Global Marketing Services (hereinafter referred to as ‘the firm’ or 'GMS' ) was incorporated in March 1999 as a firm registered under the Partnership Act, 1932. The company's registered office is located in Rawalpindi at 111, Hali Road,Westridge 1, Rawalpindi, Pakistan

Since its establishment in 2000, Global Marketing Services (GMS) has accumulated over 24 years of experience in Pakistan’s healthcare and life sciences industry. Over this period, the firm has consistently broadened its product portfolio and built a strong presence across multiple specialized fields, including biomedical research, life sciences, clinical diagnostics, industrial diagnostics, interventional techniques, medical devices, biologicals, and pharmaceuticals. GMS has gained notable recognition within the healthcare and research/life sciences sectors for its diversified offerings. In addition, the firm operates a dedicated cardiac division that supplies consumables for cardiac medical devices and is a member of the multinational business network viSole.

Global Marketing Services (GMS) supplies pharmaceuticals, healthcare, and life science solutions sourced from over 30 international manufacturers, including partnerships with leading global brands such as Abbott, Johnson & Johnson, Steris, Biomerieux, and Cordis. The firm operates through two primary divisions, Clinical and Medical, with key focus areas encompassing biomedical research, life sciences, blood banking, hematology, and a range of medical devices. GMS maintains a nationwide footprint with a significant presence in all major cities of Pakistan, including Peshawar, Lahore, Karachi, Quetta, Hyderabad, and others, in addition to its headquarters in Rawalpindi.

Global Marketing Services (GMS) has distinct ownership structures for its two operating divisions. In the Clinical Division, Mr. Zafar Mehmood holds a majority stake of 68 percent, followed by Mr. Muhammad Ayub with 20 percent and Ms. Naheed Dilshad with 12 percent. In the Medical Division, Mr. Zafar Mehmood maintains a 58 percent ownership stake, while Ms. Naheed Dilshad holds 32 percent and Mr. Muhammad Ayub owns 10 percent.

The sponsors of Global Marketing Services (GMS) have established a formal partnership agreement. Mr. Zafar Mehmood and Mr. Muhammad Ayub have maintained a strong business relationship for over 20 years, providing continuity and operational stability. Management has already initiated the process of corporatizing the business on a consolidated basis, and the completion of this transition is targeted by FY26. While this progress is positive, there remains a pressing need for a clearly defined corporatization roadmap and a formal succession strategy, both of which would further strengthen ownership stability and long-term governance.

The sponsors of Global Marketing Services (GMS) bring extensive entrepreneurial and industry expertise spanning over two decades. Mr. Zafar Mehmood, Group Chief Executive Officer of the viSole Group of Companies, possesses more than 22 years of experience in leading and expanding a diversified portfolio of healthcare businesses. He holds an MBA and a Master’s degree in English Literature, and has a strong background in venture management, new venture development, and startup growth. Under his leadership, viSole has successfully established operations in more than 10 countries across Asia, Europe, and North America, creating and managing multiple subsidiaries and affiliates, including viSole FZC UAE, viSole Pakistan, UAB EuroGenomics, LDS Pvt. Ltd. Pakistan, viSole Canada, and Maefco Food Pakistan. His strategic vision focuses on introducing innovative and affordable solutions in medical devices, diagnostics, pathology, oncology, vaccines, and biologicals, aiming to position viSole as a global leader and trusted partner in the healthcare sector. Mr. Muhammad Ayub complements this leadership with over 20 years of experience in the healthcare and life sciences industry, gained through his long-standing association with GMS. His deep operational knowledge and commercial insight have contributed significantly to the firm’s sustained growth and market presence.

The sponsors’ financial strength is considered adequate, supported by their ability to finance the business through regular capital injections and to provide additional equity funding when required. The presence of the viSole Group of Companies, a diversified healthcare network with an established international footprint, further reinforces the sponsors’ financial capacity and enhances the overall financial resilience of Global Marketing Services (GMS).

The Board of Directors of Global Marketing Services (GMS) consists of the three founding sponsors, ensuring direct oversight and strategic alignment with ownership interests. The members include Mr. Zafar Mehmood, serving as Chief Executive Officer, Mr. Muhammad Ayub, serving as Director Operations, and Ms. Naheed Dilshad, a qualified Doctor (MBBS) with extensive professional experience. This sponsor-led structure provides stability and swift decision-making, supported by the founders’ long-standing association of over two decades and their deep understanding of the healthcare and life sciences industry.

