(MENAFN Press) Dubai, United Arab Emirates
One of Europe's largest drugs manufacturers has announced plans to enter the rapidly-expanding Middle East market via the UAE, in a bid to bring medicines to a growing sector of regional consumers in demand of quality, affordable treatment options across a range of therapeutic areas.
The leading pharmaceutical company in Spain, Cinfa has a comprehensive portfolio of products including prescription drugs, over the counter (OTC) medications, orthopaedics, dermocosmetics, and nutraceutical solutions, all complying with the strictest European Union (EU) regulations.
With more than 40 years of experience as a developer, manufacturer, and marketer of drugs, Cinfa is present in over 52 countries and is a key player in the world's pharmaceutical industry, with a drug portfolio composed of 102 active ingredients treating more than 30 major diseases and conditions.
"The UAE has always been at the forefront of regional medicine and continues to this day to push forward on all fronts to bring the very best treatment options to its residents," said Dr. Wael Al Mahmeed, Immediate Past President and current board member of Emirates Cardiac Society.
"The introduction of new market entrants in the pharmaceutical sector, such as Cinfa, is very positively received by the medical community because it represents expanding patient and physician 'choice in medicine', and this is an approach that helps competition and innovation."
Around 20 new international developments every year
Every year Cinfa's scientific area leads around 65 new developments in Spain and another 20 in different regions worldwide, from its two high technological sites in Huarte and Olloki, with the research team collaborating with 60 universities and research centres worldwide.
While Africa and Central America represent the largest markets for the Spanish pharma company, Cinfa plans to consolidate its presence into new and emerging markets, particular the Middle East and North Africa, and Asia.
"The UAE has an advanced infrastructure, a progressive government and very experienced practitioners when it comes to healthcare. Our entrance aims to contribute to human health and well-being in the country, bringing affordable, high quality drugs to the market that conform to the high standards that UAE residents are used to," said Pablo Redin, Head of International Business of Cinfa in the area.
Cinfa's headquarters are located in Navarra, a benchmark region for technology and innovation in Spain and Europe, and a region with a network of 14 technological centres dedicated to strategic sectors such as renewable energies, biomedicine, and nanotechnology. Spain ranks 19th in the EU for most qualified personnel, and has nearly two percent of its GDP dedicated to research, development and innovation (R&D&i).
In 2011, sales reached ‚311 million (more than AED1.74 billion) representing an 18 percent increase over 2010. The same year, Cinfa invested ‚12 million (more than AED56 million) in R&D&i, with plans to invest ‚100 million (more than AED473 million) in total over the next five years.
The last five years saw Cinfa invest over ‚80 million (approximately AED379 million) in fixed assets, with plans to invest over ‚67 million (more than AED317 million) over the next five years “ financed with its own resources, re-investing 90 per cent of its benefits.
