UAE a ‘great place’ to do business: Merck Serono

Citing “excellent infrastructure, central geographic location, existing human capital, commercial environment and support from administrative and health authorities,” Karim Smaira, Merck Serono’s chief executive officer for the Middle East, is confident that the country’s pharmaceutical industry has nowhere to go but upwards.

“We believe that the UAE is a great place to do business,” Smaira said in an e-mailed statement to Khaleej Times. “We build upon the strength of the UAE as a diverse and multi-cultural market place mirroring our ambition to create a workplace where nationalities and genders work together.”

Geneva-based Merck Serono had global revenues of $9.48 billion in last year. The company’s pharmaceutical sales in the Middle East hit $130.2 million in 2009, which rose to $151.7 million in 2010.

Having built strong relationships and long-term partnerships with the UAE Ministry of Health (MoH) and the country’s medical community, Merck Serono Middle East has been successfully managing its business in the region, even outperforming the market, the statement said.

“Consumers in the UAE are highly educated,” Smaira said. “The MoH is making excellent initiatives to educate patients and make them aware of disease conditions, treatments and related symptoms.”

Smaira said that Merck Serono has invested $1.26 billion in research and development in 2009, and has decided to increase this to $1.5 billion this year.

The company, which has a portfolio of over $150 million in the Middle East alone, expects its sales to double over the next five years. The company’s market share has grown from 1.5 per cent to two per cent, attributed to double-digit growth in demand and sales of its products.

In the light of the current economic environment, Smaira said that the company “has safely passed the recent crisis… and has actually come out stronger by making sure we depend on innovation and on doing things more effectively.”

The company recently acquired Massachusetts-based biosciences company Millipore for $7.2 billion.

Another highlight of Merck Serono’s strategy is closely coordinating with its key stakeholders. It also aspires to be a cut above the rest by recruiting and developing top talents available in the sector, the statement said.

“Our commitment to the Middle East and the quality of our products has been demonstrated… Our role is to work closely with the medical community to assist in finding solutions for patients… and to positively make an impact on their lives,” the statement added. — alvin@khaleejtimes.com