[Asia Economy Reporter Lee Gwanju] Allico Pharmaceutical, a specialty drug manufacturing company, announced on the 4th that it has signed a direct export contract for five of its products with Middleton Pharma, a specialist pharmaceutical supplier in Iraq.
Middleton Pharma, which signed the contract, is a pharmaceutical subsidiary of Iraq's Hale Group. Hale Group is a medical supply specialist company in Iraq that operates subsidiaries in various specialized fields such as pharmaceuticals and medical devices. It supplies medicines to over 600 pharmacies and more than 140 drug stores in the Kurdistan region, including Iraq, Iran, Turkey, and Syria.
Since the second half of last year, Allico Pharmaceutical has signed direct export contracts for pharmaceuticals with several overseas companies in Hong Kong, Vietnam, the Philippines, Azerbaijan, and Iraq. The total contract amount is 10 billion KRW, and considering the sustainability of future sales, the company expects it to reach 20 billion KRW in five years. The main contracted products are ▲ Diodipin tab (antihypertensive) ▲ Metro tab (antidiabetic) ▲ Levofacin tab (antibiotic) ▲ Acrason cream (for skin diseases), among others.
An Allico Pharmaceutical official explained, “We are also finalizing contracts with key markets in the Middle East and Africa, especially Egypt, the United Arab Emirates, and Kuwait,” adding, “Diversification of export markets is also underway simultaneously.”
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