Abu Dhabi healthcare company Burjeel Holdings is planning to “double down” on its plans in the UAE and develop more products locally after the Iran war, its founder and chairman has said.
“The initial reaction [to the conflict] was a shock, like everyone else. And then it was a call for action … We changed the style of performance, we were mostly on the ground giving support to the staff,” Shamsheer Vayalil told The National at the Make it in the Emirates event in Abu Dhabi.
The main impact of the war has been “resilience”, he said. “We have started looking beyond. And what would have taken 10 years, now it will be done in three to five years … This is a typical example,” Dr Vayalil said.
The company has been focused on opening specialised centres, and its mitigation plans have helped stabilise operations since the conflict began on February 28.
“Whatever comes, we are ready to face,” he said.
The Iran war has heavily disrupted regional economies. Supply chains continue to face pressure as the Strait of Hormuz, a key waterway for global trade, remains effectively closed.
The company's current focus is on expanding its base in the Emirates, he said.
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LifePharma, which is part of Dr Vayalil's VPS Health group – Burjeel's parent business – on Monday signed an initial pact with AD Ports Group to develop a Dh700 million ($190.6 million) advanced pharmaceutical manufacturing platform at Kezad.
The deal, signed at Make it in the Emirates, is expected to “significantly expand” domestic production capacity across vaccines, oncology and advanced injectables, the companies said in a statement.
The new Kezad platform is projected to collectively generate an estimated Dh2 billion impact on the UAE's gross domestic product over its life cycle, according to the companies. It is expected to create more than 1,000 skilled jobs and reduce the UAE’s dependence on imported medicines, the statement added.
Pharmaceuticals are one of 11 priority sectors under the UAE's Dh300 billion industrial strategy, which seeks to boost their contribution to GDP by 2031.
“We are doubling down, we are expanding the base,” Dr Vayalil said. “We always said that our main base is Abu Dhabi, and we are going to expand by bringing research into the country.
“We want to ensure that what we research, we will make it here itself. So that's the main change that we have done.”
He said the company wants to own more of its intellectual property and expand research developed specifically for the region.
“We have a healthy balance sheet. We are just on the verge of releasing our bond as well, so we are well planned for what it takes,” he said.
