Aramex partners with NewBridge Pharmaceuticals
Aramex has announced its partnership with NewBridge Pharmaceuticals, under which the company is now providing a range of logistics services for NewBridge in the Middle East, Africa, Canada, and the UK. Based in Dubai, NewBridge Pharmaceuticals is a regional specialty company providing a one-stop-solution to pharmaceuticals, biological, genomics, and other innovative healthcare companies.
UAE could be a leader in pharma tech in the region
The sector is expected to grow globally by a huge amount in the coming years. According to a report by BMI, the life sciences sector is expected to reach Dh69.3 billion by 2019, representing 37 per cent growth from 2014’s Dh50.7bn. In addition, the industry is a hotbed for mergers and acquisitions, as companies look to take advantage of innovative new practices. According to Deloitte, the total deal value of life sciences M&A last year amounted to more than US$520bn, a hefty 47 per cent more than 2014.
UAE pharma firm Julphar posts $36.2m H1 net profit
Julphar, the largest Emirati pharmaceutical company, has announced sales revenue of AED759.7 million in the first half of 2016. The company said it posted a gross profit of AED465.7 million while its net profit for the period was AED133.8 million ($36.2 million).
UAE slashes prices on 762 medicines
The UAE’s Ministry of Health (MoH) has slashed the prices of 762 drugs for a wide range of diseases from between five and 63 per cent. The new prices will be applicable on 657 innovative medicines starting September 1, and 105 medicines starting January 1, 2017.
Life Pharma prepares to make oncology drugs in Abu Dhabi next year
Life Pharma, part of VPS Healthcare, is to start building its Abu Dhabi cancer drug plant. Construction at the Khalifa Industrial Zone Abu Dhabi (Kizad) was supposed to begin last year and it was intended to be operational this year.
Saudi Arabia Pharmaceutical Market to Reach US$ 5.2Bn in 2016
The significant rise in lifestyle-related diseases and the developments in healthcare infrastructure are expected to influence the demand for pharmaceuticals in Saudi Arabia. In 2016, the Saudi Arabia pharmaceutical market is anticipated to procure value worth US$ 5,209.5 Mn at a y-o-y growth of 6.0 % over 2015. The mounting demand for branded drug products will continue to incite the growth of the Saudi Arabian pharmaceutical market in 2016.