Balaxi Pharmaceuticals jumped 5.19% to Rs 126.50 after the company announced strategic hospital partnerships in Angola and securing of tender business in Latin America.
In a regulatory filing made during market hours today, Balaxi Pharma stated that it has has tied-up with approximately 50 hospitals across Angola and is working towards having tie-ups with more than 150 hospitals across the country.
This expansion into the hospital business would allow the company to directly supply high-quality pharmaceutical products to healthcare providers in the region. This initiative not only enhances the availability of essential medicines in Angola but also positions Balaxi as a key player in the country's healthcare sector.
Ashish Maheshwari, managing director of Balaxi Pharmaceuticals, said: Expanding distribution through hospitals channel in Angola represents a pivotal step in our mission to improve access to affordable and quality healthcare in Angola.
By directly engaging with hospitals, we ensure that our products reach the patients who need them the most, thereby contributing to better healthcare outcomes.
Balaxi Pharmaceuticals further informed that it has secured a tender in a key Latin America market. This tender, valued at USD 0.8 million, marks the companys first foray into the large tender business in Latin America.
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Maheshwari further added: "Securing our first tender in a key Latin America market is a testament to our commitment to expanding our global footprint.
This success in the Latin American market not only diversifies our revenue streams but also validates our strategic approach to entering new geographies with high growth potential.
Also, once the new plant is up and running, tender market opportunities in other ROW and semi regulated markets will be pursued aggressively.
Balaxi Pharmaceuticals Limited is a Hyderabad-based pharmaceutical company specializing in the distribution of pharmaceutical products in frontier markets. With a focus on Africa, Latin America, and other high-growth regions, Balaxi aims to enhance healthcare access by providing quality medications at affordable prices.
The company had reported 34.94% rise in consolidated net profit to Rs 10.93 crore despite a 25.84% fall in revenue to Rs 59.83 crore in Q4 FY24 over Q4 FY23.
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