and Tabuk’s local market. “We expect that our locations will create synergy,” he said. He added, “Hanmi Pharmaceutical will do its best to bring meaningful changes to the lives of patients in the MENA region.”
Tabuk CEO Ismail Shehada said, “We will introduce Hanmi Pharmaceutical’s representative high value-added products to the Middle East and North Africa and provide more innovative treatments to medical staff and patients based on the expertise of both companies, thereby contributing to the development of the regional medical system.”
Meanwhile, Hanmi Pharmaceutical is seeking new business opportunities by participating in CPhI Worldwide 2024 held in Milan, Italy. By setting up an exclusive booth, they are actively promoting self-developed blockbuster products such as Rosuzet and Gugutams, as well as a pipeline of about 30 innovative new drugs in the fields of metabolic diseases such as obesity, anticancer, and rare diseases.
An official from Hanmi Pharmaceutical said, “Global partnerships are one of the key drivers for Hanmi Pharmaceutical’s future growth,” adding, “We will focus on actively promoting Hanmi’s major products with differentiated competitiveness and discovering partnerships that can demonstrate unrivaled R&D capabilities and synergy.” “I’m leaving it there,” he explained.
CPhI Worldwide is the world’s largest pharmaceutical and bio fair held every year in major European countries. This year, over 2,400 pharmaceutical and bio companies from 166 countries participated. The number of corporate officials alone amounts to 62,000.
Kim Min-beom, Donga.com reporter [email protected]
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