Dubai pharmaceutical company attracts attention from European pharmaceutical companies

This is the second deal of this kind in 2005 following a previous agreement with Tiverton Laboratories UK, in March 2005, for the manufacture and distribution of three products in the UAE and Middle East.

Recordati, established in 1926, is a European pharmaceutical group, quoted on the Italian Stock Exchange, dedicated to the research, development, manufacturing and marketing of pharmaceuticals and pharmaceutical chemicals. Recordati has headquarters in Milan, Italy and operating subsidiaries in France, Germany, Ireland, Spain, and Switzerland.

The new agreement will further improve patient and healthcare practitioner access to medications for the treatment of gynaecological conditions, immunity related disorders and antibiotics.

Mr Khalid Bin Kalban, Managing Director and Chief Executive Officer of Dubai Investments PJSC and Chairman of Globalpharma comments, "Globalpharma continues to actively seek out and secure exciting new opportunities for the benefit of the healthcare industry in the region. Recordati has a long established reputation for delivering quality products to the market. As such, we are privileged and excited about today's agreement. "

Globalpharma is increasingly attracting attention from European pharmaceutical companies as a key partner for the penetration of the UAE and GCC healthcare markets.

Dr. Jean-Pierre Sabater, Export Manager, Recordati, adds, "Presently valued at approximately USD $74 billion, the Middle East healthcare sector is one of the world's fastest growing and attractive markets for companies such as Recordati. Today's agreement with Globalpharma, Dubai's first pharmaceutical manufacturing company, is an important step in achieving penetration into this marketplace."

Globalpharma currently manufactures products for cardiac related conditions, ulcers, anti-inflammatories and anti-histamines, and is constantly researching and analysing the potential for new exciting drugs from European sources to better serve the local and regional healthcare industry.

Dr. Maged Amer, General Manager, Globalpharma adds, "The manufacturing of the Recordati product lines here at Globalpharma is good news for patients and healthcare practitioners. The deal, sourced by The Mackenzie & Stuart Group, improves access to quality medications with proven clinical efficacy from the European pharmaceutical market."