São Paulo – Algeria’s state-owned pharmaceutical group Saidal is getting ready to end 2024 with USD 23 billion in deals and to see between USD 32 billion and USD 35 billion next year as part of a portfolio expansion strategy designed to meet domestic market needs.
Algérie Presse Service (APS) reported on the topic on Monday (11) quoting statements from the company’s CEO Wassim Kouidri at the Radio Algérienne Forum. The executive said Saidal grossed USD 19.6 billion last year.
He also said the expected hike this year will be mostly driven by investments made into the group and by increased drug output, from 130 million units in 2023 to 135 million units in 2024. He said the company is looking to become a pharma industry leader in the Middle East and North Africa.
Increasing domestic production
According to the CEO, Saidal’s strategy should help bring the rate of locally made medications from a current 70% to nearly 100% of domestic needs in five years’ time. Koudri said the number of oncology drugs available from the company will go from 12 to 50 in the near future. As a result, Algeria should reduce imports thereof by USD 300 million per year.
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