The ACME Laboratories Limited, a pharmaceutical company of Bangladesh engaged in production and marketing life-saving drugs, has launched its operation in Pakistan in collaboration with local investors.
The Ministry of Health has allowed the company to market its products in the country. The company intends to invest Rs 50 million in the first phase.
The company also plans to bring in more investment in phases by extending its operations to all the four provinces.
Muhammad Rafiqul Islam, Director Marketing and Sales of ACME, stated this in a press conference here on Friday. Syed Khawar Abbas and Muhammad Abdul Mughni (local partners) Asif Ali Siddiqui Chief Operating Officer and Lieutenant Colonel Abdul Mughni (Retd) were also present on the occasion.
The joint venture between business entities of the two countries will hopefully go a long way in furthering the already existing cordial relations between the two countries.
As per agreement, Bangladesh investment constitutes 40 percent. The setting up of marketing and manufacturing operations of the company in Pakistan is expected to generate a large number of job opportunities for the local workforce, he added.
'We had a chance to select any other country for investment, but decided to launch joint venture with Pakistani businessmen so as to strengthen the brotherly relations between the two countries' he maintained.
The products marketed by the company will be available at competitive lower prices by 20 to 40 percent compared with those marketed under the brand names of various multinational companies.
Presently, Health Ministry has allowed the company to market five of its life saving drugs and the company has applied for approval of 11 more products for marketing in Pakistan, he added.
About the company, Muhammad Rafiqul Islam said that keeping pace with the global developments, ACME continuously seeks to expand its production facilities, add employees and increase its sales and marketing efforts.
According to the latest statistics, out of about 300 pharmaceutical companies in Bangladesh, the ACME is ranked the second from top.
ACME has been exporting its products to Bhutan, Hong Kong, Myanmar, Nepal, Sri Lanka, Philippines, Vietnam, Afghanistan, Uzbekistan and Yemen, maintaining a philosophy to ensure health, vigour and happiness for whole mankind within their means and resources, he added.