UAE - Ras Al Khaimah-based pharmaceutical firm Gulf Pharmaceutical Industries (Julphar) on Monday said that it has dedicated a large port of its injectable vials filling capacity to produce Covid-19 vaccine Hayat-Vax.
Julphar entered into an agreement with G42 Medication Trading to produce the vaccine from China’s Sinopharm for the treatment of coronavirus pandemic. The commercial production is expected to start this month.
“In the fight against Covid-19, Julphar has been working closely with the UAE government and has entered a manufacturing agreement to produce the Hayat-Vax vaccine to meet local and regional demand. Julphar has dedicated a large part of its injectable vials filling capacity for vaccine production,” the company said in a statement after its Annual General Meeting held on April 18.
“Julphar will continue to focus on building new alliances and partnerships to strengthen the company’s revenues and expand its distribution footprint,” it said.
In the coming years, Julphar said it would invest in its workforce by launching new training and development programmes that address the evolving market demands and requirements.
The UAE pharmaceutical firm’s losses amounted to Dh317.4 million in 2020 that includes Dh201.3 million one-time effects, compared to a loss of Dh518.9 million in the previous year.
“We have been conducting a comprehensive review of all areas of our business to identify cost savings and generate efficiency improvements. As a result, we expect further gross margin improvements in 2021 and project a return to profitability in the second half of the year,” said Sheikh Saqer Humaid Al Qasimi, chairman of Julphar.
“As we move forward, we will consolidate our market position and expand our market share in the Mena region. The ongoing transformation programme will make the company more competitive in our core markets,” said Dr. Essam Farouk, CEO of Julphar.
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