Mash Pharmaceutical Industries Company's Journey to Global Success with the Support of the Islamic Corporation for the Development of the Private Sector (ICD)
Cairo-Jeddah, December 2023
Mash Pharmaceutical Industries Company, based in the Arab Republic of Egypt, has emerged as a leading force in the pharmaceutical sector, achieving remarkable success in the Egyptian market and expanding its reach to regional and global levels. This remarkable growth trajectory was fueled by a significant financing of 15 million Egyptian pounds (EP) secured from Enmaa Finance Company in 2019.
This crucial financial support enabled the company to expand its production capacity, introducing around 50 new pharmaceutical products to its portfolio. Additionally, Mash Pharmaceutical Industries Company constructed a second factory dedicated to the manufacturing of oncology drugs in Badr City's industrial zone, further solidifying its position as a major player in the pharmaceutical industry.
The company's success story has resonated widely, prompting the Islamic Corporation for the Development of the Private Sector (ICD) to feature a video showcasing Mash Pharmaceutical Industries Company's achievements on its YouTube channel. The video showcases the company's remarkable growth following the financing from Enmaa Finance Company, a joint venture between ICD, Arab Investment Bank, and Ayadi Company for Investment and Development, established to provide financing services based on the principles of Islamic Sharia’a.
Commenting on Mash Pharmaceutical Industries Company's success in the Egyptian and global markets, Engineer Hani Salem Sonbol stated, "The pharmaceutical industry is one of the sectors to which ICD attaches great importance due to its role in addressing one of the most pressing challenges facing our communities: healthcare. Given the prevalence of various illnesses affecting citizens, ICD is committed to supporting companies operating in this industry across our member countries, including the Arab Republic of Egypt."
He added: We are proud of Mash Pharmaceutical Industries Company's success, showcasing its contributions to developing medicines that treat viral infections, particularly Hepatitis C, and exporting its products to regional and global markets, including African countries. He also commended the company's initiative in the oncology drug industry. ICD will continue collaborating with Enmaa Finance Company to support more pharmaceutical companies operating in the Arab Republic of Egypt".
On his part, Tariq Al-Fayoumi, Managing Director and CEO of Enmaa Finance Company stated: “Enmaa Finance Company started cooperating with Mash Group for Medical and Pharmaceutical Preparations in 2019 by providing the appropriate financing, and we are proud of the success of Mash Pharmaceutical Industries in the manufacture of antivirus drugs and its endeavor to produce oncology medicines. Mash Company is one of the strategic projects that are instrumental in the healthcare sector. "
Dr. Sayed Tantawi, Chairman of the Board of Directors of Mash Pharmaceutical and Cosmetics Company, elaborated on the company's remarkable growth and expansion, attributing it to the crucial financing provided by Enmaa Finance Company. "Our initial collaboration with Enmaa Finance Company focused on securing working capital and establishing a new factory dedicated to the production of hormone and oncology medications. This strategic partnership played a pivotal role in expanding our pharmaceutical output, enabling us to introduce approximately 50 new medicines between 2019 and 2022." He added "Our sales have experienced a significant increase, and we anticipate reaching 900 million EP by 2023. Our ultimate goal is to reach one billion EP of sales by 2025."
The financing received from Enmaa Finance Company, according to Dr. Tantawi, has been instrumental in propelling Mash Pharmaceutical Industries Company's financial success. Furthermore, Dr. Tantawi underscored the company's commitment to job creation and economic growth. "Our workforce has expanded from 700 employees in 2019 to 1,200 employees currently," he remarked. "We aim to reach 1,600 employees by 2025, creating new job opportunities and contributing to the economic development of our region."
Dr. Tantawi further highlighted the company's contribution to addressing critical healthcare challenges. "We have played a major role in combating Hepatitis C by providing treatment to over 4 million citizens infected with this disease. Additionally, we actively supply Hepatitis C treatments to African countries, demonstrating our commitment to regional healthcare advancement."
It is worth noting that the Islamic Corporation for the Development of the Private Sector showcases the achievements of a few of the businesses that Enmaa Finance Company has helped to finance through the years with the Corporation's assistance. Because of this, these businesses were able to grow their clientele, generate more employment opportunities, and export their goods outside the Arab Republic of Egypt. Moreover, the Islamic Corporation for the Development of the Private Sector hopes to strengthen its collaboration with the Arab Republic of Egypt and launch new initiatives and partnerships that help to grow and support small and medium businesses and the private sector in the upcoming phase to achieve more success stories.