Turkish firm to export $6 million worth in medicine to Qatar

DOHA

The Turkish pharmaceutical firm CinnaGen has signed a five million euro ($6 million) deal with Qatar’s leading drug company Ebn Sina Medical, state-run Anadolu Agency reported on Jan. 4, citing the Turkish company’s chief executive officer.

Speaking at a signing ceremony in Qatar’s capital Doha, Ferhat Farsi said his firm aims to raise Qatar’s accessibility to biotech medication under the agreement with Ebn Sina.

“Currently, Turkey’s pharmaceutical exports to Qatar are [worth] about one million euros [$1.2 million]. With our 5 million euro [$6 million] deal, we will increase our country’s drug exports to Qatar five-fold,” Farsi said.

The firm will invest $100 million, including for research and development, and factory investments in the upcoming period in Turkey, he added.

Meanwhile, Ebn Sina will work on marketing and sales of biotechnological products in the fields of multiple sclerosis, anticancer, rheumatoid arthritis and blood disease, the company’s General Manager Sherif Shehata said.

Turkish Ambassador Fikret Özer, on the other hand, encouraged Turkish companies to visit Qatar and find new business opportunities to build solid and long-lasting business partnerships.

“Partnerships will develop the economies of both countries,” Özer said.

Ebn Sina Medical under Al Faisal Holding dominates half of the Qatari medicine market.

Biotechnology—technology based on biology—uses cellular and biomolecular processes to develop technologies and products that help health and nature, according to Biotechnology Innovation Organization.