Cairo – Mubasher: Ibnsina Pharma has signed two new contracts with Denmark-based Novo Nordisk to distribute more than 20 medicines to cure diabetes, haemophilia, and growth disorders.

Novo Nordisk was dependant on a state-owned firm and a private firm to distribute its pharmaceutical products in the North African nation, Ibnsina Pharma said in a bourse filing, adding that the Danish firm now joins more than 325 of well-known global and local supplier of pharmaceutical and cosmetics firms.

Ibnsina is distributing Novo Nordisk’s products through a network that covers more than 39,000 clients of pharmacies, public and private hospitals, and pharmaceutical distributors across Egypt, the Egyptian firm added.

Chairman of Ibnsina Mohsen Mahgoob said that the company will benefit from adding Novo Nordisk’s products to its portfolio to raise profits and maintain growth targets in the long term.

The Egypt-based drug distributor also added new storages worth EGP 2 million to its inventory network, Ibnsina highlighted, adding that it also dedicated 28 vehicles to transport and distribute Novo Nordisk’s products.

Mahgoub stressed that these investments are part of the company’s capital expansion which will witness pumping EGP 700 million into new branches and the development of distribution network over the next five years.