Daehwa Pharmaceutical will export drugs to eleven countries in the Middle East and North Africa.
On October 12, Daehwa Pharmaceutical announced that the company signed a contract with NOVOSCI, headquartered in the United Arab Emirates, to export drug products worth $20 million over a period of five years to eleven countries in the Middle East and North Africa including those under the jurisdiction of the Gulf Cooperation Council.
NOVOSCI is a distributor based in the United Arab Emirates trading and importing drugs and will import, register and distribute Daehwa's Resnalin (patches to treat respiratory diseases), Gastric (capsules to treat digestive problems), Aceren (osteoarthritis treatment), Flospan (an antispasmodic), and HA fillers (anti-aging medical device).
According to Daehwa, the pharmaceutical market in the Middle East and North Africa has grown rapidly every year reaching a size of $31 billion as of 2013. It is an attractive market in the global pharmaceutical industry for this region has seen a rise in drug consumption, has a high dependency on imports and lacks relevant infrastructure.
A representative of Daehwa said, "We have begun harvesting the fruits of our efforts in international sales. We plan to quickly proceed with the approval of our products and export them soon to contribute to the growth of our sales and to improve the profitability of the company."
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