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FINANCIAL NEWS
Qatar’s QGMD eyes expansion in Brazil, US
19 Apr 2010
(MENAFN) The Chairman of the Qatar German Company for Medical Devices (QGMD) said that the company is all set to enter Brazilian market with its safety syringes, while at the same time it is seeking entry into the US market, Gulf Times reported.
QGMD, specialized in manufacturing high standard injection products such as sterile intravenous cannula, conventional single use syringes, needles, catheters and dialysis kits and blood bags, reported a 74 percent dip in net profit last year despite more than doubled sales.
He said that approval from the US Food and Drug Administration (FDA) is still pending although the company complied with equally accredited European standards.
Export-oriented QGMD already supplies 16 countries, including the six GCC countries, Europe, Russia, Ukraine, Greece, Mexico, Palestine, South Africa, Turkey, Sudan, Egypt, Libya, Iran and Iraq.
The company had entered into a long term supply contract for a period of five year with Siegfried Schumacher regarding the distribution of more than 100 million disposable medical devices such as intravenous catheters, traditional syringes and safety syringes.
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