[Asia Economy Reporter Ji-hwan Park] Allico Pharmaceutical, a specialty pharmaceutical manufacturer, 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, medical devices, and health supplements. It is rapidly growing by supplying pharmaceuticals 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, it is expected 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.
A company representative stated, "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."
This direct export contract is interpreted as a change in Allico Pharmaceutical's overseas marketing strategy to fully activate its overseas business. Recently, starting with export contracts with pharmaceutical companies in the CIS (Commonwealth of Independent States) and the Middle East, Allico Pharmaceutical announced plans to expand its business from Southeast Asia, including Vietnam, to advanced overseas markets such as South America and Europe.
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