UAE-based pharmaceutical manufacturer Julphar has recorded sales of AED1.3 billion ($350 million) for 2017 amid a "challenging and rapidly changing" market environment.
The company said it is targeting double-digit growth in 2018 with the planned launches of 25 new products in the UAE.
Julphar’s general manager, Jerome Carle, said the company faced major challenges last year such as currency headwinds, forex shortage, political instability and price cuts.
“However, key milestones have been achieved, including the official opening of our plant in Saudi Arabia, our entry into three highly important markets with large populations – Mexico, Uzbekistan and Sri Lanka – not to mention being ranked number one in the UAE for the first time," he said in a statement.
He added that Julphar also registered 130 new products last year and signed an agreement with the Ministry of Health in the UAE to ensure the availability of medical supplies during crisis situations.
“We are off to a solid start in 2018, as evidenced by the successful acquisition of Gulf Inject, new distribution agreements in Africa and Asia, all of which indicate a healthy outlook for the business," Carle said.
“We aim to increase our impact in the global pharmaceutical industry by enhancing our operations in emerging markets and increasing our presence in Africa.”
In 2017, Julphar opened a manufacturing facility in Jeddah, adding to its overseas production bases in Ethiopia and Bangladesh. The SR300 million plant has the capacity to produce 1 billion tablets, 300 million capsules and 30 million bottles of syrups and suspensions per year.
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