Turkish pharmaceutical company enters Saudi market
ISTANBUL – Anadolu AgencyAbdi İbrahim, a leading Turkish pharmaceutical company, signed a strategic licensing agreement on Nov. 13 with Saudi Arabian pharmaceutical distribution company Banaja Holding, as well as a marketing firm.
According to a statement released by Abdi İbrahim, the company aims to achieve a market share of $55 million within five years in Saudi Arabia, in line with its vision to expand into the international market.
The company’s chairman, Nezih Barut, stated that the agreement moved the company’s growth to a new platform.
“This agreement is of great importance to our vision of becoming a global player,” he said, “With our new partner, [Saudi Arabia’s] Deef, we will be exporting seven different forms of three of our medicines.”
Barut added that the company planned to expand and increase its exports.
It plans to play an increasingly active role in countries such as Kazakhstan, Algeria, Azerbaijan, Georgia, Albania, Bosnia, Iraq and the Persian Gulf.
Abdi İbrahim started out as a neighborhood pharmacy in 1912 and began operating its own factory in 1919.