Square Pharma eyes
Thursday, 20 May 2010
Continued from page 9
increasing day by day. But most of the insulin products are imported from abroad. "So it is important to have domestic manufacturing facility to produce the life-saving drug at affordable prices," said a former director general of government's drug administration body.
At present around 6.5 million people in the country have diabetes, according to Diabetic Association of Bangladesh, and it is predicted that millions would be added in the coming years.
The local market size for insulin products is over Tk 1.20 billion, of which around 80 per cent are imported, according to industry insiders.
"Considering the rising demand, the capacity of insulin manufacturing unit at Square will be doubled to 26 million units per year soon," said Mr Chowdhury.
Square officials said the leading drug maker would serve diabetics with its new product - Ansulin - at a cost that is 22 per cent less than that of the imported ones.
Square Pharmaceuticals, a listed company that first started exports in 1995, is also eyeing to export insulin products after meeting local demand, said Mr Chowdhury.
The company now sells medicines in 35 countries namely Afghanistan, Bhutan, Cambodia, Hong Kong, Iraq, Macau, Malaysia, Myanmar, Nepal, Papua New Guinea, Sri Lanka, Tajikistan, the Philippines, Vietnam, Yemen, Comoros Islands, Eritrea, Gambia, Ghana, Kenya, Libya, Malawi, Mauritania, Mauritius, Mozambique, Niger, Rwanda, Sierra Leone, Somalia, Sudan, Tanzania, Belize, Costa Rica and Guatemala.
Square, which holds a 20 per cent share in the local market, is also looking for spreading its wings in the virgin markets such as Iran, Iraq, Kuwait, Laos, Maldives, Mongolia, Qatar, Saudi Arabia, Thailand, UAE, Algeria, Botswana, Chad, Ethiopia, Ivory Coast, Nigeria, South Africa, Jamaica and Chile.
Work is in progress to enter into regulated markets in Europe and the United States, Mr Chowdhury told the FE.
Square Pharmaceuticals is an arm of Square Group, which has interests in array of areas such as consumer goods, toiletries, health products, textiles, agro-vet products and information technology with an annual turnover of US$300 million.
Incepta and Popular pharmaceuticals earlier introduced insulin products in Bangladesh.
increasing day by day. But most of the insulin products are imported from abroad. "So it is important to have domestic manufacturing facility to produce the life-saving drug at affordable prices," said a former director general of government's drug administration body.
At present around 6.5 million people in the country have diabetes, according to Diabetic Association of Bangladesh, and it is predicted that millions would be added in the coming years.
The local market size for insulin products is over Tk 1.20 billion, of which around 80 per cent are imported, according to industry insiders.
"Considering the rising demand, the capacity of insulin manufacturing unit at Square will be doubled to 26 million units per year soon," said Mr Chowdhury.
Square officials said the leading drug maker would serve diabetics with its new product - Ansulin - at a cost that is 22 per cent less than that of the imported ones.
Square Pharmaceuticals, a listed company that first started exports in 1995, is also eyeing to export insulin products after meeting local demand, said Mr Chowdhury.
The company now sells medicines in 35 countries namely Afghanistan, Bhutan, Cambodia, Hong Kong, Iraq, Macau, Malaysia, Myanmar, Nepal, Papua New Guinea, Sri Lanka, Tajikistan, the Philippines, Vietnam, Yemen, Comoros Islands, Eritrea, Gambia, Ghana, Kenya, Libya, Malawi, Mauritania, Mauritius, Mozambique, Niger, Rwanda, Sierra Leone, Somalia, Sudan, Tanzania, Belize, Costa Rica and Guatemala.
Square, which holds a 20 per cent share in the local market, is also looking for spreading its wings in the virgin markets such as Iran, Iraq, Kuwait, Laos, Maldives, Mongolia, Qatar, Saudi Arabia, Thailand, UAE, Algeria, Botswana, Chad, Ethiopia, Ivory Coast, Nigeria, South Africa, Jamaica and Chile.
Work is in progress to enter into regulated markets in Europe and the United States, Mr Chowdhury told the FE.
Square Pharmaceuticals is an arm of Square Group, which has interests in array of areas such as consumer goods, toiletries, health products, textiles, agro-vet products and information technology with an annual turnover of US$300 million.
Incepta and Popular pharmaceuticals earlier introduced insulin products in Bangladesh.