Turkish pharmaceutical company enters Saudi market
Abdi Ä°brahim, 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 Ä°brahim, 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 companyâs chairman, Nezih Barut, stated that the agreement moved the companyâs growth to a new platform.
âThis agreement is of great importance to our vision of becoming a global player,â he said, âWith our new partner, [Saudi Arabiaâs] Deef, we will be exporting seven different forms of three of our medicines.â
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 Ä°brahim started out as a neighborhood pharmacy in 1912 and began operating its own factory in 1919.
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