Dhaka, Bangladesh (CU)_ Square Pharmaceuticals Kenya EPZ Ltd, a branch of Square Pharmaceuticals, has been granted permission to begin commercial production at its Kenyan facilities. The firm would produce and market generic pharmaceutical medications in Kenya and the East African Community (EAC). The Pharmacy & Poison Board of Kenya, the drug regulatory authority of the east African country, recently issued Square Pharmaceuticals Kenya a certificate of good manufacturing practice and a commercial production license.
According to Muhammad Zahangir Alam, the company’s chief financial officer, Square Pharma’s recent approval to produce medications in a foreign nation is a major accomplishment for Bangladesh. He said, “The news will create a positive image for Bangladesh in the global arena.” According to him, as a result of the approval, there are no obstacles to commencing commercial production at this time.
Alam stated that it takes some time for a brand-new manufacturing facility to begin launching a new medicine. He added that upon the beginning of full-fledged marketing, this plant will serve the whole east African region. He expressed pride saying, “The beginning of commercial manufacturing of our drugs in a foreign land is a matter of pride for us.”
According to the company’s 2020-2021 annual report, the building of the project commenced in 2019, and civil construction was completed by September 2021, and the experimental operation commenced in December 2021. Due to its geographical location and participation in the EAC, Kenya has the unique potential to provide simple access to the EAC’s 15-crore-people market. Any manufacturing in Kenya is regarded as local production in the East African Community, which consists of Kenya, Tanzania, Uganda, Rwanda, and Burundi. Despite being a region with a high incidence of sickness, the pharmaceutical business is heavily dependent on imports.
According to Square Pharmaceuticals’ annual report for 2020-21, around 80% of the entire market demand for pharmaceutical products is fulfilled by imports. The Kenyan project is funded with a debt-to-equity ratio of 40:60. As part of the transaction, Square Pharmaceuticals has transferred a total of $12 million to Square Pharmaceuticals Kenya EPZ Ltd.
