Gulf Pharmaceutical Industries (Julphar) has unveiled its Strategy 2030, which will see its revenues triple while it penetrates new territories and top pharma regions and launches more than 100 new products between 2022 and 2030.
The Strategy 2030 is set to drive transformation through sustainable growth and deliver enhanced value for all stakeholders.
The announcement came after the company successfully completed one of the most remarkable turnaround stories in the region's pharma sector and marked a return to profit in 2021 with robust top-line growth.
Six central growth pillars
Strategy 2030 is set to triple Julphar’s revenues via six central growth pillars - “Maximising Revenue from current Product Portfolio” “New Product Launches,” “Geographical Expansions,” “Strategic Business Initiatives,”, “Advanced Specialty Products Initiative”, and “In-Organic Growth Initiatives”.
The new growth 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. Strategy 2030 is driven by adopting new, cutting-edge technologies across all Julphar’s manufacturing plants.
Dr Essam Mohamed, Chief Executive Officer of Julphar, said: “Setting out our Strategy 2030 today, we are committed to concentrating our efforts and resources on our priority growth platforms and pipeline projects. 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.
“We are confident that we are well-positioned for a bright future by delivering new, innovative healthcare solutions into the hands of our patients. 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,” he added.
Increasing market share
Within the framework of Julphar’s growth strategy, the company is working to maximise the revenue from its existing products by increasing its market share and optimising its cost.
Meanwhile, 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.
Julphar remains on track to deliver revenue growth from its legacy products, and, to unlock further growth, the company is planning to launch more than 100 new products between 2022 and 2030, capitalising on its in-house R&D, in addition to signing licensing agreements with top-tier pharma partners and acquiring new products.
Based on Julphar’s strategic approach to developing a broad bio-equivalent Generic & Biosimilar drugs portfolio, the company is strengthening accelerating its in-house R&D, in order to achieve its vision to build a robust and innovative pipeline that delivers a sustainable and positive contribution to the communities it serves.
The company also plans to further utilise the advantage of being a part of Ras Al Kamiah’s business ecosystem, which connects organisations and streamlines procedures as part of a wider strategy to ensure the sustainable development of the Emirate, while allowing both home-grown and foreign businesses to thrive.
Supported by Julphar's state-of-the-art manufacturing facilities in Ras Al Khaimah, UAE, the company is fully equipped to be the pharma partner of choice. It has partnered with and signed manufacturing contracts with 11 leading companies across the globe for technology transfer, secondary packaging, and co-development agreements.
Well-defined new therapeutic areas
The company is aiming to venture into well-defined new therapeutic areas, including future treatments for Oncology, CNS, Hormones and Immunology drugs. Each therapeutic area is expected to deliver sustainable and profitable growth and contribute to shareholder value creation for Julphar into 2030 and beyond.
Julphar will expand its presence into new territories, availing a significant number of essential market shares in target markets through various fast and efficient market access models.
As part of Strategy 2030, Julphar plans to penetrate new territories and top pharma regions including CIS (Commonwealth of Independent States) countries, Turkey, Latin America, and Africa as the company moves to create new revenue streams. Julphar is also expanding into vaccine production and biotechnology to extend its areas of expertise further.
Julphar will forge robust strategic partnerships with institutions globally to maximise its market access in order to increase its products’ market share in different countries, in addition to creating three in-organic growth initiatives in three major pharma markets, which will greatly contribute to the company’s overall growth strategy.
Julphar continues to explore new alliances and partnerships to support its long-term growth 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.
The company will continue to drive productivity improvements across its divisions, cutting red tape in order to grow the business and serve its patients in the best way possible, while ensuring positive returns to shareholders and investors.
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