August 13, 2017 | 5:14 PM
by Times News Service
Apart from the GCC region, Neopharma has recently made significant investments in a state-of-the-art Japanese factory to the tune of Dh100 million. – Supplied picture
Muscat: Neopharma, one of the leading pharmaceutical manufacturing companies in the United Arab Emirates (UAE), is planning for a major expansion, primarily in the Middle East and North African (MENA) markets and parts of Asia.
These plans take into account the impending growth of the industry in these markets. The increased push for compulsory health insurance schemes, increased demand of generics and hike in medical tourism numbers would provide a positive push.
“Being one of the largest pharmaceutical markets in the region, MENA’s lure can be attributed to its increasing population, drastically changing healthcare infrastructure and the government’s willingness to radically improve the healthcare systems in the country. Our aim for the region is to help bridge the gap between the patented and the generic by providing products of high quality, which aren’t a burden on the insurance companies,” stated Dr B.R. Shetty, chairman and managing director, Neopharma.
According to reports, the MENA region is forecast to witness an increase in pharmaceutical expenditure to $33.4 billion by the end of 2017, up by nearly $1 billion from the previous year. The Saudi pharmaceutical market accounts for over 60 per cent of the Gulf Cooperation Council (GCC) and is expected to grow at a rate of 9 per cent till 2026, according to separate reports.
“The first phase of expansion would involve proliferation in the other Middle Eastern countries, where Neopharma is aggressively pushing for licences and trademarks. Neopharma’s focus on value-added drugs and not just generics is one of our key differentiators and we aim to add further value to the local health care industry. Furthermore, we have already invested over Dh100 million in setting up a…