Farmak pharmaceutical company, one of the largest exporters of pharmaceuticals, has opened an office in the United Arab Emirates, and plans to further strengthen its expansion in the Middle East and localization in Saudi Arabia and Egypt, its press service said on Tuesday. According to the press release, the company’s products have been presented in the Middle East market since 2016.
“While selling drugs through local distributors, the company audited the market potential and analyzed the product niches of the region’s pharmaceuticals. This year, in order to consolidate business management in the Middle East, Farmak’s management decided to open an office in the UAE,” the company said in the press release.
The new headquarters will be headed by Mourad I.Habib, who previously served as CEO of Tabuk Pharmaceuticals and led Sandoz’s Middle East operations for over eight years. According to Habib, who is quoted in the press release, the opening of the office in the UAE is only the first strategic step for Farmak; in the future, the company plans to strengthen its expansion in the region and localization in Saudi Arabia and Egypt.
The company said that at present, Farmak’s production facilities have successfully passed certification in the UAE government bodies. The company also registered a number of injectable drugs produced by Farmak, which are already being purchased at public and local hospital tenders in the region.
“The Middle East market is not new for us, and we are actively scaling up our presence in this region. We have chosen the United Arab Emirates as the center of activity in the Middle East,” Business Development Director of Farmak Viktor Kostiuk said.
At the same time, he recalled that the UAE has a reputation as a state with a very high level of the national healthcare system and strict regulation of activities related to the production and distribution of medicines. “The fact that Farmak products are represented on this market once again confirms the high level of quality of our products,” Kostiuk said.
Farmak is the leader of the Ukrainian pharmaceutical market. The company’s product portfolio includes more than 220 complex-component modern medicines. Among the main directions are endocrinological, gastroenterological, cardiological, neurological, anti-cold and other drugs.
The UAE office is the sixth international office of the company. In 2020, Farmak increased its export deliveries by 40%. Today, the manufacturer’s products are represented in more than 30 countries of the EU, Central and South America, the CIS, the Middle East and Asia.