Ras al Khaimah-based Julphar pharmaceuticals announced its total sales revenue for the first quarter of the year increased by 19.2 per cent since the same time period last year, amounting to a total of AED393.5 million.
In addition, gross profit increased by 18.3 per cent to AED237.1 million, while total net profit was AED70.1 million, a 12 per cent year-on-year increase for Q1.
The increase was fueled by private market sales which reported a 14.3 per cent growth since the same quarter last year.
This news comes a month after the pharmaceutical company announced a five-year partnership with MSD, an international healthcare provider.
The agreement permitted Julphar to produce, market, distribute and sell a number of MSD medicines in Middle Eastern countries such as the UAE, Bahrain, Oman, Qatar and Iraq. The partnership is part of a broader agreement among regional governments to improve the condition of the healthcare system in participating nations.
The agreement provides patients in the region with the latest treatments for conditions such as diabetes, which is a common problem in GCC countries, asthma, allergies, pain and inflammatory conditions.
Ramsey Morad, vice-president of MSD for the Middle East said: “Our partnership with Julphar means stronger focus on innovative ways to address critical diseases, a closer connection with current and potential customers, and a region-wide focus on their healthcare needs. In light of the exemplary efforts by regional governments to improve their national healthcare systems, MSD is sharing its latest production methods and expertise with Julphar in this joint initiative to support our customers and patients.”
A notable 15.4 per cent increase in revenue was present in 2013, amounting to total revenue of AED1.3 billion for the year and was attributed to insulin production for the region.
Thanks to a manufacturing facility that was opened in September 2012, raw crystals, used to create insulin, are being produced at a rate of 1500 kilograms per year, allowing a total of 40 million vials of insulin to be distributed each year.