UAE-based pharmaceutical manufacturer Julphar has reported a positive outlook for 2017 despite “difficult and uncertain” times in the regional economic cycle.
The company, which announced the launch of two medications prescribed for the management of Type 2 diabetes, as disease rates hit record levels in the Middle East in October, said it expected the MENA pharmaceutical markets to improve in 2017.
Julphar said its pipeline of new products is planned to be launched this year and the “optimisation of its operations” will support its ambitions to drive sustainable growth.
“We are confident in the future and we maintain a positive sentiment,” said Julphar’s chief financial officer Jerome Carle.
“The company has delivered another robust performance in 2016, and this year, we are expecting a solid growth of the overall healthcare industry in GCC – which remains a cornerstone of our business.”
He added: “On a local level, our ongoing approach is to continue to work with the UAE authorities. With the increased healthcare expenditure from local governments investing in new hospitals and in the industry in general, we firmly believe 2017 will offer significant growth potentials for healthcare in the country.”
Julphar, the largest Emirati pharmaceutical company, 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).
The Ministry of Health and Prevention said in December that the UAE is close to being self-sufficient in producing generic drugs as 16 pharmaceutical facilities are manufacturing up to 1,000 such drugs.
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