Going by the easier acronym of SPIMACO, Saudi Pharmaceutical Industries & Medical Appliances Corporation is currently in the midst of beginning its fourth decade of operation. Since its 1986 beginning, the company has become the pharmaceutical market leader within the Kingdom. It’s been able to build up its core areas of business that focus on the areas of medical appliances and pharmaceutical products. This includes the entire span of production from development to sales.
Two years after the formation of the company, SPIMACO began its plans to manufacture pharmaceutical products in the city of Qassim, roughly 2,000 miles northwest of Riyadh. Two years after that, production of six different products began in a massive plant of more than 1.6 million feet.
Over the next two decades, the number of products increased exponentially so that by 2009, that number was more than 185 different items. Within that group are pharmaceuticals that cover a vast number of conditions, including basic antibiotics, medicine for allergies, diabetes, heart conditions and erectile dysfunction.
Also mixed in are areas that focus on cold and cough medicine, antiseptics and antidepressants. In truth, the list would take up a few pages worth of copy, an indication of the scope of the company’s growth, which now employs about 500 individuals.
Even more evidence was supplied in 2014 when SPIMACO realized a 50 percent growth in profits within the previous three years. That level of success has focused not only on Saudi Arabia but other countries in North Africa, including countries like Algeria and Morocco.
One of the way in which SPIMACO has been able to broaden its market has been due to its acquisition ofAEAC Health Care Company. This company handles issues involving logistics and distribution. Another specific area that’s garnered the company’s interest has been Europe.