Dubai: Ras Al Khaimah based Julphar – one of the region’s biggest pharmaceutical companies – will introduce more than 100 new medicines in the next eight years and head into new markets as part of a new Strategy 2030 gameplan. This would see the company deliver higher returns to shareholders after it completed a strong return to profit in 2021.
Speed to market is a key theme of the new strategy, with Julphar working on being first in the market with new products. “We are committed to concentrating our efforts and resources on our priority growth platforms and pipeline projects,” said Dr. Essam Mohamed, who took over as CEO last year and had an influential role to play in the turnaround. “Despite the enormous challenges and the global pandemic, Julphar achieved one of the most successful strategic turnaround stories. We have reached our objectives and greatly exceeded expectations, and now we are entering a defining moment in our transformational journey.”
A key part of the recovery process was getting back into the other Gulf markets in strength, notably, Saudi Arabia. New market entries will include the Americas.
Apart from its own formulations, Julphar will sign licensing agreements with top-tier pharma partners and acquiring new products. The company wants to get into “well-defined new therapeutic areas, including future treatments for oncology, CNS, hormones and immunology drugs,” according to a statement. “Each therapeutic area is expected to deliver sustainable and profitable growth and contribute to shareholder value creation for Julphar into 2030 and beyond.”
Six growth areas
The Julphar 'Strategy 2030' will revolve around six areas:
- Maximizing revenue from current product portfolio
- New product launches
- Geographical expansions
- Strategic business initiatives
- Advanced specialty products initiative
- In-organic growth initiatives
“We are confident that we are well-positioned for a bright future by delivering new, innovative healthcare solutions into the hands of our patients,” said Mohamed. “To release Julphar’s full potential, we must now increase profitability and make bold investments in the best and most innovative areas of treatment for the patients and communities we serve.”
New markets, alliance
The new market entries will likely be in the CIS (Commonwealth of Independent States), Turkey, Latin America, and Africa. This will help with creating new revenue streams, and Julphar will also expanding into vaccine production and biotechnology.
Julphar will explore new alliances and partnerships to support long-term prospects, while also ‘launching new products in core therapeutic areas and investing in capital expenditure to improve operational efficiency, leading to growing market share and expanding geographic presence’.
Julphar will tap its own R&D facilities to keep the pipeline flowing with new medicines. There will be emphasis on a broad bio-equivalent generic and biosimilar drugs.
With its extensive manufacturing facilities in Ras Al Khaimah, “The company is fully equipped to be the pharma partner of choice. We have partnered with and signed manufacturing contracts with 11 leading companies for technology transfer, secondary packaging, and co-development agreements.
“The company also plans to further utilize the advantage of being a part of Ras Al Kamiah’s business ecosystem.”
A lot of emphasis will continue to be vested in the current medicine portfolio, to maximise revenue and increase market share. The company is “accelerating its preparations to obtain GMP approvals from PICs, ANVISA, the WHO and EU to be able to expand its business into other strategic regions, both for its existing portfolio of products and for those in the pipeline.”
This is where all of the new territories that Julphar wants to get into.