Turkish pharmaceutical firm CinnaGen has signed a €5 million ($6 million) deal with Qatar's leading drug company Ebn Sina Medical, according to the Turkish company's chief executive officer late Wednesday.
Speaking at a signing ceremony in capital Doha, Ferhat Farsi said his firm aims to raise Qatar's accessibility to biotech medication under the agreement with Ebn Sina.
"Currently, Turkey's pharmaceutical exports to Qatar is about €1 million [$1.2 million]. With our €5 million [$6 million] deal, we will increase our country's drug exports to Qatar five-fold," Farsi said.
The firm will invest $100 million, including for research and development, and factory investments in the upcoming period in Turkey, he said.
Ebn Sina will work on marketing and sales of biotechnological products in the fields of multiple sclerosis, anticancer, rheumatoid arthritis, blood disease, the company's General Manager Sherif Shehata said.
Turkish Ambassador Fikret Ozer encouraged Turkish companies to visit Qatar, find new business opportunities and build solid and long-lasting business partnerships.
"Partnerships will develop economies of both countries," Ozer added.
Ebn Sina Medical under Al Faisal Holding dominates half of all Qatari medicine market.
Biotechnology -- technology based on biology -- uses cellular and biomolecular processes to develop technologies and products that help health and nature, according to Biotechnolgy Innovation Organization.
