Korea United Pharm, “$4.56 Million Drug Supply Contract to Saudi Arabia”

Korea United Pharm targets Saudi Arabia, the largest pharmaceutical market in the Middle East.

According to Korea United Pharm on February 20, it has been in discussion of a drug supply contract with Saudi Arabia since 2020 and concluded the contract worth $45.6 million for nine products.

The company explained that the company has been exporting 11 items of anti-cancer drugs through unregistered bidding since 2012 but following the strengthening of SFDA regulations, it has officially signed a supply contract.

In addition, a specialized anti-cancer drug facilities in the Sejong Plant 2 have been approved for GMP from the Saudi FDA and will begin full-scale production and supply this year.

Korea United Pharm has chosen Saudi Arabia, one of the largest pharmaceutical markets in the Middle East and Africa, as a base for its entry into the Middle East and will continue to explore other avenues to enter other major Middle Eastern and African countries as well as the GCC countries.

An official from the company said, "The estimated size of the pharmaceutical market in Saudi Arabia is approximately $10.7 billion, accounting for more than half (55%) of the total market in the GCC countries. With the Saudi government actively supporting and developing the healthcare industry, the market is expected to grow at a CAGR of more than 5.5%."

[WIKI KOREA=Cho Eun, Reporter]