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Spain's Cinfa Enters USD 1.1 Billion Kuwait Pharma Market to Help Combat Nation's Chronic Diseases
  • The company is willing to work together with  the Kuwaiti Government to help control drug expenditure by providing accessible, European-quality drugs
  • After two years operating in the UAE, Cinfa now  projects a 5-10% market share in key therapeutic areas in Kuwait
  • Kuwait’s chronic illnesses such as diabetes, asthma and hypertension raise demand for affordable quality treatments
  • Cinfa officially celebrated Kuwait launch with event attended by the Spanish Ambassador, government officials and industry professionals

Kuwait City, Kuwait - Cinfa, the leading pharmaceutical company in the Spanish market has landed in Kuwait in its effort to offer accessible, European-quality drugs to its population.

After entering the GCC through the UAE a year and a half ago, the Spanish pharmaceutical company now projects a 5-10% market share in its key therapeutic areas in Kuwait: diabetes, asthma and hypertension.

Present in 50 countries across the globe and with a 45-year legacy, Cinfa is determined to bring top-quality treatments to the Kuwaiti population, according to its President, Enrique Ordieres.

“Since arriving in the UAE in 2013, and following on from GCC registration approval, we are firmly dedicated to improve access to high quality, European-developed and manufactured drugs for Kuwaitis. Thanks to their affordable price, we expect to provide a vital tool to help control drug expenditure in the country,” Ordieres said.

Data from Business Monitor International shows that Kuwait’s government invested $1.1 billion in drugs in 2014 – compared to $1.02 billion in 2013 – as a result of the high rate of chronic illnesses affecting the country’s population. The overall health expenditure jumped from $5.03 billion in 2013 to $5.58 billion in 2014.

Likewise, GCC governments are also making significant investments in health care initiatives as part of their plans to diversify their economies and improve their standards of living. A study by Alpen Capital found that these countries’ investment in health care is expected to hit $69.4 billion in 2018, as against $39.4 billion in 2013.

Diabetes, asthma, and hypertension

According to Deloitte’s 2014 Global Health Care Outlook, chronic illnesses are becoming more and more common in the Middle East as a result of the ageing of the population, a sedentary lifestyle, and rising obesity rates.

A report conducted by the Global Initiative For Asthma showed that 8% of Kuwait’s population suffer from this illness, which ranks it first among Middle Eastern countries alongside Saudi Arabia. Type 2 Diabetes also affects 23% of the population, according to the International Diabetes Federation (DF), one of the highest rates in the world. This pathology is one of the leading causes of kidney failure and increases the risk of suffering heart disease and strokes.

Moreover, the World Health Organisation (WHO) has issued a warning on obesity, which affects 23% of the population, and on high blood pressure which is expected to double from 29% by 2025.

“These illnesses constitute a serious health problem in a population that leads an unhealthy lifestyle combined with a poor diet and a lack of exercise. However, they can be controlled if those affected change their habits and lifestyle and have access to appropriate treatment options, such as those provided by Cinfa,” said Dr. Mohammad Zubaid, Professor of Medicine at Kuwait University, Head of Cardiology at Mubarak al-Kabeer Hospital, and President of Kuwait Cardiac Society.

Launch event attended by the Spanish Ambassador

To mark the official launch of its commercial activity in Kuwait, Cinfa has organised an event which was attended by the Spanish Ambassador to Kuwait, top health care officials from the Kuwaiti Government, medical experts, and industry professionals.

His Excellency Carlos Sáenz de Tejada, Spanish Ambassador to Kuwait, said: “Cinfa has chosen Kuwait as one of the first countries in the GCC to launch its products, thanks to the opportunities it offers and its ambitious plans to strengthen its healthcare system. I know that the presence of the company in Kuwait would benefit the country.”

Enrique Ordieres thanked the Kuwaiti and Spanish Governments’ support of Cinfa’s activity in the country and reaffirmed Cinfa’s commitment to the Kuwaiti population in the fight against chronic illnesses.

Regional Director for Middle East and North Africa, Khalid Amin said:

“Cinfa is in a strong position as a leader in the pharmaceutical sector, which will allow it to meet the Kuwaiti population’s growing demand for affordable, high-quality treatments.”

Cinfa’s distributors in Kuwait, Mohamed Naser Al-Hajery & Sons (Al Hajery), and Ali Abdulwahab Al Mutawa Commercial Co. (AAW) highlighted Cinfa’s extensive experience and strong commitment to the GCC, promoting growth in the local market.

Posted by : Kuwait PR Network Editorial Team
Viewed 14585 times
PR Category : Healthcare & Medicine
Posted on : Thursday, February 19, 2015  1:11:00 PM UAE local time (GMT+4)
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