Gulf Pharmaceutical Industries (Julphar) has announced its Strategy 2030, which is aimed at tripling the company’s revenue via six growth pillars and driving transformation through sustainable growth.
The growth pillars are: Maximizing Revenue from Current Product Portfolio; New Product Launches; Geographical Expansions; Strategic Business Initiatives; Advanced Specialty Products Initiative and In-Organic Growth Initiatives.
The new growth strategy embodies Julphar’s aspirations to be the leading pharmaceutical company in the MENA region, recognized with first-to-market products and value-adding medicines. Strategy 2030 is driven by adopting new, cutting-edge technologies across all of Julphar’s manufacturing plants.
Commenting on the announcement, Dr. Essam Mohamed, Chief Executive Officer of Julphar, said, “Setting out our Strategy 2030 today, we are committed to concentrating our efforts and resources on our priority growth platforms and pipeline projects. Despite the enormous challenges and the global pandemic, Julphar achieved one of the most successful strategic turnaround stories; we have reached our objectives and greatly exceeded expectations, and now we are entering a defining moment in our transformational journey.
“We are confident that we are well-positioned for a bright future by delivering new, innovative healthcare solutions into the hands of our patients. To release Julphar’s full potential, we must now increase profitability and make bold investments in the best and most innovative treatment areas for the patients and communities we serve,” he added.
Within Julphar’s growth strategy framework, the company is working to maximize the revenue from its existing products by increasing its market share and optimizing its cost. Meanwhile, the company is accelerating its preparations to obtain GMP approvals from PICs, ANVISA, the WHO and the EU to expand its business into other strategic regions, both for its existing portfolio of products and those in the pipeline.
The company is planning to launch more than 100 new products between 2022 till 2030, capitalizing on its in-house R&D, in addition to signing licensing agreements with top-tier pharma partners and acquiring new products.
Julphar has partnered with and signed manufacturing contracts with 11 leading companies across the globe for technology transfer, secondary packaging, and co-development agreements.
The company aims to venture into well-defined new therapeutic areas, including future treatments for Oncology, CNS, Hormones and Immunology drugs. Each therapeutic area is expected to deliver sustainable and profitable growth and contribute to shareholder value creation for Julphar into 2030 and beyond.
Julphar will expand its presence into new territories, availing a significant number of essential market shares in target markets through various fast and efficient market access models.
As part of Strategy 2030, Julphar plans to penetrate new territories and top pharma regions, including CIS (Commonwealth of Independent States) countries, Turkey, Latin America, and Africa, as the company moves to create new revenue streams. Julphar is also expanding into vaccine production and biotechnology to extend its areas of expertise further.