- Hertfordshire-based Masters Speciality Pharma secures
government-backed insurance to supply critical medicines to Saudi
Arabia
- Government backing unlocked additional finance from HSBC UK
to enable Masters to deliver significant orders, worth over £2.3
million
- The support demonstrates the government's continued
commitment to UK exporters in the Middle East
UK Export Finance (UKEF) – the government's export credit agency
– has provided insurance cover to
Masters Speciality Pharma, a Hertfordshire-based specialist
pharmaceutical company, enabling the firm to deliver contracts
worth over £2.3 million to supply life-saving medicines to Saudi
Arabia.
The Middle East is one of the largest and most strategically
important markets for UK exports, and UKEF plays a central role
in helping British businesses seize opportunities across the
region. Masters Speciality Pharma's story is a powerful example
of how UKEF's insurance can help British companies overcome the
trade finance barriers that might otherwise prevent them from
competing in this high-value market.
Based in Elstree, Masters was founded in 1984 by Dr Zulfikar
Masters OBE. Its work centres on providing access to specialist
medicines in more than 75 countries across the Middle East, Asia,
Africa and Latin America.
Last year, the company secured two large export contracts to
Saudi Arabia, totalling over £2.3 million. The contracts were for
the supply of a treatment for sickle cell disease and a
specialised antibiotic against life-threatening infections.
To fulfil the orders, Masters needed insurance against
non-payment and working capital to pay suppliers in advance – a
frequent challenge for exporting SMEs. But the orders were larger
than Masters' credit facility with HSBC UK, which meant the
business would have been unable to secure the contracts without
additional finance.
UKEF stepped in with insurance against the risk of non-payment,
giving HSBC UK the confidence to raise credit thresholds. This
enabled Masters to meet the working capital requirements without
affecting day to day operations.
Tim Reid, CEO at UK Export Finance, said:
British businesses like Masters Speciality Pharma are doing vital
work – not just for the UK economy, but for patients around the
world who depend on access to critical medicines. These are
exactly the kind of exports we want to support.
UKEF is open for business, and we will continue to provide
insurance and guarantees to UK exporters of all sizes as they
take on new opportunities in the Middle East and across the
world.
, Chief Operating Officer at
Masters Speciality Pharma, said:
A problem for SMEs like us is that you can get a certain amount
of credit but when you hit the ceiling you can go no further.
UKEF's support made the difference – it meant we could take on
these contracts that would otherwise would have been beyond our
reach or would have stretched working capital to the detriment of
the rest of the business.
James Cundy, Head of Corporate and Leveraged Finance at
HSBC UK, said:
HSBC supports Masters Speciality Pharma in several markets across
the globe. We know customers exporting overseas often struggle
with freeing up working capital, so we were delighted to work
with UKEF and increase our facilities to allow Masters Speciality
Pharma to continue their vital work without disruption.
UKEF remains committed to helping UK businesses of all sizes
export with confidence to the Middle East. By 2029, UKEF aims to
support UK firms to win over £12.5 billion of new export
contracts through its world-leading export finance offer.
This support forms part of the government's broader plan to drive
economic growth by boosting UK exports and helping British
businesses access new international markets, with the Middle East
firmly at the heart of that ambition.
