Alhambra is seeking parties interested in exploring the opportunities offered by Halal Pharmaceuticals.
“Part of our mission is promoting constructive international commerce, and Halal pharmaceuticals certainly qualifies,” says Alhambra’s Managing Partner, Anjum Malik. “Halal pharmaceuticals would be a significant catalyst for job creation and economic development while providing a quality of life benefit for consumers in countries where Halal issues are of significant concern.”
Many of the inactive ingredients in modern pharmaceuticals contain animal byproducts and other components that are not Halal (prepared from materials and by methods in accordance with Islamic tradition).
According to IMS Health, the value of the global pharmaceutical industry will hit $1.1 trillion this year (roughly equivalent to the GDP of South Korea). The industry has shown steady growth in the developed world and an explosive 81% growth in emerging markets.
Because the issue with traditional pharmaceuticals involves inactive ingredients, rather than the complex and often patented drugs, the development/utilization of Halal alternatives should not significantly affect the overall cost of producing such pharmaceuticals.
“Parties producing Halal pharmaceuticals will enjoy a significant comparative advantage in reaching the world’s 1.6 billion Muslims, many of whom live in emerging markets that offer rapid growth for pharmaceuticals,” says Jonathan Black, Alhambra’s Director of Communication and Research.
“While there has been some important movement on Halal pharmaceuticals in the past few years, there remains significant untapped potential,” Malik explains.
Alhambra would be interested in speaking with trade and investment ministries of Muslim-majority nations, pharmaceutical companies, chemical companies, marketing companies, et cetera, in order to help connect interested parties.