Chemical Company of Malaysia (CCM) plans to introduce 15 new halal-certified pharmaceutical products this year, from 12 last year. Presently, out of its 800 pharmaceutical products, only 180 are certified halal, with the first one obtained in 1999.
Products being certified as halal locally in Malaysia also means that the same certification can be used in countries such as Australia, New Zealand and Europe. CCM will also start exporting its products to Saudi Arabia next year after the registration of its 16 products is completed and is also looking at going into the French market.
Currently, CCM is the market leader for generic pharmaceutical products in Malaysia with a market share of 20%, and hopes that Malaysia will become the hub for halal pharmaceutical products as there is hardly any countries that have similar specialisations right now.
Significance: The company can expect its market share to be increased following the extension of its product offerings. Furthermore, with the certifications being permitted to be used in other countries as well, the company is well-positioned for regional expansions and improvement in its industry standing both domestically and internationally.