Hanmi Pharm Co. is expanding its global footprint through a new partnership with Tabuk Pharmaceuticals to bring its innovative drugs to the Middle East and North Africa (MENA) region. The deal, signed at the CPHI 2024 World Pharmaceutical and Bio Expo in Milan, marks Hanmi’s first export of self-developed finished products to the area.
The collaboration targets a market of about 600 million people across 17 countries, with Saudi Arabia as a key focus due to its growing pharmaceutical sector. Tabuk plans to seek local approvals for several of Hanmi’s specialty drugs, initially in urology and oncology.
Hanmi Group Vice Chairman Lim Ju-hyun emphasized the potential synergy between the companies’ strengths. However, the success of this venture remains to be seen, as regulatory hurdles and market acceptance could pose challenges.
The partnership aligns with South Korea’s push to boost exports to the Middle East, potentially opening doors for other Korean pharmaceutical firms. While the deal’s financial terms were not disclosed, it represents a significant step in Hanmi’s international expansion strategy.
