Banaja Pharmaceuticals, a Banaja Holdings (Banaja) company, has recently signed an agreement with Qatar Infusions Factory (Qatar Pharma) for the distribution of Qatar Pharma's products in Saudi Arabia - marking the first healthcare cooperation move between the Kindgom and Qatar. The deal is expected to generate SR100 million in KSA sales during the first phase. The agreement was signed by Youssef Abdullatif Banaja, CEO of Banaja Holdings and Dr Ahmed Mohammed Al-Sulaiti on behalf of Qatar Pharma. The agreement covers the distribution of medical infusions produced by Qatar Pharma in KSA in its first phase and dialysis solutions and medications in its second phase. Yousef Banaja, president of Banaja Holdings, hailed the agreement as the first-of-its-kind demonstrating enhanced cooperation between the two countries in the healthcare sector and strengthening economic ties. Due to increasing demand, the healthcare market in the GCC is expected to grow at about 9 percent annually to reach between $47 billion and $55 billion by 2020, according to a recent report in Gulf. Banaja said: “Both Saudi Arabia and Qatar are keen to enhance the quality of health services in the Gulf. The pharma industry already has a leading position in both countries and this deal will help meet the market's growing needs for medical products which are considered a key factor in achieving medical security in the region”. The deal reflects expectations of a 20 percent increase in KSA population, to about 30 million people, by 2016 that will drive the expected increase in spending on the development of healthcare services and is likely exceed population growth.
