Biocon will be able to expand into the North Africa and Middle East as a result of the agreement.
Biocon Ltd., an international biopharmaceutical company, recently partnered with Tabuk Pharma Manufacturing Firm (a wholly owned division of Astra Industrial Group), a Middle East and North Africa (MENA) pharmaceutical company, on Tuesday to commercialize select specialty products in the Middle East.
Tabuk Pharmaceuticals will have the authorization of marketing for these drugs and the firm will be accountable for promoting, importing, and registering them in Saudi Arabia and other Middle Eastern countries, according to the conditions of the deal.
“The cooperation will clear the doors for Biocon’s entry into the MENA market, which will include the United Arab Emirates, Saudi Arabia, Kuwait, Oman, Qatar, and Iraq, as well as Lebanon and Jordan” according to a statement from Biocon.
In accordance with the out-licensing agreement with Tabuk, Biocon will develop and produce the goods. Tabuk will make money off of them.
“Our collaboration with Tabuk Pharmaceuticals would be another important advance as we keep expanding our global reach with our range of best quality, vertically-integrated generic formulations to resolve apsg medical needs,” said Siddharth Mittal, Chief Executive Officer and Managing Director of Biocon Ltd. We are delighted to work with Tabuk, whose extensive experience will aid us in establishing a strong foothold in major Middle Eastern markets.”
“As part of our responsibilities and goal at Tabuk Pharmaceuticals to provide unique healthcare solutions and improve the well-being of citizens in Saudi Arabia and the other nations we conduct business in,” Mohammed Alhagbani, President of Astra Industrial Group, said, “our cooperation agreement with such a prestigious and renowned a company as Biocon comes in as an obvious choice that will further support our objective in line with Saudi Vision 2030, concerning translating specialty and cost effetive pharmaceutical products.”
“We’re using creative tech platforms, advanced science, and multinational joint research to develop treatments that can reduce cost of treatment, enhance access, and improve health outcomes,” Alhagbani continued.
“We are thrilled at Tabuk to collaborate with a technology led firm like Biocon to develop and market challenging to make drugs that build on our approach to broaden our specialized business and strengthens our foremost position in the region,” said Wisam Alkhatib, Vice-President of Strategy and Business Development at Tabuk Pharmaceuticals. Our goal is to be Biocon’s preferred partner in the region, and we’re looking forward to expanding our partnership with a robust product pipeline.”