- Strategic Partnerships and Market Expansion Drive Exceptional Performance in the First Half of 2024
- Double-digit Growth in key GCC Markets Highlights Successful Expansion Strategy
Riyadh, Kingdom of Saudi Arabia; 10 September 2024: Following last year’s announcement of its ambitious international expansion plans, Avalon Pharmaceuticals has made significant strides in global markets, achieving an impressive 85% growth in exports during the first semester of this year. This growth far exceeds the company’s initial expectations and underscores Avalon’s commitment to establishing a strong global presence.
The recent growth was driven by strategic initiatives and partnerships, particularly in the United Arab Emirates (UAE), where Avalon has reinforced its market presence through a key collaboration with the region’s largest distributor, City Pharmacy.
Avalon’s performance this year has also been bolstered by successful agreements with five of the top six retailers in the UAE, ensuring that its products are now available in 60% to 70% of the market. This increased availability is supported by the company’s it’s comprehensive growth strategy, which has been crucial in driving both market penetration and consumer engagement. This strategy focuses on selecting the right distributors, ensuring widespread product availability, enhancing visibility through targeted efforts, and effectively promoting products with the support of a dedicated medical team and expert advisors.
Mr. Mohamed Maher Al Ghannam, Managing Director & CEO of Avalon, commented on this achievement, saying: “Our partnerships have been instrumental in accelerating our growth in regional markets. This success is a testament to our strategic approach, strength of our teams, and an unwavering commitment to delivering high-quality healthcare solutions across the globe. As Avalon continues to expand internationally, it remains committed to upholding the “Saudi Made” standard of high quality and competitive pricing. This commitment has earned Avalon a strong reputation not only in Saudi Arabia but also in international markets. Our products reflect the high standards of Saudi manufacturing, which is recognized and respected globally. We are proud to carry this legacy forward as we expand into new markets.”
The Saudi Import and Export Authorities have been pivotal in supporting Avalon’s efforts, helping the company register and export its products to new markets. Reflecting on the year’s successes, Al Ghannam added, “We are one of the few companies that have achieved 85% growth in such a short period. With our eyes set on exporting 30% of our total business by 2030, we remain confident that our strategic initiatives will continue to drive our success.”
In addition to the UAE, Avalon has experienced substantial growth in Kuwait and Oman, with both countries recording double-digit increases. The company also secured new agreements in Iraq, further expanding its footprint in the region. Avalon is now looking to build on this momentum by entering new markets, including Egypt, Indonesia, Malaysia, and Morocco, as part of its strategic roadmap and growth ambitions.
