Ibnsina Pharma, Egypt’s fastest-growing and second-largest pharmaceutical distributor, has signed two contracts with Novo Nordisk, leading manufacturer of insulin and haemophilia treatment, to distribute over 20 stock-keeping units of its diabetes care, haemophilia, and growth disorder products in Egypt.
Following the contracts, Novo Nordisk will join a group of over 325 domestic and international suppliers who rely on Ibnsina Pharma to distribute their products across Egypt.
“We are incredibly proud and excited by this new opportunity to distribute Novo Nordisk’s life-saving diabetes care and haemophilia and growth disorder products across Egypt,” said Mohsen Mahgoub, chairperson of Ibnsina.
He added that the company’s main objective is to leverage their distribution network to provide much-needed access to medication, and diabetes care products are essential in Egypt.
Ibnsina Pharma invested approximately $113,000 in additional warehousing facilities, and allocated 28 specialised trucks to deliver Novo Nordisk’s cold-chain products. As part of the conditions to attain these new contracts, Ibnsina Pharma also passed Novo Nordisk’s due diligence and operational audit to meet international standards.
“Our investment to accommodate these contracts is the first execution in our plan to invest $39 million in new sites and the expansion of Ibnsina Pharma’s network over the next five years,” Mahgoub said.
Globally, Egypt is one of the ten largest countries, in terms of population, where diabetes affects more than 7.8 million patients. Novo Nordisk currently holds over 60% of the insulin market share in Egypt.
Since establishment in 2001, Ibnsina Pharma evolved to become the fastest growing company in the field of pharmaceutical and personal care distribution in Egypt for the last five years. Characterized by rapid business growth and financial stability, its pool of investors grew to include European Bank for Reconstruction and Development