Beximco Pharmaceuticals has went overseas to form a joint venture (JV) with a Malaysia-based BioCare Manufacturing. This is the Bangladesh’s company’s first such JV.
The Malaysian company will get Beximco’s support to establish production factories in Perak Malaysia. The Bangladesh’s drugmaker will have 30% of the JV, while BioCare will operate and fund the site. The JV’s project has been given the green light from the Malaysian Ministry of Health and will be helped by the country’s Economic Transformation Program.
The South-East Asian country wants to invest more in its pharmaceutical industry to enhance drug making sites, improve generic drug potential and promote local production.
The JV is intended to manufacture and supply differentiated medical products, such as inhalers.
Beximco said it doesn’t expect any noteworthy profit from the JV in short term, even though the first sales are expected in this year.
However, Beximco sees the JV as “an important testimony of the Company’s technical capability as a generic drug manufacturer.”
Managing Director of Beximco Pharma, Mr. Nazmul Hassan MP, said that the company’s first first overseas manufacturing collaboration can meet the unmet needs of patients and physicians by supporting the Malaysian government’s initiative to promote the local pharmaceutical industry. He said: “This kind of collaboration is also in line with our aspiration to continue to strengthen our global presence as a generic pharmaceutical company.”