Since the beginning of this year, the pharmaceutical company JGL d.d. from Rijeka has signed agreements on the distribution of its brands to Spain, countries of the Middle East and Southeast Asia, and a memorandum of cooperation with a respectable South Korean company.
The agreement with the partner from Spain is related to the sale of Vizol S eye drops that will be licensed under a partner brand on this market. Product launch is planned for the last quarter of 2016.
"The market of EU countries has become an extended domestic market for our company", said mr.sc. Dunja Siuc Valković, MD, M.Sc., Director of Global Business Development Management at JGL d.d. "This is a very saturated market, but well selected and competitively priced products with an added value still have a place on it", she explained.
Since this is not the only JGL's breakthrough on foreign markets this year, this domestic pharmaceutical company once again confirms its long-term focus on growth in export markets. During the last month's visit to the countries of the ASEAN region, company representatives signed a memorandum of cooperation with the renowned company Jeil Pharmaceutical in South Korea. This memorandum is the foundation of future brand placement and B2B cooperation model between the two companies.
"The South Korean pharmaceutical market is worth approximately 20 billion dollars, and JGL has been recognised as an EU company with great possibilities in the technology platform of sterile solutions. In addition to Jeil Pharmaceutical, we are negotiating with six companies about a possible two-way cooperation that would include projects of joint development and knowledge transfer, and the possible production of a range of products of our Korean partners for the European market in our production facilities."
Furthermore, JGL has recently signed new agreements in Southeast Asia for the placement of Aqua Maris products on the markets of Vietnam, Indonesia, Singapore, Thailand, Malaysia, the Philippines and Taiwan. Cooperation was started for the portfolios of nasal sprays and ophthalmological products on the markets of Middle East and North America (the MENA region), and the first import into the United Arab Emirates has also been realised recently. During the next two quarters, sales activities will also be started in Saudi Arabia, Iraq and other countries in the Persian Gulf. In relation to the Saudi Arabia market, an agreement has been signed with the leading manufacturer and distributor, Tabuk Pharmaceuticals, which will distribute developmental and innovative products for JGL, i.e. six of them from the Aqua Maris product range.
The main goals of this domestic pharmaceutical company are further business internationalisation in target regions, an increase in revenue through existing and new products, and a complete utilisation of technology, said Dunja Siuc Valković.
"We have the strength to realise our strategic goals independently, while complying with the principles of sustainable growth and development. In the market environment of which we are part, we have to identify our weaknesses and strengths compared to our competitors and determine the changes necessary for long-term survival. We are especially happy about the finalisation of the second stage of our biggest investment project, Pharma Valley: the construction of a new microbiological laboratory. This project worth HRK 4.5 million fulfils high quality system requirements. Thanks to the significantly strengthened technology platform and certificates that serve as a proof of quality of our products and business processes, we are confident that we can take on new business challenges and realise different models of cooperation with our partners, which is a prerequisite of achieving success on global markets", said Siuc Valković.