Globalpharma’s sales in the Saudi pharmaceutical market surged by 139.5% year-over-year in May 2024, reaching $12.6M up from $5.2M in 2023
Dubai, UAE, 27 August 2024: Globalpharma, the UAE’s leading pharmaceutical manufacturer and a wholly owned subsidiary of Dubai Investments PJSC, today 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 $12.6 million up from $5.2 million 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 $33.2 million, 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 $70.3 million, demonstrating a growth of 44.7%.
Mohammed Saeed Al Raqbani, General Manager, Dubai Investments Industries & Masharie and Board Director of Globalpharma, said: “Globalpharma’s remarkable success in the Saudi market is a reflection of the Group’s strategic initiatives and a commitment to healthcare excellence and patient trust. As we capture 1.8% of this dynamic market, our focus remains steadfast on innovative products and sustainable partnerships that foster growth and significantly improve health outcomes across the region. This milestone underscores our dedication to being at the forefront of health care solutions in Saudi Arabia and beyond. Globalpharma’s success can be attributed to a meticulously 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”.
“Globalpharma offers products that not only appeal to a wide demographic but also exceed customer’s expectations and excel at the regulatory standards in quality. In the Saudi market, the company focuses on adults of both genders, targeting crucial health concerns such as men’s health, anti-infectives, and hypertension to meet diverse healthcare needs while maintaining exceptional standards in product efficacy and safety. 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”, said Bassem Albarahmeh, General Manager, Globalpharma.
In its forward-looking strategy, Globalpharma is set to deepen its footprint in the Saudi market, leveraging strategic partnerships and local manufacturing to meet the demands of both tender and private sectors.