Company’s sales in the Saudi pharmaceutical market surges phenomenally
Globalpharma, the UAE’s leading pharmaceutical manufacturer and a wholly owned subsidiary of Dubai Investments has announced a significant milestone by capturing a 1.8% market share in the competitive Saudi pharmaceutical landscape.
As of May 2024, Globalpharma’s sales surged by 139.5% year-over-year, reaching US$ 12.6mn up from US$ 5.2mn in the same period last year.
This breakthrough is part of Globalpharma’s strategic endeavour to solidify its presence and expand its market share in Saudi Arabia, one of the fastest-growing pharmaceutical markets in the Middle East.
During the first five months of 2024, the company reported sales totalling US$ 33.2mn, marking a growth rate of 78.6% and securing a 1.8% market share. From June 2023 to May 2024, Globalpharma’s overall sales were a remarkable US$ 70.3mn, demonstrating a growth of 44.7%, according to a press release.
Planned strategy
“Globalpharma’s success can be attributed to a planned strategy focusing on major hospitals and chain pharmacies, leveraging partnerships such as those with Wasfaty, and maintaining the highest quality standards. New product launches and an impressive pipeline have garnered increased trust among healthcare professionals, contributing significantly to the company’s growth,” commented Mohammed Saeed Al Raqbani, General Manager, Dubai Investments Industries & Masharie and Board Director of Globalpharma.
“Globalpharma has consistently upheld superior product quality while unveiling several innovative products in the last year. Anticipating even more strategic launches, the company is strengthening its market stance by localizing production for select portfolio items, easing market access, and shortening registration timelines in the process,” remarked Bassem Albarahmeh, General Manager, Globalpharma.
