The importance of trusting relationships: IBSA’s distributors in South Korea and Jordan26 May 2022
IBSA’s history is based on a rapid and continuous evolution and growth, which allows the company today to be present with subsidiaries, products, collaborators and partners in over 90 countries. In this context, distributors play a critical role and, in May, the delegations of two important ones were guests at the Swiss Headquarters, testifying to the company’s successful relationships in South Korea and Jordan.
IZEN PHARMA KOREA: PROFESSIONAL COMPETENCE, PRECISION AND EXTRAORDINARY RESULTS
Allies in the field of reproductive medicine and, specifically, in the distribution of progesterone in liquid solution, IBSA’s South Korean collaborators from IZEN Pharma Korea are a strategic partner in the Asian country. In South Korea, the approval process for pharmaceutical products is very complex. But the bureaucratic slowdowns were soon replaced by the excellent results: from the beginning of the collaboration (in 2019) to date, the progesterone turnover has grown exponentially, up to sevenfold the initial figures. The progesterone sold in South Korea is equal to 20% of the entire IBSA sales for this product in 2021, a significant figure, both for its numerical weight and for the significance it assumes in the reference market. IZEN Pharma Korea is the only distributor in South Korea able to offer progesterone in a non-oily liquid solution, and this represents a new and pioneering approach in a market where tablets are still very common.
On May 9, the South Korean delegation of sales reps visited the IBSA plants where progesterone is produced. “When we started our collaboration with IBSA, we accepted a great challenge: to introduce in South Korea a major innovation such as liquid progesterone”, said Jung-Yong Ko, CEO of IZEN Pharma Korea. “Thanks to our mutual trust and a constant commitment, we were able to achieve excellent results. We are excited to continue this fruitful collaboration, by expanding the portfolio of IBSA products to be distributed in South Korea, while welcoming all the new challenges that may arise”.
AL KINDI DRUG STORE: A STRATEGIC PARTNER FOR A COMPLEX MARKET
On May 20, it was the Jordanian delegation’s turn: the distributor Al Kindi Drug Store, together with experts and endocrinologists, was welcomed at the IBSA Headquarters in Lugano for a scientific-oriented meeting and a visit to the plants.
The partnership with Al Kindi involves multiple areas, both geographical and therapeutic. In fact, the distributor manages IBSA products in Jordan and Lebanon, where it takes the name of Alisar Pharma Corp. The IBSA products marketed by Al Kindi cover the full range of reproductive medicine, both progesterone and gonadotropins. The distributor is also implementing the part related to thyroid products, therefore in the endocrinology field.
“The collaboration with IBSA has been going on for over 20 years now: this testifies to a bond built on solid foundations”, commented Ali Rawahneh, Marketing Manager of Al Kindi Drug Store. “Over time, we expanded the portfolio of products to be distributed in Jordan and Lebanon, entering new therapeutic areas. Dialogue, interaction and plenty of creativity and enthusiasm are the basis of the collaboration with IBSA, of which we are really proud”.
The consolidated relationship with this distributor has rewarded IBSA’s foresight, which has experienced – and is still experiencing – a significant growth. From 2014 to date, the turnover generated in the two countries has recorded a constant growth and, in the case of Lebanon, has made it possible to heal an unprofitable starting situation, revealing the potential and success that the distributor is enjoying.
Also with Al Kindi, trust and dialogue have been critical, and allowed to enter the reference market, obtaining the necessary approvals from the relevant authorities. The approval process is very complex also in Middle Eastern countries, especially in the area of endocrinology, but IBSA and the distributor are working steadily to achieve this result. On June 20 and 21, in Amman (Jordan), Al Kindi will organise an official event to launch IBSA thyroid products, whose registration in that country could open the possibility of expansion in other interesting Middle East markets.