Turkish pharma company Cinnagen signs new €5mn deal with Ebn Sina Medical
Established back in the 1990s, CinnaGen was founded by a number of Iranian scientists, with the belief to manufacture hi-tech products within biotechnology, research and development.
Expanding into Turkey in 2016, the company continues to invest 30% its turnover on R&D activities, and has become the largest bio-pharmaceutical manufacturer and biotech exporter in the region.
To further their foothold within the market, the company has signed a new €5mn ($6mn) deal with Qatari drug company Ebn Sina Medical, which currently encompasses half of the Qatari pharmaceutical market.
“Currently, Turkey’s pharmaceutical exports to Qatar are about one million euros. With our €5mn deal, we will increase our country’s drug exports to Qatar five-fold,” commented Cinnagen CEO Ferhat Farsi. Investing up to $100mn, it is hoped that the move will encourage further business opportunities to arise across the middle east.
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Exported drugs will support the ongoing treatment of cancers and blood diseases, amongst others.
"Such relations between Turkish and Qatari companies are increasing with each passing day," observed Turkish Ambassador Fikret Özer.
"These collaborations will influence and improve the economy of both countries in a positive way. We urge Turkish companies to visit Qatar, establish new business opportunities and build solid and long-lasting partnerships with Qatari companies."
The $100mn investment will see the establishment of a new biotech hub in Turkey, improving the accessibility of essential drugs to the Qatari healthcare industry. Ebn Sina will strenuously undergo work surrounding the marketing and sales of these new drugs.