SPIMACO aims to expand pharmaceuticals products; market share hits 11.6%: CEO

SPIMACO CEO Khaled Alkhattaf

Saudi Pharmaceutical Industries and Medical Appliances Corp (SPIMACO) seeks to expand in pharmaceutical products and are obtaining licenses for more than 50 new drugs, which will be produced in its factories and the factories of its subsidiaries, said CEO Khaled Alkhattaf.

During the visit of Bandar Alkhorayef, Saudi Arabia’s Minister of Industry and Mineral Resources, to the company's headquarters in Al Qassim, Alkhattaf said the company targets nine new countries in Africa, Europe, and Asia.

He added that SPIMACO maintained its leading position in the Kingdom with 12.2 million prescriptions in 2020 and the highest market share of 11.6% compared to its local and global peers in the private sector, an increase of 1.7 million prescriptions when compared to the closest competitor.

The Tadawul-listed firm has 415 pharmaceutical products and exports more than 234 products to 14 countries, the CEO said, adding that the company produced more than 1.73 billion unit doses through 36 production lines in 2020.

The Kingdom exports medicines to 34 countries, Alkhattaf said, noting that the local pharmaceutical sector is promising and has great potential, especially as the Saudi pharmaceutical products have a good reputation to compete with the European and Asian products.

The company has achieved a 45% Saudization rate so far and seeks to increase this percentage in the future, Alkhattaf concluded.