UAE-based Neopharma, a leading pharmaceutical manufacturing company, has revealed that it 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, said a statement.
Dr B R Shetty, chairman and managing director, Neopharma, said: “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,” Dr Shetty said.
According to reports, Mena region is forecasted to witness an increase in pharmaceutical expenditure to $33.4 billion by the end of 2017, up by nearly a billion American dollars from the previous year.
The Saudi pharmaceutical market accounts for over 60 per cent of the GCC and is forecasted to grow at a rate of 9 per cent up until 2026 according to separate reports.
Dr Shetty said: “The first phase of expansion would involve proliferation in the other Middle Eastern countries where our company is aggressively pushing for licenses and trademarks. Our 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 ($27.2 million) in setting up a state-of-the-art research and development facility,” Dr Shetty added.
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 ($27.2 million), said a statement.
Additionally about Dh265 million ($72.1 million) have been spent in the acquisition of patents and licenses excluding an additional Dh515 million ($140.2 million) in the clinical studies. The Japanese facility will be manufacturing primarily nutraceuticals, one of which has been found effective for Type II diabetic patients and also those in the pre-diabetic stage, it said.
NatuALA, the dietary supplement mentioned earlier is a breakthrough in the management of Type 2 diabetes. The UAE has been reported to have over one million people suffering from diabetes out of which 450,000 are undiagnosed. The supplement under clinical studies being conducted across US, Japan, UK and Bahrain; could very well provide to be a boon for diabetes patients, it added.
Neopharma has commenced manufacturing NatuALA to address the needs of the ever increasing Type 2 diabetes patients in the GCC region and across the globe under license from SBI Pharma. SBI Neopharma will be distributing the product worldwide.
NatuALA reduces the blood glucose levels by insulin-independent method and keeps fasting glucose levels under critical levels. The dietary supplementary product with 60 patents prevalent in over 35 countries across the globe; utilizes a fermentation process to develop it. The process is easily scalable to suit its demands, it stated.