Citi Pharma Limited (CPHL), a Pakistani pharmaceutical company, has commenced exports of nutraceuticals to the United States (US).
The company announced the development in its notice to the Pakistan Stock Exchange (PSX) on Friday.
“Citi Pharma, Pakistan’s largest API [Active Pharmaceutical Ingredients] manufacturer, is proud to announce this news as Pakistan’s first Nutraceutical products receive FDA [Food and Drug Administration] approval and formal ground launch in September 2024,” read the notice.
The listed company informed its stakeholders that the financial implications of the latest development are significant, “with the company expecting to generate approximately $3 million annually from this new revenue stream, alongside impressive profit margins of 25% to 30%”.
“This FDA approval not only boosts Citi Pharma’s credibility but also positions the company as a growing global player, potentially attracting further investment and international partnerships. “We have successfully received the payment of $109,500 for our first shipment,” it informed its stakeholders.
It is pertinent to mention that nutraceuticals are dietary supplements or food products containing active ingredients that provide specific health benefits beyond basic nutrition.
Meanwhile, Citi Pharma informed that the FDA has given its approval to categories including fertility, weight management, stress and mood booster, hair and skin care, and joint and muscle pains.
“This approval underscores Citi Pharma’s adherence to rigorous international quality standards, allowing the company to enter the highly competitive US market by exporting the finished nutraceutical products,” it added.
Earlier in July, Citi Pharma entered into a strategic partnership with India’s Murli Krishna Pharma Private Ltd (MKPL). Under the agreement, MKPL would supply APIs and products to Citi Pharma Limited in the Pakistani market.
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