Paradox Omega wins £5m deal in Iraq
Northern Ireland's Paradox Omega Oil has secured a contract in Iraq worth almost £1 million a year to supply its range of products to one of the nation's biggest healthcare businesses.
The company, based in Belfast, has teamed up with Modern Drug Industries (MDI) in Baghdad to develop business with pharmacies and other healthcare operations throughout Iraq for its high quality Omega oil products.
The contract, an initial five-year deal, was announced by Dr Geoff Hayhurst, managing director of Paradox Omega Oils Ltd. The company won the business from its participation in Arab Health 2013 at the beginning of this year as part of its strategic focus on developing business throughout the Middle East.
The family-run business already supplies its portfolio of products to Lebanon, Jordan and Kuwait and will expand its business in the Middle East region in 2014 to markets such as Saudi Arabia, Iran, UAE, Libya and Yemen after current registration issues are completed. Taking part in the show also led to business last year in Pakistan.
Dr Hayhurst, commenting on the latest contract in the region, said: "We've found Arab Health to be immensely important to us over the past few years. It helped us to find a very experienced partner in the region with a huge network of high quality contacts. To have products developed in Belfast available to consumers in Baghdad, Beirut and Benghazi is extremely satisfying and to have someone 'on the ground' there is key to that success. He has supported our participation at Arab Health and brought a number of potential business partners from the Gulf to our stand.
"We were introduced to the MDI team, which also recently signed a major distribution deal with Glaxo Smith Kline, by our partner in the region, Dr Youssef Amine. He helped guide the negotiations with MDI which led to this substantial contract to supply Iraq with Paradox. There's significant business potential there for our products because the healthcare climate in Iraq is dynamic and fast developing with the government focusing on extensive investment in measures to improve health care and nutrition in the population right across this emerging nation.
"We've been immensely impressed by the enthusiasm being shown about our products by MDI and their ability to distribute and market them. The first shipment worth £200,000 landed in Baghdad last month and initial sales of all the Paradox branded products have been excellent as people in Iraq are keen to invest in quality manufactured goods. Payment for the products also followed quickly and we have had no issues whatsoever with importing into Iraq," he added.
Paradox Omega Oils Ltd was formed in 2007 by Dr Hayhurst and his wife Michele, after a joint three year research programme with the University of Ulster effectively proved Paradox had invented a unique omega formula with increased stability in Fish oil / Omega 3 molecules. The company is now establishing itself as a UK and Ireland market leader in the research and development of high quality and stable Omega 3 oil products sold primarily through pharmacy outlets.