Saudi Arabia’s leading pharmaceuticals producer has reported strong first-half 2007 results on top of a good financial performance in 2006.

Saudi Pharmaceutical Industries & Medical Appliances Corp (Spimaco) realized SR62.1 million ($16.5 million) in profits in the first six months of this year, up 9.3 per cent over the same period of last year. For the whole of 2006, Spimaco had announced net profits of SR105 million, an increase of 9.4 per cent.
The company is making big efforts to capitalise on the high-growth Asian market.
An example was the signing at the end of last year of an agreement with the Malaysian firm Schmidt BioMedTech under which the latter will distribute and market all of Spimaco’s products registered at the Malaysian Ministry of Health.
Spimaco went into the Malaysian market after a period of consolidation and “becoming a tough competitor to all multinational companies operating in Saudi Arabia,” its managing director Dr Abdulla Al-Abdulkader said at the time.
He also said Malaysia represented a “cornerstone” because of its mature market and because it was considered a starting point for countries in the region. He added that Spimaco wished to acquire Malaysian expertise in the field of medicine manufacturing and trade.
Nineteen per cent of Spimaco’s shares are held by the Jordanian company Acdima. Spimaco is a Saudi joint stock company with a fully paid up capital of SR600 million. It was established in 1986 with the main objective of setting up an advanced pharmaceutical industry in Saudi Arabia. Production started in the first quarter of 1990 with six products, the number having since growth to more than 150. “Spimaco has developed a strong position in Saudi Arabia and is well-positioned to sustain its growth and have a sound platform to serve export markets,” a company statement says.
Several multinationals have granted Spimaco the marketing rights to develop second brands for their leading innovative brands. Spimaco launched Lorine, licensed from Schering Plough as a second brand to Schering Plough’s leading non-sedating anti-allergic Claritin. GSK licensed the Saudi company Klavox, a second brand for Augmentin.
Vifor International granted Spimaco full marketing rights for its iron product, Ferrum. The product is branded Ferose and Ferrosac.
Riyadh-based Spimaco’s manufacturing facility is located at Qassim Industrial City, some 320km north-west of the Saudi capital city. 
The plant has a capacity to produce three million litres of liquids in a single shift per year and these are packed in about 40 million bottles. The solids manufacturing facility occupies three floors and has a total capacity of 750 million tablets and 40 million capsules in a single shift. The plant has a packing capacity of 550 million tablets which will be increased to 700 million when additional Uhlmann machines arrive, the company says.
The cream and ointment manufacturing and packaging department has an annual capacity of 12 million tubes on a single-shift basis.  Also among the production facilities are a penicillin manufacturing and packaging department and an aseptic manufacturing and packaging department.
Spimaco is the licensor for some 24 registered antiseptic products including mouthwash, surgical scrub, Betadine ointment, Betadine vaginal douche, Florosept mouthwash, Clorasept mouthwash, Dermosept 4 per cent solution, Protectal and Providerm.
It is also the licensor for 15 registered pharmaceuticals for the private market.
The company obtained patent rights for products including Snafi and Cialis for the treatment of sexual impotency.
Over the years it has launched a number of products. In 2003 it launched Zimax for the treatment of infections due to susceptible micro-organisms, particularly respiratory track infections.
In 2002 it launched Famocid, an acid reducer for the treatment of heartbun patients; Proton, which is said to be efficacious in managing duodenal and gastric ulcers as well as esophagitis; Formit for the treatment of Type II diabetes (also helpful in Type I), and Cortimax, an ointment for patients suffering from psoriasis, recalcitrant eczema and other conditions that do not respond satisfactorily to less active steroids.  In 2001 the company launched Sapofen, which relieves nasal and sinus congestion as well as associated symptoms like headaches, sinus pain and fever without the effect of drowsiness, and Glaze, for controlling hypoglycemia.
Spimaco has invested SR308 million in Arab Health Care Co (90 per cent) and Arabian Manufacture of Medical Products Co (Enayah) (51 per cent).