The Tabouk pharmaceuticals manufacturing company has become the first Saudi company to have its medical products officially registered in the 12 member countries of the European Union, reported Al-Sharq Al-Awsat. newspaper. The director general of Tabouk, Mohammad Mashaal, stated that the company’s pharmaceutical products would soon be registered in Egypt, as well.
Mashaal revealed that the company’s sales grew from 18 million Saudi riyals ($4.8 million) in 1997 to SR 100 million ($26.6 million) in 2000, constituting an increase of 445 percent. 20 percent of Tabouk’s output is exported to neighboring states.
The Saudi pharmaceuticals market is the largest of its kind in the Middle East. In addition to the plentiful expansion opportunities, it enjoys a substantial liquidity flow. The director estimated the value of the domestic pharmaceuticals market at four billion Saudi riyals per annum. — (Albawaba-MEBG)
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