The sponsors of Global Marketing Services (GMS) possess extensive expertise in the healthcare and life sciences industry. Mr. Zafar Mehmood, who also leads the viSole Group of Companies from its corporate office in the United Arab Emirates, holds an MBA and brings over 20 years of entrepreneurial and management experience in establishing and expanding healthcare businesses across multiple international markets. Mr. Muhammad Ayub, an MBA graduate with more than 20 years of industry experience, contributes significant operational and strategic insight through his long-standing role with GMS. Ms. Naheed Dilshad, a qualified medical graduate and healthcare practitioner, adds valuable medical and technical expertise to the board, enhancing the company’s ability to align business strategies with industry best practices.

While formal compliance with corporate governance codes is not mandatory for Global Marketing Services (GMS) due to its partnership status, there remains considerable scope to further strengthen governance practices. The inclusion of independent directors and the appointment of a non-executive chairman would enhance board oversight, improve strategic balance, and align the company with best governance standards. Presently, the Chief Executive Officer chairs regular meetings with all departmental heads to review performance, monitor progress, and set operational and financial targets, which supports effective internal control and performance management.

The firm’s external auditors, Suriya Nauman Rehan & Co., Chartered Accountants, are listed in Category “B” on the State Bank of Pakistan’s panel of auditors and expressed an unqualified opinion on the annual financial statements for FY24, indicating that the financial statements present a true and fair view of the company’s operations. In addition to external oversight, GMS has established an internal audit department that reports directly to senior management. The department prepares monthly audit reports, which are formally reviewed by higher management, thereby strengthening the firm’s internal control framework and supporting timely identification of operational and financial risks.

Global Marketing Services (GMS) maintains a well-defined organizational framework that supports efficient operations and clear lines of responsibility. The company is structured into key functional departments, including Supply Chain, Operations, Sales and Marketing, Information Technology, Finance, Quality Management, and Business Development. This departmental segmentation enables effective coordination, facilitates performance monitoring, and ensures that strategic and operational objectives are consistently met across all business segments.

Mr. Zafar Mehmood, the Chief Executive Officer, brings over 20 years of industry experience, providing the strategic vision and business acumen required to lead Global Marketing Services (GMS) effectively. He is supported by a seasoned management team with long-standing associations within the company, ensuring operational stability and institutional continuity. Mr. Shahid Iqbal, serving as Director Sales, holds an MBA and contributes more than 20 years of relevant industry experience, overseeing nationwide sales strategy and market development. Mr. Muhammad Ayub, Director Operations and also an MBA, adds over 22 years of operational expertise, playing a key role in day-to-day management and strategic execution. Other senior executives include Mr. Majid Jamal, Associate Director Sales with 14 years of experience, Mr. Shahid Zaman Bhatti, General Manager Supply Chain with 19 years of experience, and Mr. Mukhtiar Ali Bukhari, Finance Manager and a qualified CMA responsible for financial planning and control.

The management functions of Global Marketing Services (GMS) are clearly defined and structured to support the effective achievement of organizational objectives. Strong internal controls are in place, including comprehensive supply chain management procedures that ensure the efficient receipt, storage, and transport of stock. However, the absence of formal management committees and the lack of a system for recording and maintaining minutes of management meetings highlight an area for improvement. Establishing such committees and documenting their deliberations would strengthen oversight, improve cross-departmental coordination, and better align the organization with its strategic goals.

The firm has implemented SAP 9.3–based software developed by M/S Abacus Consulting to strengthen operational and financial oversight. Senior management, including the Chief Executive Officer, monitors business performance through key Management Information System (MIS) reports, supported by well-designed dashboards. The system enables real-time variance analysis, providing timely and accurate insights that enhance the effectiveness of decision-making and support proactive management of business operations.

GMS has established a dedicated internal audit department that regularly evaluates the effectiveness of internal controls through comprehensive compliance audits. Findings and any instances of non-compliance are reported to the board on a monthly basis, ensuring continuous oversight and timely corrective action. Demonstrating its commitment to quality and operational excellence, GMS is recognized as the first medical firm in Pakistan to achieve certifications for ISO 9001:2015 and Good Distribution Practice for Medical Devices (GDPMD), underscoring the firm’s adherence to international standards in quality management and medical device distribution.

