Pfizer And Tabuk Enter Commercial Agreement In Saudi Arabia
Last week, Tabuk Pharmaceuticals announced that it has entered into a key commercial agreement with Pfizer—one that will help Tabuk strengthen its position in the Saudi Arabian market. As part of the agreement, Pfizer will grant exclusive rights to Tabuk to carry out manufacturing processes under the commercial license. Tabuk will also distribute second brand versions of four of Pfizer’s products in the kingdom of Saudi Arabia. The partnership will target the areas of cardiovascular, central nervous system, respiratory, and anti-infective therapeutics in the Kingdom.
In return, Tabuk will grant Pfizer rights to 12 of its own products in Saudi Arabia. The partner companies will first secure regulatory approval for registration of the products and their subsequent commercialization.
Dr. Hamad al-Khamees, senior executive vice president of Saudi Arabia Tabuk Pharmaceuticals and Guy Lallemand, head of Global Established Pharma Pfizer Africa Middle East, endorsed the agreement between the companies.
Dr. al-Khamees said, “We are delighted to have entered into this partnership with a company of Pfizer's caliber and look forward to executing it for the benefit of the Saudi patients and the entire medical community… We feel excited at the prospect of further collaboration initiatives with Pfizer and proud to add another modest contribution to the development of the local pharmaceuticals industry in the kingdom.”
Global Established Pharma lead & country manager Pfizer Saudi Arabia Hussein el Hakim said that the agreement builds on the mutual synergy between the two companies. “This agreement will allow Pfizer to leverage its new legal entity for the early realization of its future projects in Saudi Arabia and continue to actively contribute as a key player in the development of the Saudi healthcare system.”
Pfizer has had a presence in Saudi Arabia for about three years. The company set up a legal entity in the kingdom in October 2011 to establish the company’s first manufacturing plant throughout the GCC at King Abdullah Economic City (KAEC). Construction of the 32,000 square-meter plant began in March 2013 and is expected to be operation in 2015. Not only is this plant expected to bring about a large supply of Pfizer medicines for the people of Saudi Arabia, but it is also set to transform the market and make Saudi Arabia a destination for other pharma companies looking to expand, officials said at the groundbreaking ceremony.