By Nasouh Nazzal, Staff Reporter
Published: December 11, 2007, 23:25

Ras Al Khaimah: Ras Al Khaimah-based Gulf Pharmaceutical Industries (Julphar) will invest Dh1.23 billion in the next three years to set up new factories and to expand abroad.

Julphar, the biggest pharmaceutical firm in the UAE, will set up seven new manufacturing plants in Ras Al Khaimah and will also venture abroad to open manufacturing facilities in seven countries, Abdul Razzaq Al Yousef, Julphar's chief executive, told reporters on Tuesday.

He said the company was also planning to open a chain of retail pharmacies across the Mena region.

"We will invest around Dh360 million to open a chain of pharmacies and distribution networks across the Mena region in the next three years," he said.

Pharmacies

As many as 2,000 pharmacies will be opened across the region.

"Julphar is currently implementing a strategic plan which seeks to strengthen its pioneering and distinctive role in the regional pharmaceutical industry and to consolidate our position as a leading pharmaceutical manufacturer worldwide," he added.

He said that the aim was to increase the company's sales from the current Dh700 million to Dh2.25 billion by 2010.

Al Yousef said that the seven new factories to be set up in RAK would entail a total investment of Dh800 million and would greatly enhance the company's product portfolio.

It will also mark the company's foray into producing human insulin biotechnologically.

"Julphar will join the select league of global players by setting up a plant to produce human insulin crystals.

"The plant- Julphar-11 will cost Dh260 million and will have a capacity to produce 1,500 kg of human insulin crystals annually, which would translate into approximately 37 million vials," he said, adding that the investment was particularly important as the UAE had a high prevalence of diabetes, with around 20 per cent of the population affected.

The demand for human insulin in the Mena region reached approximately 102 million vials and the company hopes to meet at least one-third of the demand. Julphar will also set up another factory to fill insulin crystals into vials, cartridges and ampoules at a cost of Dh100 million.