Duopharma Bhd Diversifies Portfolio with Halal Pharmaceuticals

KUALA LUMPUR: Duopharma Biotech Bhd has reasserted its commitment to diversifying its product portfolio, with a focus on introducing halal pharmaceuticals and plant-based items, in addition to enhancing product availability and affordability.

Leonard Ariff Abdul Shatar, Duopharma’s Group Managing Director, underlined the company’s support for the government’s objectives by ensuring product affordability and accessibility for all, while continually broadening its product offerings to cater to varied patient and consumer needs. This initiative includes forming partnerships to broaden the range of preventive medicine and early detection solutions.

Regarding Duopharma Biotech’s business outlook, Shatar conveyed optimism about the direction of healthcare reforms outlined in the revised Budget 2023. He highlighted the record 12% increase in healthcare allocation from the previous budget, amounting to RM36.3 billion, which is intended for pharmaceutical products and medical consumables purchase and expanding healthcare access for lower-income individuals.

Tan Sri Siti Sa’diah Sheikh Bakir, Duopharma Group Chairman, noted that in 2022 the company continued to add value by providing effective and affordable treatments for all consumers.

Duopharma is also determined to cater to the specific needs of patients and consumers, focusing on halal pharmaceuticals and plant-based products. “Our achievements continue to be a source of pride, such as earning the world’s first halal certification for a cancer drug from the Department of Islamic Development Malaysia (JAKIM),” she stated.

Simultaneously, in line with global industry standards, Duopharma is devoted to incorporating environmental, social, and governance (ESG) principles into its business operations and corporate policies. Bakir expressed appreciation for the industry’s recognition of their efforts.

For the first quarter ending March 31, 2023 (1Q23), Duopharma reported a net profit increase of 11.54% to RM22.63 million, up from RM20.29 million the previous year, attributable to higher revenue from increased sales in the prescription pharmaceutical market.

Company revenue saw a growth of 7.82%, reaching RM200.48 million compared to RM185.94 million in the same period last year.

Duopharma concluded the financial year 2022 (FY22) with a record-high revenue of RM696.72 million, reflecting a 9% increase from RM638.18 million in FY21. Pre-tax profit in the same period rose 2.25% to RM84.85 million from RM82.98 million in the previous year.

The company’s total revenue was primarily driven by local sales, accounting for 94% of the total, and contributing 94.9% of total gross profits.

The performance boost for Duopharma was attributed to increased sales from prescription pharmaceuticals under the Ethical Classic Business and the public health sector. The company secured a three-year contract valued at RM375 million to supply Insugen to the Ministry of Health’s facilities from April 29, 2022, to April 28, 2025.