JAMJOOM PHARMA
30
production. The kingdom has been actively facilitating new products approved, with a bioequivalence success technology and research-driven partnerships with rate of 94%. It launched 17 new products in 2021 and global manufacturers such as AstraZeneca, Pfizer and has 72 new products in the pipeline, 64% of which an MoU with GlaxoSmithKline. This, combined with have either been submitted for approval to the SFDA portfolio expansion by existing local manufacturers, or are close to submission. New products contributed resulted in the contribution of local products to the 4%, 8%, and 18% to the company’s total revenues in overall pharmaceutical market growing from 30% in 2019, 2020 and 2021, respectively. 2018 to 36% in 2021. This has encouraged companies “Being able to participate in the healthcare like Jamjoom to actively capitalize on the push for revolution that is expanding across the globe is localization in expanding its portfolio in both existing essential for counties that aim to provide top-notch and new product lines. therapies,” emphasizes John D. Philips, Director For example, in 2015 and 2019, it launched two of Research & Innovation at the Abu Dhabi new consumer health products, JP Vitamin D3 and Stem Cells Center. “Capitalizing on this locally Prima D3, after research showed that 80% of Saudi’s gives universities, healthcare organizations, and adult population was suffering from some form of businesses a platform from which to make exciting vitamin D deficiency and over 45% of the market was discoveries that lead to treatments, drugs, and dominated by liquid products, which are less effective devices that will be used globally.” than solid-dose alternatives. The company created Looking ahead, and Hosni now plans to make a formula for an alternative soft-gel product Jamjoon Pharma the leading pharma Stay with a better absorption and stability rate and manufacturer in the Middle East and Africa connected launched a full suite of vitamin D products, by 2026. “Many of the names you define as big with our latest business news. helping it to capture a 40% market share in pharma started off as family businesses; some of this category by 2021. them still are,” he says. “I would like to see this Jamjoom Pharma has over 90 scientists and company evolving in its journey to become a real Ph.D. graduates in its R&D team. Between significant regional player and then evolve to a January 2019 and May 2023, it had over 400 multinational international player.”
Saudi IPOs 2023 While Saudi’s IPO market was not as vibrant in 2023 as global factors dampened investors’ interest, the Saudi exchange has seen a few large IPOs. Here are the top five from the first half of 2023. Company
IPO size
• Jamjoom Pharma
$336 million
Jamjoom Pharma is a manufacturer and marketer of pharmaceutical products in the MENA region. The company has a wide range of products in its portfolio, including generic drugs, over-the-counter medications, and specialized treatments.
• First Mills
$266 million
Founded in 2017, First Mills produces flour, feed, bran, and wheat derivatives. It covers all major regions of Saudi Arabia through four largecapacity mills.
• Morabaha Marina Financing Company (MRNA)
$83.4 million
MRNA is an independent non-bank finance institution, offering a range of flexible Shari’ah-compliant financing solutions to individuals and SMEs. It has 16 branches across 13 cities in Saudi, in addition to its head office in Riyadh.
• AlMawarid Manpower
$76.8 million
Established in 2012, AlMawarid offers a variety of services to provide domestic and other professional staff to both private and public sectors. The company extends professional support services for the accurate management of the human resources recruitment process from all countries.
• Tam Development Company
$20.3 million
Established in 2012 and listed on the Nomu Parallel Market in June 2023, Tam Development Company is a management consultancy firm with digital business solutions. It has partnered with over 50 government entities.
F O R B E S M I D D L E E A S T.C O M
AUGUST 2023
