Qatari German Medical Devices set to get US FDA accreditation

Qatari German Medical Devices (QGMD) is in the final stages of obtaining accreditation from the US Food and Drug Administration (FDA) as it now plans additional production line to meet the rising local and global demand.

The company, which was able to obtain a number of contracts and direct sales requests from the domestic and international market worth more than QR30mn, has confirmed orders from Australia, Belgium, Britain, Germany, Iraq, South Africa, Mexico and Chile.

It has also entered international tenders such as the PAHO Global Tender and government-level tenders in Australia, Asia, Europe and Africa in order to ensure that syringes supplied to these countries contribute to the completion of vaccination against the Covid-19 pandemic.

Early this year, the company had disclosed that it has been selected by the Pan American Health Organisation (PAHO) to supply medical syringes products for two years starting from 2020. The PAHO is an international public health agency found in 1902 that works to improve health and living standards of the people of the Americas.

In view of the increasing demand for medical supplies is expected to increase locally and globally, the company – which had previously signed a cooperation agreement with Qatar University to develop safe medical syringe techniques – has completed its review on the addition of new products to its product portfolio, which will positively reflect in its financial results and increase sales volume.

The company, which has already enhanced its production capacity by 90% for the first time in its history, has strengthened its efforts towards profitability, which became visible through the financial results for the third quarter of 2020.

At the end of September 30, 2020, the company had reported operating profit of QR1.16mn compared to operating loss of QR5.61mn the previous year period.

“This has enhanced the company ability to reach the breakeven point and start making the profits,” a top official of the company had said in one of the investors’ meeting last year.

The growing confirmed and prospective orders will reflect positively on the financial statements for the coming period, the company said in a regulatory filing with the Qatar Stock Exchange.

Revenues during the review period were seen more than tripling to QR21.37mn; while other operational expenses such as administration and the other expenses has been reduced by 75.89% without any impact in operation.