The pharmaceutical producer, Medical Union Pharmaceuticals (MUP) has detailed its major expansion plans for 2021, which includes targeted sales of EGP 2.9bn during the year.
The sales target proposed by the company, which is 10%-owned by EIPICO, implies a growth of 16% year-on-year (y-o-y).
The company opened a new production line for intravenous medical solutions in 2020, with the line holding an annual production capacity of 15m packs.
MUP also plans to inaugurate extra three production lines by the end of the first quarter (Q1) of 2021, using total investments of EGP 1bn raised through a capital increase. The three new facilities include a production line for single and regular eye drops, in addition to a line for producing ampoules.
The company also intends to open a new line for insulin cartridges in cooperation with Eli Lily Egypt, the first domestically manufactured insulin product as an alternative to imports.
MUP’s strategy in 2021 also includes the rehabilitation and development of the company’s main factory to match GMP specifications. The company exports its products to about 30 countries, including in the Middle East.
Industry sources say that EIPICO’s market share by number of units amounted to 6% in the first 11 months (11M) of 2020, ranking it in fourth place among pharmaceutical companies in Egypt. The company’s market share by sales value is 2.6%, ranking it in ninth, as the average unit price is about 40% lower than the average industry price.