Doha: Turkish pharmaceutical firm CinnaGen has signed a $6m deal with Qatar’s leading drug company Ebn Sina Medical on Wednesday.
Ferhat Farsi, Chief Executive Officer, CinnaGen, speaking at a signing ceremony in Doha said that his firm aims to raise Qatar’s accessibility to biotech medication under the agreement with Ebn Sina, reported Anadolu news agency.
“Currently, Turkey’s pharmaceutical exports to Qatar is about $1.2m. With our $6m deal, we will increase our country’s drug exports to Qatar five-fold,” Farsi said.
The firm will invest $100m, including for research and development, and factory investments in the upcoming period in Turkey, he added.
Sherif Shehata, General Manager of Ebn Sina, said that the company will work on marketing and sales of biotechnological products in the fields of multiple sclerosis, anticancer, rheumatoid arthritis, blood disease. Ebn Sina Medical under Al Faisal Holding, dominates half of all Qatari pharmaceutical market. The Turkish Ambassador Fikret Ozer encouraged Turkish companies to visit Qatar, find new business opportunities and build solid and long-lasting business partnerships.
“Partnerships will develop economies of both countries,” Ozer added.
