Shetty said Neobiocon would introduce world-class pharma biotech products to the Emirates. "Biotherapeutics for cardiovascular diabetes and oncology segments represent the fastest growing class of drugs in the $5 billion GCC (Gulf Cooperation Council) pharmaceutical market," he pointed out.
"We will offer products that cater to lifestyle disorders and oncology. We will also produce immuno-suppressant drugs," affirmed Shetty, a non-resident Indian.
Studies have shown high mortality rates due to diabetes and cardiovascular disorders in the Gulf region. Disease incidence is alarmingly high. Besides India and sub-Saharan Africa, countries in the Gulf and West Asia are prone to such life-threatening diseases due to changing lifestyle and occupational hazards.
"Obesity is also a common, serious and growing problem. Current epidemiological estimates suggest around 1.1 billion people worldwide are above their standard weight. Developing obesity treatments that target novel pathways is a focus for biopharma firms," Shaw noted.
Besides the UAE, the Dubai office will represent the company in Saudi Arabia, Kuwait, Bahrain, Qatar and Oman.
During the last three years, Neopharma introduced about 70 formulations, including antibiotics, painkillers, anti-allergics and drugs in cardiology and diabetology segments.
Ranked among the top 15 UAE firms, Neopharma is a recipient of the prestigious Mohammed bin Rashid Al Maktoum award in the manufacturing category. It also has the latest European Union good manufacturing practice certificate from Belgium.
Neopharma plans to foray into European markets and work on nanotechnology-based products. Its facility is recognised as a regional contract manufacturing hub for European and Canadian firms.