UK Export Finance (UKEF), the UK government’s export credit agency, has provided crucial insurance cover to Masters Speciality Pharma, a Hertfordshire-based specialist pharmaceutical company. This support has enabled the company to secure and deliver contracts worth over £2.3 million to supply lifesaving medicines to Saudi Arabia.

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.”

Strategic importance of the Middle East market

The Middle East is one of the largest and most strategically significant markets for UK exports. UKEF plays a central role in helping British businesses overcome trade finance barriers and seize opportunities across the region. 

Masters Speciality Pharma’s success story exemplifies how UKEF’s insurance solutions empower UK companies to compete effectively in high-value international markets.

Simon Clarke, 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 otherwise would have been beyond our reach or would have stretched working capital to the detriment of the rest of the business.”

The contracts and financial challenge

In the previous year, Masters secured two significant export contracts to Saudi Arabia totalling over £2.3 million. These contracts involve supplying a treatment for sickle cell disease and a specialised antibiotic targeting life-threatening infections.

To fulfil these orders, Masters required insurance against non-payment risks and working capital to pay suppliers upfront—common challenges for small and medium-sized enterprises (SMEs) exporting. 

However, the contract values exceeded Masters’ existing credit facility with HSBC UK, placing the company at risk of being unable to secure the contracts without additional financial support.

UKEF provided insurance against the risk of non-payment, which gave HSBC UK the confidence to increase credit thresholds for Masters. This enabled the company to meet working capital requirements without disrupting its day-to-day operations.

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’s commitment to UK exporters

UKEF is dedicated to helping UK businesses of all sizes export with confidence, particularly to the Middle East. The agency aims to help UK firms secure over £12.5 billion in new export contracts by 2029 through its world-leading export finance offerings.

This support aligns with the UK government’s broader economic growth strategy, which focuses on boosting exports and helping British businesses access new international markets, with the Middle East playing a central role in this ambition.