EGYPT – Egypt’s pharmaceutical distribution company Ibnsina Pharma has reported a revenue of EGP 72.554 million (US$2.36 million) for the first quarter of 2023, an increase of 22.18% year-on-year (YoY).
Moreover, Ibnsina Pharma topped the list of drug distribution companies in Egypt in 2023 per publicly available data shared by IQVIA, a global provider of advanced analytics.
Ibnsina Pharma has a market share of 23.7 % in the distribution of the Egyptian pharmaceutical market according to IQVIA.
Ibnsina Pharma is increasing its dominance of industry market share as Egypt’s pharmaceutical sector is poised for significant growth, with the potential to achieve US$5 billion in exports by 2030.
Ibnsina Pharma previously reported a 22.18% year-on-year increase in consolidated net profit attributable to the parent company for the first quarter of 2023 which ended June 30.
The company recorded consolidated net sales of EGP 6.843 billion (US$220 million) in the January-March period of 2023, up from EGP 5.332 billion (US$170 million) in the same period of 2022.
Meanwhile, the company’s standalone net profit after tax stood at EGP 81.911 million (US$2.66 million) in the first quarter of 2023, rising from EGP 57.265 million (US$1.86 million) in the corresponding quarter last year.
This profitable growth is attributed to the company’s ability to maintain financial stability and sign more distribution and importation agreements with several firms.
As of the first half of 2023, Ibnsina Pharma has formed strategic partnerships with key players in the Egyptian pharma sector including Omron Healthcare, Boehringer Ingelheim, and Sandoz Egypt.
Boehringer Ingelheim will leverage Ibnsina’s longstanding presence and experience in Egypt’s pharma market and its technical sales capabilities to improve patients’ access to advanced, preventive treatments and life-enhancing improvements.
The distribution and promotion agreement will allow more Egyptian patients direct access to OTC products, helping people quickly recover from minor conditions and get back to enjoying their day-to-day lives faster.
The agreement will help Ibnsina Pharma to strengthen its position in the over-the-counter market as the global OTC analgesics market has experienced significant growth due to various factors
The global OTC analgesics market is projected to grow from US$28.74 billion in 2023 to US$34.65 billion by 2028, with a CAGR of 3.81% during the forecast period (2023-2028).
The new drug distribution agreements align with Ibnsina Pharma’s commitment to improving people’s quality of life by ensuring their access to safe and high-quality pharmaceutical products.
Moreover, Ibnsina Pharma recently launched the first version of its mobile application & web portal as part of the company’s B2B part of Digital strategy.
The Egyptian distributor is also exploring investment and acquisition opportunities in the healthcare and logistics sectors.
The company distributes products from over 350 350 international and domestic suppliers to more than 46,000 pharmacies, retail chains, wholesalers, and healthcare institutions across Egypt’s governorates.
Its core services for suppliers include management of warehousing and logistics for pharmaceutical products as well as the development and execution of tailored marketing solutions targeting a nationwide database of customers.
The company also provides efficient and reliable order-taking and delivery services to customers and was the first in its industry to pioneer a telesales model.
Ibnsina Pharma’s primary competitors include AskGene Pharma, Fosun Pharma, and Harbin Pharmaceutical Group, just to name a few companies.
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