Hanmi Pharmaceutical has recently entered into an exclusive licensing agreement with Tabuk Pharmaceuticals, a leading pharmaceutical company in Saudi Arabia. This partnership will facilitate the export of Hanmi Pharmaceutical’s flagship products to the Middle East and North Africa (MENA) region.
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Through this agreement, Hanmi aims to gradually expand its product offerings and strengthen its presence in the MENA market over time.
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The company emphasized that expectations are especially high for this agreement, as it aligns with the Korean government’s active efforts to boost exports between Korea and the Middle East, a policy spearheaded by the Ministry of Trade, Industry, and Energy.
The MENA region, with a population of approximately 600 million, presents a significant market opportunity. Saudi Arabia, in particular, offers strong growth potential, driven by its expanding pharmaceutical sector based on the high-income levels of its population.Tabuk, a leading player in the MENA pharmaceutical industry, operates in 17 countries across the Middle East and North Africa.
Hanmi Pharmaceutical and Tabuk commemorated this partnership with a signing ceremony at the CPHI WW 2024 in Milan, Italy, on October 8. The event was attended by key leaders instrumental in the partnership, including Ju Hyun Lim, Vice Chairman of Hanmi, representatives from Hanmi Pharmaceuticals Global Headquarters, Ismail Shehada, CEO of Tabuk, and Wisam Al Khatib, Chief Business Officer(CBO) of Tabuk.
Through this partnership, Tabuk Pharmaceuticals aims to obtain local approvals and commence the full-scale commercialization of several innovative and specialized pharmaceutical products developed by Hanmi. The initial rollout will focus on urology treatments and anticancer biopharmaceuticals, marking the first wave of products to enter the market. By leveraging their advanced R&D capabilities, both companies plan to introduce cutting-edge treatments across the region, improving healthcare outcomes. The agreement also provides the option of a tech transfer that will enable localized manufacturing at a later stage.
Ismail Shehada, CEO of Tabuk Pharmaceuticals, stated: “We are thrilled to partner with Hanmi to introduce these innovatie therapies to the MENA region. Our combined expertise will ensure these breakthrough treatments reach healthcare providers and patients, bringing meaningful value to the healthcare system.”
Ju Hyun Lim, Vice Chairman of Hanmi also remarked, ” This partnership reflects our mutual dedication to addressing significant healthcare challenges and improving patient outcomes.” and added, ” We can create synergy by combining Hanmi’s research expertise with Tabuk’s strong regional presence. We will do our best to bring meaningful changes to patients’ lives in the MENA region.”
Hanmi Pharmaceutical will participate in the CPHI 2024, held in Milan, Italy, from October 8 to 10. The company aims to explore new business opportunities during this three-day event.
As the world’s largest pharmaceutical and biotechnology exhibition, CPHI is hosted annually in key European locations. This year’s event is expected to attract over 62,000 participants and more than 2,400 companies from 166 countries.
During the exhibition, Hanmi will operate a dedicated booth to highlight its flagship products, including Rosuzet and Gugutams, as well as its extensive pipeline of approximately 30 innovative drug candidates. These candidates cover a wide range of therapeutic areas, including metabolic diseases such as obesity, oncology, and rare diseases.
A Hanmi representative commented, “Collaboration with global partners is a core growth driver for our company. We are committed to promoting our distinctive products with competitive advantages and seeking partnership opportunities that can leverage Hanmi’s unmatched R&D capabilities to create synergies.”
About Hanmi Pharmaceutical
Hanmi Pharmaceutical, Co., Ltd., headquartered in Seoul, South Korea, and established in 1973, has become one of the largest companies not only in Korea but also within the region, selling over 200 products worldwide. Today, Hanmi is also recognized as the No.1 R&D investing company in Korea, spending over 10~15% of the company’s annual revenue in developing next-generation Platform Technologies & NCE products.
About Tabuk Pharmaceuticals
Established in 1994 and headquartered in Riyadh, we are the largest privately-owned pharmaceutical company in Saudi Arabia, with a strong market presence throughout the Middle East and North Africa (MENA) region. Over the years, we grew from a family business to the largest non-governmental pharmaceutical company in Saudi Arabiatest.
