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Pfizer Eyes $1b in Mideast Sales in Five Years

DUBAI - Pharmaceutical giant Pfizer Incorporated on Sunday said it would press ahead with its expansion in the Middle East as part of a move to achieve a double-digit growth in five years.

“We see great potential for accelerating our growth in the Middle East, and hope to boost our market share in this growing market in the coming years,” said Jean-Michel Halfon, president and general manager of Pfizer’s Emerging Markets Business Unit.

Speaking to Khaleej Times on the sidelines of a global leadership summit in Dubai, Halfon said the drug-maker was looking to boost Middle East sales growth from the current “single-digit high to double digit” when sales should be able to exceed $1 billion in five years.

“We are currently number three in the Middle East with a four per cent market share. We will be tapping more growth opportunities,” he said.

Halfon forecast Middle East sales to grow between 8 per cent and 10 per cent this year to touch $500 million. Iraq, Iran and Syria are among markets where Pfizer is looking to expand its business. The drug maker is also looking at acquisitions in the more established markets such as Egypt, Saudi Arabia and the rest of the Gulf, he said.

In the first quarter, sales for the whole emerging markets grew five per cent despite turbulent times to $1.35 billion. Pfizer’s total global operations posted $48 billion in revenue last year.

Pfizer, which established its regional medical and marketing headquarters for the Middle East and Africa in Dubai in 2008, is also closely working with the UAE government authorities in formulating a new pharmacy law that would stipulate harsher penalties for drug counterfeiting. “The law that will criminalise counterfeit sales and operations is expected to be announced soon,” he said.

Pfizer plans to add at least $3 billion in annual revenue from sales in developing countries by 2012. The leadership summit was being co-sponsored by the Global Women’s Council, a group created by Pfizer to specifically develop a global women’s strategy.

“Not only do we want to promote diversity in our leadership by creating the best environment for women to succeed at Pfizer, but we are also committed to building a pipeline of leaders, both men and women, who understand the diverse healthcare needs of the communities we serve and actively engage in reaching patients we’ve never reached before,” Halfon said.

· issacjohn@khaleejtimes.com