KUALA LUMPUR: Pharmaniaga Bhd is looking to expand its market presence to the United Kingdom (UK), Turkey as well as the Middle East and North Africa (MENA) in the next two to three years, while also strengthening its presence in Indonesia.
Group managing director, Datuk Zulkarnain Md Eusope said Pharmaniaga is in active discussions with these countries.
"We are looking at easing the process (of entering the UK market) through products that have already been registered (in the country) and are not being sold properly in the UK market," he told reporters after announcing the group's financial performance for the first quarter ended March 31, 2022, here today.
Zulkarnain added that there is a huge untapped potential in Indonesia that should be explored.
"We are in the midst of revamping the current business model of our public-listed logistics and distribution arm, PT Millenium Pharmacon International Tbk in Jakarta, and expanding the products portfolio of our manufacturing arm, PT Errita Pharma in Bandung," he said.
With the strategic business and aggressive marketing plans in place, Pharmaniaga aims to further enhance the profitability of its Indonesian division in the coming quarters, said Zulkarnain.
Meanwhile, on the rising active pharmaceutical ingredient (API) prices, he said the group currently has a buffer stock of three to six months.
"Some pharmaceutical products are affected by API shortages, but we are not relying on only one supplier for the API.
"We have at least three suppliers for now," he said, adding that the group will continue to monitor the fluctuations in the API prices.
He also revealed that Pharmaniaga is currently finalising the logistics and distribution contract extension agreement with the Ministry of Health, to be completed by year-end. - Bernama