Pan-GCC Pharma Logistics Firm Created

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Demonstrating the growing integration across the Gulf Co-operation Council (GCC) bloc, Banaja, a leading Saudi Arabian pharmaceuticals distributor has partnered UAE-based bank Ithmar Capital to create Pharma World Holdings, a pan-GCC logistics company operating out of the UAE. The company should be well placed to capitalise on the growing trend for multinational drugmakers to outsource supply chain functions as they look to make efficiency savings. Typical of this trend, US-based Bristol-Myers Squibb (BMS) is hoping to shave US$400mn off its supply chain costs by 2011 as part of its US$1.5bn cost-cutting