NewsGulf Pharmaceutical Industries Julphar Underscores Transformative Growth Strategy

Gulf Pharmaceutical Industries Julphar Underscores Transformative Growth Strategy

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Ras Al Khaimah, UAE: At its Annual General Assembly, Julphar Pharmaceuticals, one of the leading pharmaceutical manufacturers in the Middle East and Africa, has strongly underscored the effectiveness of its Growth Strategy 2030, emphasising its commitment to delivering sustainable growth and enhancing value for all stakeholders.

Julphar’s Growth Strategy 2030 was launched with the aim to triple revenues via six central growth pillars – maximizing revenue from the existing product portfolio, prioritising new product launches, expanding into advanced specialty products, expanding geographical presence and operations, and strengthening Julphar’s strategic contract manufacturing initiatives to localise production in selected markets. The strategy embodies Julphar’s aspirations to be the leading pharmaceutical company in the MENA region, recognised with first-to-market products and value-adding medicines.

Amidst the prevailing market challenges, Julphar reported a significant milestone in its financial performance in 2023, achieving a total revenue of AED1.64 billion for the year, showing a YoY increase of 1.4% compared with last year. This growth reflects Julphar’s steadfast commitment to delivering high-quality pharmaceutical products and services across diverse markets.

Despite macroeconomic challenges in certain markets, Julphar Group which includes Planet Pharmacies, witnessed double-digit growth in the GCC region, with sales reaching an average of 12%. Particularly noteworthy is the exceptional performance in Saudi Arabia, where in-market sales surged by an impressive 28%, underscoring Julphar’s strategic focus and market penetration efforts in the Kingdom.

Sheikh Saqer Bin Humaid Al Qasimi, Chairman of the Board, Julphar, said: “We are proud to announce another year of strong financial results and sustainable growth, a testament to our unwavering commitment to innovation, quality, and customer satisfaction. Despite prevailing market challenges, our focus on operational efficiency, market expansion, and product innovation has enabled us to deliver exceptional value to our stakeholders.”

Basel Ziyadeh, Chief Executive Officer, Julphar, said: “Our Growth Strategy 2030 has been pivotal in driving Julphar’s transformation forward, charting our course for continued growth and advancement with a focus on expanding our scale, capabilities and solidifying our regional and global footprint.”

Also Read: Bayer Expands Partnership with Huma

Looking ahead, Julphar is aiming to launch more than 10 new products in the UAE in 2024, while continuing to champion sustainable development, collaboration, innovation and a growth mindset over the course of the coming year.

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