Kuwait’s only manufacturer of pharmaceutical products, Kuwait Saudi Pharmaceutical Industries Company (KSPICO), announced today (December 6) the signing of a “License and Supply” strategic partnership agreement with Rosemont Pharmaceuticals.
The partnership enables KSPICO to bolster its capabilities and offerings in the healthcare space and reinforce its position in the GCC and Middle East and North Africa (Mena’s) growing pharma markets, a statement said.
The agreement was signed at the British Embassy in Kuwait by Rosemont Pharmaceuticals’ Head of International Sales, Mark Vallance and KSPICO’s Chairman and Managing Director Dr Rashed Khazal. Through this partnership, KSPICO will distribute a range of 'Rosemont' products in the GCC and Mena regions, including oral liquid formulations ranges and oral liquid medicines to support both pediatric and geriatric patients with swallowing difficulties.
The British Ambassador to Kuwait Belinda Lewis said: “I am delighted to see the start of a collaboration between Rosemont Pharmaceuticals and KSPICO. The UK is a global leader in life sciences and innovative biopharmaceuticals. Our pharmaceutical industry is at the forefront of developing lifesaving medicines as well as making them more accessible around the world."
"The UK’s biopharma market contributes around £51 billion per year in turnover [as of 2020] and supports around 124,300 British jobs. I wish Rosemont and KSPICO every success!”
Rosemont Pharmaceuticals’ Head of International Sales, Mark Vallance, said global expansion was core to its strategic growth ambitions, and this deal represented its first major multi-market/product partnership.
"We are delighted to be collaborating with KSPICO, collectively ensuring more patients receive access to liquid medicines across the Mena region," he added.
KSPICO’s Chairman and Managing Director Dr Rashed Khazal, said the group has a solid track record and a unique market position, and it has the strong support of Kuwait's government to carry out its mission of serving patients' needs and continuously improving its technological capabilities.
"Introducing a diverse range of product lines produced by a global pharmaceutical leader like Rosemont Pharmaceuticals will enable us to expand our service to healthcare businesses not only locally, but also regionally across Mena," he noted.
"KSPICO looks forward to working with Rosemont to grow our current business and expand into new value-added production lines. This signing marks a significant addition to our core consumer-driven business and broadens its access to local and regional consumer spending," said Khazal.
"With this deal, we will focus our efforts on further growing our market share and improving our product line to help drive growth and profitability,” he added-TradeArabia News Service