Indian drug maker to set up factory in Saudi Arabia
On Monday, Aurabindo Pharma announced that it has got final approval from the USFDA to manufacture and market Norethindrone Acetate tablets, which has an estimated market size of $24 million per annum.
Indian drug maker Aurobindo Pharma will set up a manufacturing unit at King Abdullah Economic City’s (KAEC) Industrial Valley in Saudi Arabia to produce oral tablets and capsules.
The company’s investment arm has already leased a site in phase one of the industrial valley to build its manufacturing facility.
The deal is part of the joint effort by KAEC and the National Industrial Clusters Development Programme, with pharmaceuticals being one of six major industries targeted under the initiative.
“This partnership is yet another indicator that KAEC is moving forward with its strategic goals and future vision,” said Fahd Al-Rasheed, Managing Director and CEO of KAEC.
According to an official statement issued by KAEC, the Indian drug manufacturer intends to invest in a phased plan, starting with the production of medicines to treat chronic diseases such as diabetes, heart disease and hypertension. The facility is expected to generate more than 150 specialized jobs.
“Marking our entry into the Saudi market, the new factory in the Industrial Valley will be a major turning point for our company,” Madan Mohan Reddy, Director of Aurobindo Pharma, was quoted as having said in the statement.
Khalid Al Salem, President of the National Industrial Clusters Development Programme, Saudi Arabia, said such investments “will facilitate the transfer of technology and get young Saudi men and women into high-quality, skilled jobs”.
At present, more than 100 companies have invested in the Industrial Valley which has direct access to the King Abdullah Port— the key destination for inbound and outbound logistics in the region with the capability to serve 250 million consumers in the Arab world and East Africa.
Rayan Qutub, CEO of the Industrial Valley, said that the kingdom spent more than SAR 28 billion on pharmaceuticals in 2014, but the national drug industry has barely cracked 20% market share. “This is why we have this sector among the six that the Industrial Valley has set its sights on. Localizing the drug and health care industries is a strategic priority to achieve health security for the kingdom,” he added.
Aurobindo Pharma has more than 20 manufacturing facilities with several partnerships in India, Europe, the United States, and Brazil. The company, with its competitively priced generic drugs, eyes on the growing Saudi market of high-quality medicines.
So far, the company has a total of 230 drugs certified by the US Food and Drug Administration (USFDA), with around $2 billion in overall sales across more than 150 markets worldwide.
On Monday, the Indian drug maker announced that it has got final approval from the USFDA to manufacture and market Norethindrone Acetate Tablets USP, 5mg.
Norethindrone Acetate Tablet, used in the treatment of endometriosis, uterine bleeding caused by abnormal hormone levels, and secondary amenorrhea, has an estimated market size of $24 million per annum.
January 11, 2015 | 2:49pm IST.
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