Jamjoom Pharma signs contract with LCGPA to localize drug production

30/01/2024 Argaam
Logo ofJamjoom Pharmaceuticals Factory Co.

Logo of Jamjoom Pharmaceuticals Factory Co.

Jamjoom Pharmaceuticals Factory Co. (Jamjoom Pharma) signed on Jan. 29 a three-year contract with Local Content & Government Procurement Authority (LCGPA), for the localization and technology transfer of the pharmaceutical product, Sitagliptin Phosphate. The drug will be included in the products mandatory list. 

 

In a statement to Tadawul, the company pointed out that the product is used as a treatment for type 2 diabetes. 

  

The relevant financial impact has not been determined yet, the statement added, noting that there are no related parties to the deal. 

  

The agreement is in line with the company's strategy to strengthen sustainable partnership with the government sector, towards fulfillment of the Vision 2030 goals. The deal contributes to raising the percentage of localization in pharmaceutical industries. 

  

The product manufacturing and commercial operations will take place upon obtaining the necessary approvals, Jamjoom highlighted. 

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