Gulf Pharmaceutical Industries (Julphar), one of the leading drugmakers in the UAE, has launched its Strategy 2030 to drive transformation through sustainable growth and deliver enhanced value for all stakeholders.
Strategy 2030 is set to triple Julphar’s revenues via six central growth pillars, including ‘Maximizing Revenue from Current Product Portfolio,’ ‘New Product Launches,’ ‘Geographical Expansions,’ ‘Strategic Business Initiatives,’ ‘Advanced Specialty Products Initiative’, and ‘In-Organic Growth Initiatives’.
The new growth strategy embodies Julphar’s ambition to be the top pharmaceutical company in the MENA region, with first-to-market products and value-adding medicine. Strategy 2030 is driven by adopting new, cutting-edge technologies across all of Julphar’s manufacturing plants.
Julphar has been working to maximize revenue from its existing products by growing market share and lowering costs as part of its growth plan framework. Meanwhile, the company is speeding up its efforts to gain Good Manufacturing Practices (GMP) clearances from PICs, ANVISA, the WHO, and the EU in order to expand its portfolio into other strategic locations.
“Setting out our Strategy 2030 today, we are committed to concentrating our efforts and resources on our priority growth platforms and pipeline projects. Despite the enormous challenges and the global pandemic, Julphar achieved one of the most successful strategic turnaround stories, we have reached our objectives and greatly exceeded expectations, and now we are entering a defining moment in our transformational journey.”
Julphar is on track to deliver revenue growth from its legacy products, and plans to launch more than 100 new products between 2022 and 2030, leveraging its in-house research and development (R&D), as well as signing licensing agreements with top-tier pharma partners and acquiring new products.
Julphar is fully equipped to be the pharma partner of choice, owing to its state-of-the-art manufacturing facilities in Ras Al Khaimah. Julphar has partnered with 11 major firms across the world and signed manufacturing agreements for technology transfer, secondary packaging, and co-development.
The company aims to venture into well-defined new therapeutic areas, including future treatments for Oncology, CNS, Hormones and Immunology drugs. Each therapeutic area is expected to deliver sustainable and profitable growth and contribute to shareholder value creation for Julphar in 2030 and beyond.
As part of Strategy 2030, Julphar plans to penetrate new territories and top pharma regions, including CIS countries, Turkey, Latin America, and Africa, as the company moves to create new revenue streams. Julphar is also expanding into vaccine production and biotechnology to extend its areas of expertise further.
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