Birzeit-Palestine Pharmaceutical Company (BPC) last week procured 62 percent of the Eastern Chemicals Company for Pharmaceuticals. The value of the deal is estimated at more than JD1 million, A-Sharq Al-Awsat Daily reported. By virtue of this deal, BPC became the largest Palestinian player in the pharmaceutical industry, with a capital of JD25 million. (JD1=$1.4).
Mr. Talal Naser a Din, Baard of Directors Chairman for BPC, said this deal would improve the state of the pharmaceutical industry in Palestine. He added that the "door remains open for other firms to join BPC."
Mr. Naser a Din revealed that Palestinian pharmaceutical companies face stiff competition from Israeli firms, which currently command a 30% market share in the Palestinian pharmaceutical market. Foreign products constitute 20% of local market product offerings. Eastern is believed to control 5% of the Palestinian market.