Healthcare encompasses a wide range of medical services aimed at supporting health, aiding recovery, and improving overall well-being. The sector provides essential services that promote health, prevent and manage illnesses, and diagnose and treat medical conditions, ultimately enhancing the quality of life. It includes not only the medical care provided by doctors but also services delivered by nurses, therapists, and other healthcare professionals. Globally, the healthcare market has grown substantially, reaching USD ~8,778.7 billion in CY24, and is projected to expand further to USD ~9,255.7 billion in CY25, reflecting a compound annual growth rate (CAGR) of ~5.4%. In Pakistan, healthcare is divided between the public and private sectors, with provincial governments bearing primary responsibility for administration under the constitution, except for regions under federal control. As of CY24, Pakistan remains classified in the low human development category, with a Human Development Index (HDI) of 0.54 and a global ranking of 164 out of 193 countries (CY22: 0.54 and 161, respectively). The average life expectancy stands at approximately 66.4 years, which lags behind the South Asian regional average of ~71.6 years. Access to basic services remains a challenge, with only 70.5% of the population using basic sanitation facilities as of FY22, while around 20.7% of the population was undernourished in FY24 (FY21: 19.0%). On the CY24 Global Hunger Index, Pakistan ranks 109th out of 127 countries, with a score of 27.9, indicating serious levels of hunger. The healthcare services industry is generally regarded as a low-risk sector due to its essential nature and limited demand cyclicality. Demand remains resilient even in times of economic slowdown, driven by population growth, urbanization, rising chronic disease prevalence, and increasing awareness of preventive care. However, the industry faces structural challenges, including dependence on imported medical equipment and consumables, exposure to foreign exchange fluctuations, and the need for continued investment in infrastructure, technology, and human capital. Despite these constraints, the sector offers stable long-term growth prospects, supported by demographic trends and the ongoing need for improved healthcare delivery in Pakistan.

The company has established exclusive alliances with world-leading principals in the fields of In Vitro Diagnostics, Transfusion Medicine, medical disposables, and other related segments. Key international partners include Biomerieux, Abbott Medical, Steris, and Cordis, among others. These strategic partnerships provide access to advanced technologies, strengthen the product portfolio, and confer a significant competitive advantage, positioning the company within the top quartile of the healthcare distribution and diagnostics industry.

During FY25, the company’s topline stood at PKR 5,290 million, reflecting a marginal decline of 1.1% YoY (FY24: PKR 5,350 million; FY23: PKR 4,356 million). The clinical division continued to dominate the revenue mix, supported by sales to major customers including Aga Khan Hospital, Shaukat Khanum Memorial Cancer Hospital, Chughtai Lab, and Dow University Karachi.On the medical side, the major customers include Punjab Institute of Cardiology, National Institute of Cardiovascular Disease-KHI, etc.

The gross margin remained steady at ~30.9% in FY25 (FY24: 31.3%, FY23: 28.6%), while net profit margin improved to 12.5% (FY24: 5.3%, FY23: 4.0%) owing to improved operational efficiency and reduced finance costs. Net profit for the year stood at PKR 664 million (FY24: PKR 283 million; FY23: PKR 172 million).

During the first half of FY25, the firm received a capital injection of PKR 166 million to support the expansion of its Medical Division, which recorded a 22.8% growth in FY24 following the addition of the Abbott portfolio. Management conducts regular reviews of financial projections to evaluate business sustainability, monitor performance, and assess future growth prospects, ensuring that capital deployment remains aligned with the company’s strategic objectives.

The company continues to operate with a stretched working capital cycle due to credit-based sales to government institutions and inventory buffers. Net working capital cycle lengthened to 186 days in FY25 (FY24: 142 days; FY23: 136 days). However, liquidity remained strong with a current ratio of 2.8x in FY25 (FY24: 2.6x; FY23: 2.7x).

Free Cash Flow from Operations (FCFO) rose significantly to PKR 714 million in FY25 (FY24: PKR 254 million; FY23: PKR 257 million), reflecting stronger cash generation. Interest coverage improved sharply to 6.3x (FY24: 2.9x; FY23: 5.7x), while the debt payback ratio strengthened to 0.8x (FY24: 3.5x; FY23: 1.5x), highlighting improved debt-servicing capacity.

Total debt declined to PKR 542 million in FY25 (FY24: PKR 468 million; FY23: PKR 284 million). Borrowings continue to be dominated by interest-based loans from sponsors (~94%), while PKR 33 million was sourced from financial institutions. The leverage ratio dropped to 13.6% in FY25 (FY24: 14.0%; FY23: 10.2%), indicating improved capitalization and reduced reliance on external borrowings.