Cigalah Healthcare and Abdi Ibrahim sign collaborative agreement to bring high quality healthcare pharmaceuticals to Saudi Arabia
- The agreement signifies a strategic entry into the Saudi Arabian market, bolstering the regional integration of both firms within the country’s pharmaceutical industry.
- The transformative collaboration will create a new entity called Abdi Cigalah Pharma (ACP) which will support Saudi’s ambitious Vision 2030 by attracting foreign investments, creating a localized pharmaceutical industry, and creating a potential number of job opportunities for Saudi citizens.
30 April, 2024, Jeddah, Saudi Arabia – Cigalah Healthcare, a leading player in the Saudi healthcare sector for pharmaceuticals and medical equipment, has forged a groundbreaking agreement with Abdi Ibrahim, a Turkish pharmaceutical industry leader in Türkiye, that will emphasize the introduction of high-quality pharmaceutical products into the Saudi market.
The new collaboration will not only strengthen the presence of both companies in the region but will also elevate healthcare standards across the region and reflects a broader trend of regional cooperation and integration within the pharmaceutical industry.
The first of its kind joint venture entails a direct importation of products as well as local manufacturing with a committed timeline for full localization in the kingdom, creating a significant number of employment opportunities for Saudi nationals. Cigalah Healthcare, through its manufacturing arm ‘Alpha Pharma’, will evaluate market entry strategies for high-potential product. The products that will be commercialized under the agreement include Central Nervous System (CNS), Cardiovascular system (CVS), Respiratory system, and Oncology.
The partnership was formalized at the Ritz Carlton, Jeddah, on 29 April 2024 through a signing ceremony and was attended by Cigalah and Abdi Ibrahim leadership and representatives including Mr. Nezih Barut, Chairman of Abdi Ibrahim, Dr. Süha Taşpolatoğlu, CEO of Abdi Ibrahim and Mr. Yaser Naghi, Chairman & CEO of Cigalah Healthcare.
Nezih Barut, Chairman of Abdi Ibrahim said: “As a longstanding company with 112 years of history, we owe our leadership in the Turkish pharmaceutical industry to our commitment to benefiting our country, our people, and the world wherever we operate. Abdi İbrahim’s strategic expansion to partner with Cigalah serves as another milestone in its journey of international growth. Healing more lives with each passing day, we are thrilled to embark on this collaborative journey which aligns with our commitment for sustainable growth and global expansion, strengthens our foothold in the Middle East while reinforcing bi-lateral ties between Saudi Arabia and Türkiye in the pharmaceutical sector.”
Yaser Naghi, Chairman & CEO of Cigalah said: “Our strategic collaboration with Abdi Ibrahim reinforces our commitment to elevating healthcare standards across the region. By leveraging the strengths of both organizations and fostering cooperation in areas such as research and development, manufacturing, and marketing, the joint venture will facilitate market access, promote quality healthcare, stimulate economic growth, foster bilateral partnerships, and contribute to the advancement of the pharmaceutical industry in the Middle East. In the long-term, the agreement between our two organizations will also significantly boost the Kingdom’s economy by more than SAR 500 million over five years and create new employment opportunities for Saudi citizens which aligns seamlessly with the Kingdom’s 2030 Vision and its health objectives.”
Saudi Arabia boasts one of the largest healthcare markets in the region. By establishing a joint venture, Abdi Ibrahim and Cigalah Healthcare are positioning themselves to tap into the significant growth opportunities offered by the Saudi healthcare sector while providing the Saudi patient population with products, medicine and therapies that best serve their needs.
