Abdi İbrahim expands into Gulf market

Abdi İbrahim has signed a partnership with Cigalah Healthcare, which operates in Saudi Arabia and Gulf countries, to export innovative medicines from Saudi Arabia to regional countries. Abdi İbrahim has added another business partner, signing a partnership with Cigalah Healthcare, which operates in the pharmaceutical and consumer health sectors in Saudi Arabia and Gulf countries. The joint venture company "Abdi Cigalah Pharma", established with 50 percent partnership with Cigalah Healthcare, was announced through a signing ceremony held on 29 April in Jeddah, Saudi Arabia. Abdi İbrahim Board Chairman Nezih Barut, Abdi İbrahim CEO Dr. Süha Taşpolatoğlu and Cigalah Healthcare Board Chairman and CEO Yaser Naghi attended the signing ceremony. "A historic beginning" Following this partnership, Abdi İbrahim's medicines will be exported to Gulf countries. Abdi İbrahim Board Chairman Nezih Barut described the partnership as "a historic beginning", envisaging technology transfer for some products to be manufactured in Saudi Arabia within two years, followed by local production. Nezih Barut stated: "We are pleased to contribute to the health of the Saudi people with our innovative medicines and to the economy of our country through exports. We look forward to writing a success story together that will expand from the Saudi market to the entire Gulf Region. We aim for this story to be an important model for economic relations between Turkey and Saudi Arabia. As two major companies with centuries of history, we are very determined to take this partnership from success to success." He added that the two companies are committed to working hard to succeed. Partnership also includes local production in Saudi Arabia The partnership encompasses the export of Abdi İbrahim's innovative products from the Saudi market to other Gulf countries, as well as secondary packaging in Saudi Arabia of certain products to be exported from Turkey, and the completion of technology transfer processes over the next two years for local production of some products in Saudi Arabia. Starting with thanking Yaser Naghi, Chairman and CEO of Cigalah Healthcare, whom he called "my friend and partner", and his entire team for their hospitality and warmth, Nezih Barut noted that Cigalah Healthcare's successes in many sectors in the Saudi market encouraged them for this partnership. Nezih Barut stated: "We are a 112-year-old, 100 percent Turkish domestic pharmaceutical company. However, our goals have always been global. Our aim is to become one of the world's top 100 pharmaceutical companies as a sustainable, innovative and purpose-driven company. For this reason, we have very valuable collaborations with strong international pharmaceutical companies and joint ventures we have established. Now, the company we have established with Cigalah Healthcare and present to you today, Abdi Cigalah Pharma, is joining this strong partnership group. We are sharing this joy together." Sharing information that with the partnership they will collaborate with Alpha Pharma, which is affiliated with Cigalah Healthcare, in the production area and with Cigalah Healthcare itself in the marketing area, Barut said: "On one hand, we will export Abdi İbrahim medicines from Turkey. On the other hand, we will carry out secondary packaging of certain products coming from Turkey in Saudi Arabia, thus supporting local pharmaceutical production in Saudi Arabia. We are also already planning our investments to carry out the necessary technology transfer for some products to be produced in Saudi Arabia over the next two years." He added that they have prepared a very carefully considered portfolio for the market entry of Abdi Cigalah Pharma, which is headquartered in Jeddah. Aiming to reach over USD 133 million in size within 5 years Initially, Abdi İbrahim will introduce central nervous system, cardiovascular system, respiratory and oncology medicines to the Saudi people. Barut shared that they will gradually develop their portfolios by adding anti-diabetic, ophthalmology, biosimilar medicines and consumer health products. Nezih Barut stated: "With our joint venture company, we aim to reach a size of over 500 million SAR (Saudi Arabian Riyal), or more than USD 133 million, within 5 years." Noting that Saudi Arabia is a market with growth potential in pharmaceuticals and strategic priority for them, Nezih Barut emphasized that they have made a strong entry with the right partner and that Cigalah's market experience, as Saudi Arabia's largest pharmaceutical distributor, will add great value to this partnership. "We are beginning a solid and long-term business cooperation today" Nezih Barut concluded his remarks by saying: "We have partnered with a strong group. In this respect, we feel fortunate. We also have great confidence in our products. I sincerely believe that with innovative products from our facilities, which manufacture for some of the world's leading pharmaceutical companies, we will gain a very good position in the market in a short time. We will work hard to become one of the best players in the market. We are launching a solid and long-term business cooperation today that can create positive results in the pharmaceutical market not just here but throughout the entire region. Starting from the Saudi market, we look forward to writing a success story together that will spread to the entire Gulf Region. We aim for this story to be an important model for economic relations between Turkey and Saudi Arabia. We are here through the partnership of two major companies with centuries of history, and we are committed to working hard to succeed." Will contribute to the advancement of the pharmaceutical industry in the Middle East Yaser Naghi, Board Chairman and CEO of Cigalah Healthcare, stated: "Our strategic cooperation with Abdi İbrahim is an important step that reinforces our commitment to raising health standards across the region. This joint venture, which combines the strengths of both companies, will facilitate market access by promoting cooperation in areas such as research and development, manufacturing and marketing, promote quality health services, accelerate economic growth, and contribute to the advancement of the pharmaceutical industry in the Middle East."