Square Pharmaceuticals Kenya EPZ Ltd, a 100 per cent subsidiary of Square Pharmaceuticals Ltd (SPL), Bangladesh, started the construction work of its state-of-the-art pharmaceutical manufacturing plant through a groundbreaking ceremony in Nairobi, Kenya.
“This is a benchmark achievement for the Bangladesh pharmaceutical industry as Square pharmaceuticals Limited will be the 1st Bangladeshi pharmaceutical manufacturer to build its own plant outside Bangladesh”, said a statement.
The Cabinet Secretary of the Ministry of Industry, Trade and Cooperatives – Mr. Adan Mohamed, the High Commissioner of Bangladesh to Kenya Maj. Gen. Abul Kalam Mohammad Humayun Kabir and the Managing Director of Square Pharmaceuticals Mr. Tapan Chowdhury joined with other dignitaries from Kenya EPZ, World Bank, IFC, Standard Chartered Bank to celebrate the groundbreaking ceremony of “Square Pharmaceuticals Kenya EPZ Ltd”.
SPL is operating in pharmaceutical industry for last 60 years with manufacturing knowledge of all possible dosage forms of medicines, and the company is exporting pharmaceuticals products to 42 countries including Asia, Africa, Europe and America. It started export to Kenya in 2005 and has registration of 117 products with Pharmacy & Poison Board, Kenya – the drug regulatory agency of Kenya.
Kenyan local manufacturers have the capacity to supply only 30 per cent of total demand of the Country. 70 per cent of their need still depends on import. Square Pharmaceuticals Kenya EPZ Limited comes with world class technology of pharmaceuticals manufacturing, quality control and state-of-the-art machineries in Kenya to fill the unmet demand of medicines in EAC market (Kenya, Tanzania, Rwanda, Burundi, Uganda and South Sudan). The company prefers to build the facility in Kenya identifying it as the most preferred place for doing business in the region. Company’s investment in the sector will be US$ 25 million at the first phase.
This investment shall facilitate Bangladesh to earn more foreign exchange through export of finished pharmaceuticals, semi-finished pharmaceuticals, API and other raw materials of pharmaceuticals industry, skilled manpower. It shall open new window of revenue as dividend, royalty and selling of tech knowhow from Bangladesh.
The manufacturing plant will be capable of manufacturing 2 billion tablets and capsules and 60 million bottles of liquid formulations. Products of the plant will be WHO pre-qualified and will supply throughout the Africa in long run. Commercial production is expected from first quarter of 2020. (Source: The Financial Express)