Abdul Monem Ltd to enter into pharma sector
Thursday, 6 August 2009
Jasim Uddin Haroon
Abdul Monem Limited (AML), the popular Igloo ice cream maker, will be entering into the pharmaceutical sector within the next couple of months with option to manufacture high-end products drugs.
AM Pharma has already installed machineries at its plant at Hemayetpur in Gazipur. The brand name of its products will be Novus.
"We expect to go into production within the next two months as we have already installed the equipment," ASM Mainuddin Monem, managing director of AM Pharma told the FE Wednesday.
He said the main objective of entering into the drug market is to produce and market quality drugs at affordable prices.
AM Pharma will produce initially 24 generic products mostly related to common diseases including diabetes and heart disease.
He said it is initially investing around Tk 200 million saying "We will expand our plant in second and third phases investing further."
"Yes, this is our initial investment. Our site has been designed to make room for further expansion in future," he added.
Mr Main said he became interested in setting up the pharmaceutical plant seeing bright prospect of medicine production for both local and export markets.
"Apart from this, we think that we have a commitment to serve the country's people with quality and affordable drugs"
There are 164, out of 232 registered pharmaceutical companies producing around 8000 types of drugs.
The companies produced medicines worth Tk around 50 billion in 2008. Bangladesh is currently exporting its generic drugs to some 67 countries.
AML has a number of concern including Coca Cola, construction, sugar refineries employing over 5000 local people. The group's annual turnover is around Tk 10 billion.
Abdul Monem Limited (AML), the popular Igloo ice cream maker, will be entering into the pharmaceutical sector within the next couple of months with option to manufacture high-end products drugs.
AM Pharma has already installed machineries at its plant at Hemayetpur in Gazipur. The brand name of its products will be Novus.
"We expect to go into production within the next two months as we have already installed the equipment," ASM Mainuddin Monem, managing director of AM Pharma told the FE Wednesday.
He said the main objective of entering into the drug market is to produce and market quality drugs at affordable prices.
AM Pharma will produce initially 24 generic products mostly related to common diseases including diabetes and heart disease.
He said it is initially investing around Tk 200 million saying "We will expand our plant in second and third phases investing further."
"Yes, this is our initial investment. Our site has been designed to make room for further expansion in future," he added.
Mr Main said he became interested in setting up the pharmaceutical plant seeing bright prospect of medicine production for both local and export markets.
"Apart from this, we think that we have a commitment to serve the country's people with quality and affordable drugs"
There are 164, out of 232 registered pharmaceutical companies producing around 8000 types of drugs.
The companies produced medicines worth Tk around 50 billion in 2008. Bangladesh is currently exporting its generic drugs to some 67 countries.
AML has a number of concern including Coca Cola, construction, sugar refineries employing over 5000 local people. The group's annual turnover is around Tk 10 billion.