DOHA, QATAR: Qatari Germany for Medical Devices Company (QGMD), a leading manufacturer of Medical Devices in the Middle East, is currently studying the extent of the possibility of expanding the plant by adding additional production lines to be able to meet local and international orders, a news release said.
The demand for medical supplies is expected to increase locally and internationally, so the company has studied the addition of new products to its product portfolio, which will be announced later, which will positively affect its financial results and increase sales volume.
In addition, Qatari Germany for Medical Devices Company (QGMD) is now in the final stages of obtaining accreditation for its products at the U.S. Drug and Food Administration (FDA) where it is one of the pillars of plans to expand products and ease of adoption, which will contribute to the opening of new markets.
Qatari Germany for Medical Devices Company (QGMD) announced the completion of its efforts towards profitability, which was noted through the financial results for the third quarter of 2020, where the company was able during January 2021 to obtain a number of contracts and direct sales requests from the domestic and international market worth more than 30 million riyals, which will reflect positively on the financial statements for the coming period.
Reduced operational and administrative expenses:
In order to apply the principle of disclosure and transparency to share the achievements with the company’s shareholders and investors to inform them of the company’s efforts to achieve its strategic objectives adopted by the Board of Directors headed by Mr. Saleh Majed Al Khulaifi, which resulted in a reduction of its operating losses and administrative and general expenses by 35.89% in the third quarter of 2020 compared to the same period of the previous year.
Opening new markets:
The company was able to raise its production capacity to about 90% of the company’s capacity for the first time in its history, which prompted it to develop the quality of its industry to compete strongly in the international markets that resulted in a number of confirmed commercial transactions of medical syringes and the opening of new markets in more than 10 countries worldwide, as the company is in the process of completing many commercial deals for the supply of syringes and export to more than 8 countries including Australia, Belgium, Britain, Germany, Iraq, South Africa, Mexico and Chile.
Participating in global tenders:
The company has also entered international tenders such as the Baho Global Tender and government-level tenders in Australia, Europe, Asia and Africa in order to ensure that syringes in all forms flow to these countries to contribute to the completion of vaccinations against the Covid-19 virus.