Release time：Dec 11, 2024
Mabwell (688062.SH), an innovative biopharmaceutical company with entire industry chain, announced that it has signed a licensing and commercialization agreement with TABUK PHARMACEUTICAL MANUFACTURING COMPANY, Saudi Arabia's leading pharmaceutical company, for its leading biosimilars at the CPHI Middle East 2024. According to the terms of the agreement, TABUK will lead the efforts to register and commercialize two biosimilars across multiple countries within the Middle East and North Africa (MENA) region.
Mr. Huiguo Hu (4th right), Board Member, SVP, and Board Secretary of Mabwell, Mr. Mohammed Al-Haqbani (4th left), Tabuk Chairman, Dr. Ismail Shehada (3rd left), CEO of TABUK
As a key region for joint construction under the "Belt and Road" initiative, the MENA region's pharmaceutical market possesses substantial development potential. In recent years, the local pharmaceutical industry has seen rapid growth, with the market size projected to reach $60 billion by 2025. According to a report by IQVIA, the annual compound growth rate of the MENA pharmaceutical market is expected to maintain between 5.8% and 6.8% through to 2028. As the country with the highest per capita healthcare expenditure in the Middle East and the fastest-growing population in the Gulf region, Saudi Arabia has identified biotechnology and biopharmaceuticals as pillar industries in its "Vision 2030" program.
Regarding this strategic partnership, Mr. Huiguo Hu, Board Member, Senior Vice President, and Board Secretary of Mabwell, stated, "We are thrilled to establish a strategic partnership with TABUK. Mabwell highly values the significance of the Middle East and North Africa market. Centered in Saudi Arabia and leveraging TUBUK’s extensive local business presence, this collaboration will extend to a population of nearly 500 million people across the region, further enhancing the accessibility of high-quality biologics from China for local patients."
Dr. Ismail Shehada, Chief Executive Officer of TABUK, said, “We are excited to announce our partnership with Mabwell that will enable us to deliver unique health solutions aimed at enhancing the well-being of people in Saudi Arabia and other countries we operate in. We are confident that this partnership will support our efforts to commercialize, and eventually explore the localization of two biosimilars in the region and strengthen our market leading position and also stands as a commitment from our side to support the 2030 vision of Saudi Arabia through localizing specialty pharmaceutical products in the Kingdom.”
About TABUK
TABUK PHARMACEUTICAL MANUFACTURING COMPANY is a leading Saudi pharmaceutical company with a regional presence in the Middle East and North Africa. Tabuk Pharmaceuticals develops, manufactures, markets and distributes various branded generics, in addition to manufacturing pharmaceutical products for renowned international partners at its manufacturing sites in Saudi Arabia, as part of its continuous efforts to cover the needs of patients by providing high quality medicines. Tabuk Pharmaceuticals is a major player in the pharmaceutical sector not only in the Kingdom of Saudi Arabia, but also in the Middle East and North Africa, thanks to its four state-of-the-art manufacturing sites located in Tabuk and Dammam in the Kingdom, as well as in Sudan and Algeria, and orchestrated by a team of more than 2,400 employees. Tabuk pharmaceuticals reaches patients in 18 countries in the Middle East and Africa, in addition to futuristic plans to expand its presence in the region.
