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| Announcement Detail | In a strategic step reflecting its growing position in the Saudi healthcare sector, Scientific & Medical Equipment House Company announces that its wholly owned (100%) subsidiary, Qarqas Trading Company Pharmaceutical Warehouse, has obtained the exclusive agency for the distribution of ETHAMOLIN® in the Kingdom of Saudi Arabia, under an agreement with QOL Medical LLC, a U.S. company specializing in rare disease medicines. The agency has been officially registered with the Ministry of Commerce and extends until 2030. This agency represents a qualitative addition to the Group’s pharmaceutical portfolio, strengthening it with a specialized drug approved by the U.S. Food and Drug Administration (FDA). The drug is used in sclerotherapy for bleeding esophageal varices, in accordance with its approved indications, and is considered an important medicine in gastrointestinal endoscopy units and referral hospitals. The agency builds on a solid commercial foundation, as the subsidiary currently supplies the drug to the National Unified Procurement Company (NUPCO), the entity responsible for unified procurement for the government healthcare sector in the Kingdom, and the related revenues are reflected in the Company’s financial statements. The exclusive agency is expected to contribute to sustaining and growing these revenues throughout its term. In addition, the registration of the drug with the Saudi Food and Drug Authority is expected to create opportunities to expand its availability across the Kingdom’s healthcare sector, positively impacting the Company’s business and financial results. The Company is currently completing the procedures for registering the agency and the drug with the Saudi Food and Drug Authority (SFDA), in preparation for its subsidiary obtaining the final license for the drug in its name. This step embodies the vision of Scientific & Medical Equipment House Company and its subsidiaries to build an integrated ecosystem of medical and pharmaceutical solutions and to facilitate patients’ access to specialty medicines across all regions of the Kingdom, in support of the objectives of the Health Sector Transformation Program and Saudi Vision 2030. On this occasion, Dr. Faisal Al-Atawi, Chief Executive Officer of the Company, said: “Behind every specialized medicine, there is a patient waiting. That is why we see this agency as a responsibility before it is a business opportunity: to ensure the availability of a vital medicine for critical cases in the Kingdom’s hospitals, and to contribute to strengthening its pharmaceutical security. At the same time, it is a building block in a strategic transformation we are steadily pursuing, as Scientific & Medical Equipment House, through its subsidiaries, builds a specialized arm targeting the specialty medicines the healthcare sector needs.” The Company will announce any material developments in this regard in due course. |
