Sharif Melamine to venture into drug market
Saturday, 15 March 2008
Jasim Uddin Haroon
Sharif Melamine, a name synonymous with melamine tableware in Bangladesh, is entering into drug market later this year with import of substitute medicines.
It has already set up its plant named as Sharif Pharmaceutical Limited at Rupganj in Narayanganj, near the Sharif Melamine factory, at a cost of Tk 470 million.
"I want to produce import substitute medicines and my main objective is to produce quality drugs," Rajjab Sharif, managing director of the Sharif Melamine, told the FE.
Sharif said he started the project in 2003, which is expected to go into commercial operation by December next.
He also said he will gradually expand his pharmaceutical plant and make further investment.
"This is our initial investment. The civil construction has been designed to make further expansion in future," he added.
The plant covers 40,000 square feet of area, one of the largest pharmaceutical plants in the country. Janata Bank is the lone financier of the project.
Project sources said it will produce mainly import substitute medicines that concern with neurology, urology and the drugs for heart diseases and diabetes.
Sharif said he became interested in setting up the pharmaceutical plant seeing its bright prospect of medicine production for both local and export markets.
"I would like to supply medicines to the local market to help people save their money they normally spend on imported drugs. I will supply the medicines at affordable prices," said Sharif whose business career started with a drug store in the old part of the city.
Bangladesh imported medicines worth Tk 10.88 billion in 2003.
There are 164, out of 232 registered pharmaceutical companies producing around 8000 types of drugs.
The companies produced medicines worth Tk 39 billion in 2006. Bangladesh is currently exporting its generic drugs to some 67 countries.
Sharif Melamine, a name synonymous with melamine tableware in Bangladesh, is entering into drug market later this year with import of substitute medicines.
It has already set up its plant named as Sharif Pharmaceutical Limited at Rupganj in Narayanganj, near the Sharif Melamine factory, at a cost of Tk 470 million.
"I want to produce import substitute medicines and my main objective is to produce quality drugs," Rajjab Sharif, managing director of the Sharif Melamine, told the FE.
Sharif said he started the project in 2003, which is expected to go into commercial operation by December next.
He also said he will gradually expand his pharmaceutical plant and make further investment.
"This is our initial investment. The civil construction has been designed to make further expansion in future," he added.
The plant covers 40,000 square feet of area, one of the largest pharmaceutical plants in the country. Janata Bank is the lone financier of the project.
Project sources said it will produce mainly import substitute medicines that concern with neurology, urology and the drugs for heart diseases and diabetes.
Sharif said he became interested in setting up the pharmaceutical plant seeing its bright prospect of medicine production for both local and export markets.
"I would like to supply medicines to the local market to help people save their money they normally spend on imported drugs. I will supply the medicines at affordable prices," said Sharif whose business career started with a drug store in the old part of the city.
Bangladesh imported medicines worth Tk 10.88 billion in 2003.
There are 164, out of 232 registered pharmaceutical companies producing around 8000 types of drugs.
The companies produced medicines worth Tk 39 billion in 2006. Bangladesh is currently exporting its generic drugs to some 67 countries.