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Right banking support brings new expansion opportunities
Supported by HSBC’s digital strength and global reach, the pharmaceuticals distributor is targeting new opportunities in the Gulf Arab region.
Quadri Pharmaceuticals Store (QPS), a major distributor of pharmaceuticals and medical products in the UAE, has seen its business triple in recent years. The firm is steadily navigating its way through the coronavirus pandemic while eyeing further expansion in the Gulf Arab region.
Established in the UAE in 2002, the company supplies government and private hospitals as well as medical centres and pharmacies, with clients such as Dubai Health Authority and the Abu Dhabi Health Services Company.
"While many companies worldwide have been wrestling with the impact of the COVID-19 pandemic, QPS saw demand for its products rise, with annual sales of AED130 million in 2020 (USD35.4 million). That is well up from the AED43 million (USD11.7 million) the company registered back in 2016.
“Quadri Pharma went into crisis management mode early on and we had enough resilience to mitigate against the damage from COVID,” says Amr Elbakr, QPS’s COO and Founder.
“I am proud to say that we had zero layoffs and zero salary reduction during that period,” he says.
QPS employs 64 people across two offices and two warehouses in Abu Dhabi and Dubai. The UAE is its main market, comprising 70 percent of sales of imported pharmaceuticals and medical products. Qatar accounts for 20 percent of sales with the rest in Oman and Bahrain.
The company's current portfolio includes business entities catering to special populations and patients with unmet medical needs, services such as wound care and in-vitro fertilisation, and surgical instruments and nutraceuticals.
HSBC has been the bank of choice for QPS since the beginning of its operations and has since established a very close relationship and strong track record, becoming a prime partner in supporting its business growth.
In selecting the right long-term banking partner, QPS was looking for a responsible, transparent, dynamic and agile bank, which would understand its needs while supporting its aspirations with innovative digital banking and a global approach.
“Working with HSBC as a partner of choice was a game changer. It helped us grow our business as we go,” says Elbakr.
“HSBC supported our digital transformation and prepared us for unseen challenges, especially during the recent pandemic,” he adds.
Opening up new opportunities
HSBC’s global network and geographical scale enable QPS to make immediate connections anywhere in the world while obtaining invaluable hands-on local knowledge.
HSBC’s global network opened a world of opportunities and empowered us with insights and connections. It will continue to be one of our preferred international financial institutions.|
Using the powerful and intuitive online HSBCnet platform, banking with HSBC has also given the company a confidence boost in dealing with suppliers globally.
“HSBCnet adds a lot of value. I can't think of a better platform,” he notes.
In addition, the bank’s experienced relationship management team has made all the difference, understanding QPS’s business needs, finding the right facilities and sparing no effort in providing support and advice.
“Meeting with HSBC’s relationship managers through Zoom meetings was perfect. We did not feel that the pandemic affected our banking relationship with HSBC at all,” Elbakr says.
Gulf markets in focus
Looking ahead, QPS is targeting new growth opportunities in the nearby Gulf markets of Oman and Qatar, focusing on in-vitro fertilisation and unmet therapeutic needs.
In steering QPS over the last two decades, Elbakr has learnt to rely on teamwork as a cornerstone of success, encouraging employees to help build the company over the years.
“You have to be optimistic, and you have to be ambitious and have the confidence in yourself and your team to make it through the crisis,” he says.
“You should not always look at the negative side of the crisis. Sometimes you can find an opportunity in the middle of it. This is something we have learned together during the last two years,” he concludes.