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FINANCIAL NEWS
UAE’s Julphar to start insulin output in 2012’s Q1
03 Jan 2012
(MENAFN) Gulf Pharmaceutical Industries (Julphar) said that commercial output of insulin at the firm’s new factory in Ras Al Khaimah (RAK) would be expected to start in 2012’s first quarter, reported The National.
The firm added that the USD136.1 million plant, which the company began to establish in the summer, has an annual output capacity of producing more than 50 million vials of insulin.
It also said that the firm would reduce the cost of insulin to the increasing number of diabetics in the region by manufacturing the drug locally, pointing out that nearly 90 percent of pharmaceuticals in the UAE are imported.
It is worth noting that Julphar’s sales in 2011 surpassed USD272.2, with total revenues up 11.3 percent to USD278 million.
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